WIESBADEN (dpa-AFX) - Aareal Bank AG (AAALF.PK), a German lender, on Thursday reported that its consolidated net income for the half year rose to 128 million euros from last year's 90 million euros, after considering taxes of 53 million euros.
The bank's operating profit for the first half rose by 31 per cent to 181 million euros, helped by strong income growth.
For the half year, net interest income grew 11 percent to 530 million euros from 476 million euros, as higher credit portfolio, good margins on new business and stable deposit-taking business contributed to this growth.
Risk provisions reached 163 million euros for the first half of the year, compared to 160 million euros last year; it was largely required for loan defaults involving US office properties.
Looking ahead, Aareal Bank now expects consolidated net income at around 2.2 billion euros for the full year 2024. The bank said it is fully on track to achieve its target operating profit of 250 million - 300 million euros in 2024.
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