• Operating income was up by 14% to €140m for Q2 23 compared to Q2 22 • Loan loss provisions increased from €1m for Q2 22 to €19m for Q2 23 due to a further deterioration in real estate markets • Net profit was down by 24% to €42m for Q2 23 but above the consensus • The management confirmed its pre-tax profit guidance of between €170m and €200m for FY2023 • pbb launched a cost-cutting programme to reduce the c/i-ratio