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Frankfurt / Main (dpa) - Despite booming fund sales in the year of the Corona crisis, Dekabank earned less than in 2019. The economic result collapsed by more than a third from 434 million euros to 269.4 million euros, like the 100 Percent of the institute belonging to the savings banks announced on Tuesday in Frankfurt.
Main reason: The provision for possible loan defaults as a result of the pandemic was much higher at 178 million euros than a year earlier (10.6 million euros).
In view of the difficult environment, CEO Georg Stocker was satisfied with the result: "We are operationally above the previous year and with the substantial increase in risk provisioning, we have made adequate provisions for potential failures in the event of an advancing corona crisis."
For this year, the Management Board expects the economic result to be roughly the level of the average for the past five years, i.e. around 400 million euros.
Last year, the sale of funds and certificates at Deka broke the 30 billion mark for the first time: The securities firm collected a record amount of a good 32.1 billion euros in fresh money from investors.
As a result, net sales increased by almost 80 percent after a little over 18 billion euros in 2019.
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19.5 (previous year: 6.9) billion euros and thus almost two thirds of the fresh money came from institutional investors such as insurance companies and pension funds.
But many private customers are also increasingly looking for alternatives in view of the sustained low interest rates on savings accounts.
At 12.6 billion euros, the previous year's sales (11.1 billion euros) were also exceeded with private customers.
© dpa-infocom, dpa: 210330-99-24247 / 2
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