Germany's PBB warns of slow recovery in property as profit stagnates
FRANKFURT, Feb 27 (Reuters) - Deutsche Pfandbriefbank (PBBG.DE), opens new tab (PBB), one of Germany's top property financiers, on Thursday posted a slight drop in net profit in 2024 and warned that a recovery in real estate markets was slow.
The bank's annual net profit was 90 million euros ($94.19 million), compared with 91 million euros a year earlier, while provisions for loan losses fell to 170 million euros from 212 million euros a year earlier amid a "persistently difficult market".
"The recovery on the property markets is only making slow progress," CEO Kay Wolf said.
($1 = 0.9557 euros)
($1 = 0.9555 euros)
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