Stop parsing PDFs. Get the API. Request Access

AI Terminal

MODULE: AI_ANALYST
Interactive Q&A, Risk Assessment, Summarization
MODULE: DATA_EXTRACT
Excel Export, XBRL Parsing, Table Digitization
MODULE: PEER_COMP
Sector Benchmarking, Sentiment Analysis
SYSTEM ACCESS LOCKED
Authenticate / Register Log In

Aareal Bank AG

Investor Presentation • May 11, 2012

11_ip_2012-05-11_7c743a16-c91b-4103-bb50-53387292d14c.pdf

Investor Presentation

Open in Viewer

Opens in native device viewer

May 10, 2012Dr. Wolf Schumacher, CEO - Hermann J. Merkens, CFO

Agenda

  • Economic environment
  • Q1 2012 results at a glance
  • Segment performance
  • B/S structure, capital & funding position
  • Group figures Q1 2012
  • Asset quality
  • Outlook
  • Appendix
  • Definitions and Contacts

Economic environment Expectations unchanged

Analyst conference 03/11 (expectations)

E
i
n
v
r
o		 F
b
2
0
1
2
t
n
m
e
n
e
r
u
a
r
y
M
a
c
r
o
i
e
c
o
n
o
m
c		 D
i
i
i
l
k
t
t
t
e
e
r
o
r
a
n
g
e
c
o
n
o
m
c
o
u
o
o
R
l
t
e
g
u
a
o
r
y		 U
i
l
i
f
f
t
t
t

n
c
e
r
a
n
c
u
m
u
a
v
e
e
e
c
s
f
f
f
f
h
d
i
t
t
o
e
e
r
e
n
r
e
o
r
m
l
b
k
d
p
r
o
p
o
s
a
s
o
n
a
n
s
a
n
l
r
e
a
e
c
o
n
o
m
y
P
l
i
i
l
t
o
c
a		 U
i
l
i
i
l
d
t
t
n
c
e
r
a
n
p
o
c
a
a
n

l
f
k
t
r
e
g
u
a
o
r
y
r
a
m
e
w
o
r

Q1 2012 results at a glance

Q1 2012 results at a glance Solid start in 2012

Q
1
2
0
1
2		 Q
4
2
0
1
1		 Q
3
2
0
1
1		 Q
2
2
0
1
1		 Q
1
2
0
1
1		 C
t
o
m
m
e
n
s
€
m
n
N
i
i
t
t
t
e
n
e
r
e
s
n
c
o
m
e		 1
2
9		 1
4
6		 1
3
3		 1
3
4		 1
3
4		 S
/
C
N
F
R
L
R
i
d
l
i
i
t
g
e
n
e
s
n
c
e
r
a
n

u
u
M
k
l
i
l
i
i
l
l
h
i
h
t
t
t
t
a
r
e
o
a
s
g

v
y

Ø
C
3
b
E
B
h
i
i
t
n
c
a
s
p
o
s
o
n
~
-
f
f
Q
/
Q
/
1-
1
1
2
2
4
1
1
9
o
s
:
:
m
n
;
:
m
n
A
l
l
f
d
i
t
o
w
a
n
c
e
o
r
c
r
e
l
o
s
s
e
s		 1
2		 3
4		 3
6		 2
4		 1
8		 B
l
i
d
d
b
i
h
i
t
t
e
o
w
g
u
e
r
a
n
g
e
u
w
n

l
l
i
i
t
t
n
o
r
m
a
q
a
r
e
r
a
r
a
o
n
u
y
v
R
i
i
F
Y-
i
d
t
t
e
e
r
a
n
g
g
a
n
c
e

u
N
i
i
t
e
c
o
m
m
s
s
o
n
i
n
c
o
m
e		 4
0		 4
5		 3
8		 3
1		 3
0		 C
i
b
d
f
S
F
F
i

