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Auto Shows DZ Bank profit collapses - further decline expected in 2021

14:48  02 march  2021
14:48  02 march  2021 Source:   ksta.de

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DZ Bank expects a further decline in earnings in the current year after a profit slump in the Corona crisis in 2020.

Nach einem Gewinneinbruch in der Corona-Krise 2020 erwartet die DZ Bank im laufenden Jahr einen weiteren Ergebnisrückgang. © Arne Dedert / dpa After a profit slump in the Corona crisis in 2020, DZ Bank expects a further decline in earnings in the current year.

“Due to the difficult-to-estimate consequences of the pandemic for economic activity, we are assuming a result for 2021 slightly below the previous year's level,” predicted the co-boss of the top cooperative institute, Cornelius Riese, when the balance sheet was presented in Frankfurt on Tuesday.

In the past year, both the pre-tax profit and the surplus of the DZ-Bank Group fell by almost half compared to the previous year. Before taxes, a profit of around 1.46 (previous year: 2.66) billion euros was on the books, the bottom line was 980 million (1.88 billion) euros. Both values ​​are slightly above the level of 2018. The DZ Bank Group includes Bausparkasse Schwäbisch Hall and R + V Versicherung.

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The management duo Cornelius Riese and Uwe Fröhlich set the goal for 2020 of achieving pre-tax profit at the lower end of a range of 1.5 billion to 2 billion euros for the year as a whole. In the course of the year, the board of directors had lowered expectations and assumed a pre-tax result of just under one billion euros.

Riese explained that things got better now, among other things with the recovery on the stock markets, from which the fund provider Union Investment, which is also part of the group, benefited. In addition, the risk provision for possible loan defaults did not have to be increased to the extent feared. In view of the circumstances, Riese spoke of a “positive result” overall.

The further development will "crucially depend on how quickly we find out of the lockdown phase," affirmed co-boss Fröhlich. "Personally, I am concerned that medium-sized companies in particular, who have been the drivers of positive economic development for many decades (...), are particularly suffering from the lockdown and are being forgotten to some extent."

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The balance sheet was burdened by significantly higher provisions for possible loan defaults. 678 million euros in risk provisions were more than twice as much as a year earlier (329 million euros). For 2021, the Management Board expects risk provisioning to be more or less stable.

The provision for the past year includes 220 million euros for possible setbacks as a result of the Corona crisis. Big chunks are also risks associated with ship loans from subsidiary DVB, which has been in the red for years. Shipping is in a crisis because of overcapacity, and many shipping companies can no longer pay loan installments. That put the transport financier DVB in trouble. Large parts of the business were subsequently sold.

The remainder of DVB, which currently has around 300 employees, could be wound up prematurely by merging with the parent company. A final decision has not yet been made.

Two one-off effects as earnings drivers ceased to exist for the group in the past year: In 2019, the government bond portfolio of DZ HYP and the investments of R + V Versicherung had developed significantly and, with a total of almost 800 million euros, they were the second best annual result in the DZ-Bank -History contributed.

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