Berlin Hyp reported a result before income tax and profit transfer of €93m in 2015, up from €65.8m the previous year. Net interest and commission income also jumped to €254.1m from €248m in 2014. Despite the low interest rate environment and a flat yield curve, net interest income grew €4m to €223.3m. Thanks to €5.4bn in new business, the bank’s net commission income hit €30.8m. Operating expenditure amounted to €123.8m, up €12.3m from the previous year.
“We expect our business with our customers to continue to develop positively in 2016. However, due to low interest rates and the expected increase in risk costs, the result before profit transfer is likely to be well below that of 2015,” said Jan Bettink, the bank’s board chairman. “Irrespective of this, we regard Berlin Hyp as extremely well prepared for the challenges of tomorrow, particularly in view of our long-term customer relationships, the on-going integration in the Savings Banks Finance Group and our experienced and motivated workforce.”