e
a
s
n
g
u
r
e
n
s
r
o
m
o
n
Q
4
i
h
l
f
f
t
t
s
e
a
s
o
n
a
e
e
c
s

w
N
l
f
t
t
e
r
e
s
r
o
m
u
/
/
d
i
d
i
t
t
r
a
n
g
n
o
n-
r
a
n
g
h
d
i
t
e
g
e
a
c
c
o
n
n
g
u		 2
6
-		 7
-		 0 6 8
-		 R
f
l
i
k
l
i
l
i
t
t
t
t
e
e
c
n
g
m
a
r
e
o
a
v
y
A
d
i
m
n
e
p
e
n
s
e
s
x		 9
1		 1
0
2		 9
3		 9
6		 9
1		 E
f
f
i
i
i
l
l
c
e
n
c
y
m
e
a
s
u
r
e
s
w
i
l
i
h
h
2
0
1
2
t
t
t
m
a
e
r
a
s
e
r
o
g
o
u
u
O
i
f
i
t
t
p
e
r
a
n
g
p
r
o		 4
3		 4
7		 4
7		 4
4		 4
7		 S
l
i
d
d
i
2
0
1
2
t
t
t
o
s
a
r
e
s
p
e
h
l
l
i
i
t
c
a
e
n
g
n
g
e
n
v
r
o
n
m
e
n

Segment performance

Structured property financing Concentrating on renewals

Consulting / ServicesSolid in IT & volumes – weak in deposit margins

C
/
S
S
P
&
L
t
e
g
m
e
n
(
i
d
f
)
t
t
n
u
s
r
y
o
r
m
a		 Q
'1
1		 Q
'1
2
4		 Q
'1
1
3		 Q
'1
1
2		 Q
'1
1
1
1
€
m
n
S
l
a
e
s
r
e
e
n
e
v
u		 4
9		 5
6		 5
0		 4
8		 4
9
O
k
i
l
i
d
t
w
n
w
o
r
c
a
p
a
s
e		 0 1 0 1 0
C
h
i
i
t
a
n
g
e
s
n
n
v
e
n
o
r
y		 0 0 0 0 0
O
h
i
i
t
t
e
r
o
p
e
r
a
n
g
n
c
o
m
e		 2 3 2 2 1
C
f
i
l
h
d
t
t
o
s
o
m
a
e
r
a
p
r
c
a
s
e
u		 5 5 5 5 5
S
f
f
t
a
e
x
p
e
n
s
e
s		 2
8		 2
9		 2
7		 2
8		 2
8
D
A
i
i
l
t
m
p
a
r
m
e
n
o
s
s
e
s
,
,		 3 4 3 3 3
R
l
i
i
t
t
t
t
e
s
s
a
e
q
a
c
c.
n
e
s
m
u
u
y
v		 - - - 1 0
O
h
i
t
t
e
r
o
p
e
r
a
n
g
e
p
e
n
s
e
s
x		 1
2		 1
4		 1
2		 1
3		 1
0
R
l
f
i
d
i
i
l
t
t
t
e
s
u
s
r
o
m
n
e
r
e
s
a
n
s
m
a
r		 0 0 0 0 0
O
i
f
i
t
t
p
e
r
a
n
g
p
r
o		 3 8 5 3 4
  • Solid start of Aareonin Q1 2012 within guidance
  • Low interest rate environment continues to burden segment results
  • Deposit volume of the housing industry further increased to € 5.0 bn

Consulting / Services

Aareon within plan – deposit taking business burdened

B/S structure, capital & funding position

Strong capital ratios & stable capital structure

  • Strong capital ratios in line with business model, company size and capital market expectations
  • Strong capital ratios enable us to take new business on board
  • Full repayment of remaining SoFFinsilent participation possible without further capital increase

Core Tier 1 Basel III fully loaded1) Temporarily raised to 9% - 10%

Simulation: estimated Basel III effects per 31.03.20122)

1) ex SoFFin and ex hybrids

2) Actual figures may vary significantly from estimates

3) Estimated impact of Basel III implementation due to capital deductions and counterparty credit risk

Asset- / Liability structure according to IFRSAs at 31.03.2012: € 43.7 bn (31.12.2011: € 41.8 bn)

12

Asset- / Liability structure according to IFRSAs at 31.03.2012: € 43.7 bn (31.03.2011: € 39.9 bn)

Net stable funding- / Liquidity coverage ratio Within target range

  • Aareal Bank almost fulfils future requirements already
  • NSFR > 0.9
  • LCR >> 1.0
  • Basel III and CRD IV require specific liquidity ratios starting 2018
  • NSFR (net stable funding ratio) reflects long term funding situation
  • LCR (liquidity cover ratio) reflects short term liquidity
  • Due to uncertain NSFR / LCR guidelines and market volatility a considerable part of the bank's liquidity is parked with the ECB instead of being invested into treasury assets

