Deutsche Pfandbriefbank AG Equity Research & Stock Reports

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08 Nov 23

Profit warning for 2023, profit guidance halved

• Pre-tax profit guidance downgraded from between €170m and €200m to between €90m and €110m for FY2023 • Loan loss provisions increased from €38m for 9M 22 to €104m for 9M 23 • pbb assumes that a special dividend (+25%) will not be distributed for FY2023 • The bank confirmed its 2026 targets (>10% RoE before tax)

Companies: Deutsche Pfandbriefbank AG

AlphaValue

10 Aug 23

Mixed Q2 23 figures, 2023 guidance confirmed

• 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

Companies: Deutsche Pfandbriefbank AG

AlphaValue

15 May 23

Solid Q1 figures below the previous year but profit clearly above the consensus

• Operating income was down by 20% to €119m for Q1 23 • Net profit decreased by 25% to €27m for Q1 23 but 32% above consensus expectation • The PIF and VP segments were merged into a new segment called “Non-Core” • Pre-tax profit guidance of between €170m and €200m for FY2023 confirmed

Companies: Deutsche Pfandbriefbank AG

AlphaValue

09 Mar 23

Solid figures for 2022, profit and DPS above consensus expectations

• Operating income was down by 10% to €531m for 2022 • Loan loss provisions decreased by 46% to €44m for 2022 • Net profit declined by 18% to €187m for 2022 • New pre-tax profit guidance is between €170m and €200m for FY2023 • DPS proposal is €0.95 for FY2022 compared to €1.18 for FY2021 • New strategic targets are a RoE before tax above 10% or more than €300m pre-tax profit for 2026

Companies: Deutsche Pfandbriefbank AG

AlphaValue

14 Nov 22

Solid Q3 22 figures, 2022 guidance confirmed

• Operating income was down by 10% to €128m for Q3 22 compared to Q3 21 • Loan loss provisions increased by 12% to €19m for Q3 22 • Net profit was down by 28% to €44m for Q3 22 • Pre-tax profit guidance of between €200m and €220m for FY2022 confirmed

Companies: Deutsche Pfandbriefbank AG

AlphaValue

09 Aug 22

Solid Q2 22 figures, 2022 guidance confirmed

• Operating income was down by 13% to €123m for Q2 22 • Loan loss provisions decreased from €23m for Q2 21 to €1m for Q2 22 • Net profit was flat at €55m for Q2 22 • Pre-tax profit guidance of between €200m and €220m for FY2022 confirmed

Companies: Deutsche Pfandbriefbank AG

AlphaValue

11 May 22

Solid Q1 figures, higher loan loss provisions

• Operating income was up by 2% to €149m for Q1 22 • Loan loss provisions increased by 80% to €18m for Q1 22 due to the changed economic forecasts because of the Russian/Ukrainian war • Net profit decreased by 14% to €36m for Q1 22 • Pre-tax profit guidance of between €200m and €220m for FY2022 confirmed

Companies: Deutsche Pfandbriefbank AG

AlphaValue

09 Mar 22

Strong dividend and good figures for 2021

• Operating income was up by 12% to €591m for 2021 • Loan loss provisions decreased by 36% to €81m for 2021 • Net profit attributable to shares doubled to €212m for 2021 • New pre-tax profit guidance is between €200m and €220m for FY2022 • No direct exposure to Ukraine and Russia • The dividend per share proposal increased from €0.58 for FY2020 to €1.18 for FY2021

Companies: Deutsche Pfandbriefbank AG

AlphaValue

12 Nov 21

Good Q3 figures, optimistic outlook for FY2021 and FY2022

• Operating income was up by 5% to €142m for Q3 21 • Loan loss provisions increased by 21% to €17m for Q3 21 compared to Q3 20 • Net profit rose by 20% to €61m for Q3 21 compared to Q3 20 • pbb expects now pre-tax profit at the upper end of guidance range between €180m and €220m for FY2021, or slightly above and is optimistic for 2022

Companies: Deutsche Pfandbriefbank AG

AlphaValue

11 Aug 21

Good Q2 figures, decision on additional FY2020 dividend delayed

• Operating income was up by 16% to €141m for Q2 21 • Loan loss provisions declined by 36% to €23m for Q2 21 compared to Q2 20 • Net profit increased from €20m for Q2 20 to €55m for Q2 21 • Pre-tax profit guidance for FY2021 was raised from at least €155m to between €180m and €220m two weeks ago • pbb is aiming to make a decision about further dividend distributions for FY2020 in Q4 21

Companies: Deutsche Pfandbriefbank AG

AlphaValue

28 Jul 21

Positive profit warning and pre-tax profit guidance raised

• Loan loss provisions decreased from the COVID-19-impacted €70m for H1 20 to €33m for H1 21 • Profit before taxes rose from €30m for H1 20 to €114m for H1 21 • The bank now anticipates pre-tax profit of between €180m and €220m for 2021, above its previous guidance of at least €155m • Additional DPS for FY2020 now possible in Q4 21

Companies: Deutsche Pfandbriefbank AG

AlphaValue

10 May 21

Good Q1 figures, profit above expectations

• Operating income was up by 33% to €146m for Q1 21 • Loan loss provisions decreased from the COVID-19-impacted €34m for Q1 20 to €10m for Q1 21 • Trading income switched from a loss of €17m for Q1 20 to a profit of €2m for Q1 21 • Net profit increased from €2m for Q1 20 to €42m for Q1 21

Companies: Deutsche Pfandbriefbank AG

AlphaValue

04 Mar 21

Good revenue figures for 2020, restricted dividend with upgrade potential

• Operating income was up by 5% to €529m for 2020 • Loan loss provisions increased by 147% to €126m for 2020 due to COVID-19 • Net profit attributable to shares declined by 38% to €100m for 2020 • The dividend per share proposal is ECB restricted at €0.26 for FY2020 but will be reviewed in Q4

Companies: Deutsche Pfandbriefbank AG

AlphaValue

11 Nov 20

Good Q3 figures despite COVID-19

• Operating income was up by 6% to €141m for Q3 20 • Loan loss provisions increased by 40% to €14m for Q3 20 • Pre-tax profit rose by 7% to €75m • Net profit attributable to shares declined by 15% to €44m for Q3 20 due to a higher tax ratio

Companies: PBB PBB1 PBB PBB PBBGF

AlphaValue

12 Aug 20

Solid Q2 operating income, but COVID-19 provisions burdened

• Operating income was up by 3% to €123m for Q2 20 • Loan loss provisions were €36m for Q2 20 due to COVID-19 compared to an income of €1m for Q2 19 • But €24m was for performing loans (stages 1 and 2) • Net profit attributable to shares decreased by 70% to €16m for Q2 20 • No dividend for FY2019 paid in 2020 due to the ECB decision but later pay possible

Companies: Deutsche Pfandbriefbank AG

AlphaValue