Refinancing situation 2012Successful funding in Q1

Refinancing situationDiversified funding sources and distribution channels

  • Aareal Bank has clearly reduced its dependency upon wholesale funding
  • 2002 long term wholesale funding accounted for 47% of overall funding volumes –by 31.03.2012, this share has fallen to 24% (or even below 10% without Pfandbriefe)

As at 31.03.2012

Group figures Q1 2012

Net interest incomeBurdened by ECB cash position

NII Consulting / ServicesNII Structured Property Financing

  • Generally supporting NII:
  • High margins from Structured property finance portfolio
  • Generally weakening NII:
  • Aareal Bank almost fulfils future NSFR / LCR requirements already
  • A considerable part of the bank's liquidity is parked with the ECB instead of being invested into treasury assets due to uncertain NSFR / LCR guidelines and market volatility
  • Low interest rate level continues to burden interest income from the deposit taking business
  • Q1 2012 with positive impact of € 2 mn one-offs
  • Q4 2011 boosted by € 9 mn one-offs

Loan loss provisionsBelow guided range but within normal quarterly variation

  • Close monitoring of our loan portfolio and successful restructuring efforts resulted in only 48 bp risk costs on average loan book in 2011
  • € 12 mn LLP in Q1 2012 proves high portfolio quality
  • FY guidance in an unchanged range of € 110 mn to € 140 mn, with normal quarterly variation during the year

FY guidance

Net commission incomeRelief of costs for SoFFin guarantees materialises

  • Early redemption of the second € 2 bn SoFFin guaranteed bond (held in own books) disburdens NCI starting in Q2 2011, full effect showing in Q3 2011
  • € 800 mn part repurchase of the first € 2 bn SoFFin guaranteed bond disburdens NCI starting in Q3 2011, full effect showing in Q4 2011
  • Last guarantee fee payments of € 3 mn made in Q1 2012
  • No more burdens from SoFFinguaranteed bonds from Q2 2012 onwards

Total net commission incomeBurden from fees paid for Soffin guarantees

Trading, non trading and hedge accountingResult reflects volatile markets

  • High market volatility reflected in trading and hedge result
  • Positive market development results in tightening basis spreads of the derivatives used to hedge interest and currency risks

Trading, non trading and hedge accountingResult reflects volatile markets

  • Long-term funding of foreign currencies is part of our strategy, particularly using long-term cross currency derivatives (which have to be marked to market)
  • Market value changes of plain cross currency derivatives are mostly accounted for as trading results
  • Market value changes of combined derivatives (e.g. cross currency interest rate swaps) are mostly accounted for as results from hedge accounting
  • The main driver for both line items are changes in the cross currency basis swap spreads

Trading resultNon-trading assets

Hedge accounting

Admin expensesEfficiency measures materialises throughout 2012

  • Q4 2011 includes € 12 mn one-offs for efficiency measures
  • Positive effects from efficiency measures will materialisethroughout 2012

Asset quality

Total property finance portfolio High diversification and sound asset quality

Total property finance portfolio Continuing conservative approach

L
L		 P
d
N
P
L
d
a
n
e
v
-		 l
t
e
o
p
m
e
n
N
P
L
1)
E
x
p
o
s
u
r
e		 S
i
f
i
p
e
c
c
1)
A
l
l
o
w
a
n
c
e
s		 P
f
l
i
t
o
r
o
o
2)
A
l
l
o
w
a
n
c
e
s
€
m
n
A
3
1.
1
2.
2
0
1
1
t
s
a		 8
9
8		 2
5
2		 8
0
U
i
l
i
i
Q
1
2
0
1
2
t
t
s
a
o
n		 0
-5		 -2
0		 -
Q
A
d
d
i
i
1
2
0
1
2
t
o
n		 1 1
2		 -
A
3
1.
0
3.
2
0
1
2
t
s
a		 8
4
9		 2
4
4		 8
0
C
i
t
o
e
r
a
g
e
r
a
o
v
i
f
i
l
l
s
p
e
c
c
a
o
w
a
n
c
e
s		 2
8.		 7
%
2
4
4		 8
0
A
3
1.
0
3.
2
0
1
2
t
s
a		 8
4
9		 3
2
4
C
i
t
o
e
r
a
g
e
r
a
o
v
i
f
i
l.
l
l
l
t
n
c
p
o
r
o
o
a
o
w
a
n
c
e
s		 3
8.
2
%

1) Incl. property finance portfolio still on DEPFA's balance sheet

2) General LLP consists to a high degree of Basel II expected loss which

are allocated specific loans in most cases

Western Europe (ex Ger) credit portfolioTotal volume outstanding as at 31.03.2012: € 6.2 bn

Southern Europe credit portfolioTotal volume outstanding as at 31.03.2012: € 4.2 bn

German credit portfolio

Total volume outstanding as at 31.03.2012: € 3.7 bn1)

Eastern Europe credit portfolio Total volume outstanding as at 31.03.2012: € 2.8 bn

Northern Europe credit portfolio Total volume outstanding as at 31.03.2012: € 2.6 bn

North America credit portfolio Total volume outstanding as at 31.03.2012: € 3.2 bn

Asia credit portfolioTotal volume outstanding as at 31.03.2012: € 0.8 bn

Treasury portfolio€ 10.4 bn of high quality and highly liquid assets

As at 31.03.2012 – all figures are nominal amounts1) Composite Rating

Treasury portfolio€ 7.7 bn Public Sector Debtors

S
i
o
v
e
r
e
g
n
€
m
n		 No
in
l
m
a		 Re
lu
io
t
va
a
n
2)
re
s
e
rv
e		 H
i
d
d
e
n
/
re
s
e
rv
e
s
3)
bu
d
r
e
ns
G
re
e
c
e		 - - -
Ire
la
d
n		 - - -
I
ly
ta		 1,
1
9
9		 -8
8		 -2
0
5
Po
l
tu
r
g
a		 1
0
0		 -3
8		 0
S
in
p
a		 - - -
1
)
S
b-
S
i
o
e
r
e
g
n
u
v
2)
re
s
e
rv
e		 H
i
d
d
e
n
/
re
s
e
rv
e
s
3)
bu
d
r
e
ns		 €
m
n		 No
in
l
m
a		 Re
lu
io
t
va
a
n
2)
re
s
e
rv
e		 H
i
d
d
e
n
/
re
s
e
rv
e
s
3)
bu
d
r
e
ns
G
re
e
c
e		 - - -
Ire
la
d
n		 - - -
I
ly
ta		 - - -
Po
l
tu
r
g
a		 5
5		 -1 -2
1
S
in
p
a		 3
3
7		 -1 -6
5

1) Incl. exposure of € 50 mn which is additionally guaranteed by the Sovereign

2) Incl. securities of the AfS- and the LaR-category after tax

353) Incl. securities of the LaR-category after tax

Treasury portfolio€ 2.4 bn Covered Bonds and Financials

C
d
B
d
o
v
e
r
e
o
n
s
€
m
n		 No
in
l
m
a		 io
Re
lu
t
va
a
n
1)
re
s
e
rv
e		 H
i
d
d
e
n
/
re
s
e
rv
e
s
2)
bu
d
r
e
ns
G
re
e
c
e		 - - -
Ire
la
d
n		 - - -
I
ly
ta		 0
7		 -2 0
Po
l
tu
r
g
a		 6
0		 -1
6		 0
S
in
p
a		 6
1
6		 -8 -2
1
S
i
U
e
n
o
r
n		 d
s
e
c
r
e
u
i
H
d
d
e
n
/
re
s
e
rv
e
s
2)
bu
d
r
e
ns		 €
m
n		 No
in
l
m
a		 Re
lu
io
t
va
a
n
1)
re
s
e
rv
e		 i
H
d
d
e
n
/
re
s
e
rv
e
s
2)
bu
d
r
e
ns
G
re
e
c
e		 - - -
Ire
la
d
n		 - - -
I
ly
ta		 3
6		 0 0
Po
l
tu
r
g
a		 - - -
S
in
p
a		 - - -

1) Incl. securities of the AfS- and the LaR-category after tax

2) Incl. securities of the HtM- and the LaR-category after tax

Total Structured Property Financing Portfolio€ 23.6 bn of high quality real estate assets

Outlook

FY-2012 outlook assumptions still validInfluenced by considerable uncertainties (1/2)

1) IMF, OECD, Oxford Economics

FY-2012 outlook assumptions still valid Influenced by considerable uncertainties (2/2)

Current risks…

  • Increased risks regarding the economic development
  • Lack of economic stimulation in Europe
  • Pressure on real estate prices
  • Market volatilities and risks in the financial system continue to determine the economic environment
  • Further market distortions cannot be ruled out (e.g. caused by the sovereign debt crisis)

Our midsized corporate structure combined with our high flexibility puts us into position to anticipate and quickly implement upcoming market and regulatory requirements

  • Maintaining our very conservative capital base
  • Conservative funding assumptions
  • Conservative liquidity position
  • Lower average entry LTV

Outlook confirmed

2
0
1
2
N
i
i
t
t
t
e
n
e
r
e
s
n
c
o
m
e		 C
i
d
b
l
b
l
l
l
d
i
l
i
i
d
i
2
0
1
1
t
t
t

o
n
s
e
r
a
y
e
o
w
e
v
e
u
e
o
c
a
u
o
u
s
q
u
y
t
m
a
n
a
g
e
m
e
n
N
l
l
i
i
t
e
o
a
n
o
s
s
p
r
o
s
o
n
s
v		 1
)
€
1
1
0
€
1
4
0
m
n
m
n

-
i
i
i
N
t
e
c
o
m
m
s
s
o
n
n
c
o
m
e		 €
€
d
i
l
d
i
b
d
1
5
0
1
6
0
t
t
m
n
m
n
e
x
p
e
c
e
m
a
n
y
u
e
o
c
e
a
s
n
g
u
r
e
n

-
,
f
S
F
F
i
d
b
d
t
r
o
m
o
n
g
a
r
a
n
e
e
o
n
s
u
/
N
d
i
l
l
t
t
t
t
e
r
a
n
g
r
e
s
u
r
e
s
u
s
f
d
i
t
t
r
o
m
n
o
n-
r
a
n
g
a
s
s
e
s		 /
U
d
i
b
l
i
i
f
d
i
t
t
t
t
n
p
r
e
c
a
e
n
o
m
p
a
r
m
e
n
s
r
o
m
n
o
n-
r
a
n
g
a
s
s
e
s

d
/
i
b
l
d
l
l
i
i
t
t
t
e
x
p
e
c
e
p
o
s
s
y
m
o
e
r
a
e
o
s
s
r
e
a
s
a
o
n
A
d
i
m
n
e
x
p
e
n
s
e
s		 R
d
i
d
f
f
i
i
t
t
e
u
c
o
n
u
e
o
e
c
e
n
c
y
m
e
a
s
u
r
e
s

:
G
€
3
0
€
3
6
0
i
l.
b
k
i
l
5
m
n
m
n
n
c
e
r
m
a
n
a
n
n
g
e
v
y
-
O
i
f
i
t
t
p
e
r
a
n
g
p
r
o		 D
i
i
f
h
i
h
l
h
l
l
i
i
t
t
t
e
s
p
e
a
s
s
m
p
o
n
o
g
c
a
e
n
g
n
g
e
n
r
o
n
m
e
n
u
y
v
:

i
l
h
l
b
l
2
0
1
1
l
l
t
s
g
y
e
o
w
e
v
e
i
i
i
i
N
b
t
e
w
u
s
n
e
s
s
o
r
g
n
a
o
n		 €
4
b
€
b
5
5
5
n
n

–
C
/
S
l
i
i
t
o
n
s
n
g
e
r
c
e
s
u
v		 D
i
i
i
2
0
1
1
l
i
l
l
t
t
t
t
e
s
p
e
n
c
e
r
a
n
e
s
o
n
c
e
a
n
o
p
e
r
a
n
g
e
e

u
v

In this outlook we have incorporated deteriorated external conditions regarding 2012. But we are at any time able to adapt to changing conditions due to our high flexibility.

1) As in 2011, the bank cannot rule out additional allowances for credit losses

Appendix

Aareal Bank GroupKey figures Q1 2012

0
1.
0
1.-
3
1.
0
3.
2
0
1
2		 0
1.
0
1.-
3
1.
0
3.
2
0
1
1		 C
ha
ng
e
Eu
ro
mn		 Eu
ro
mn
Pr
f
i
d
lo
t a
t
o
n
ss
a
cc
ou
n
Ne
in
inc
t
te
t
res
om
e		 1
2
9		 1
3
4		 4
%
-
A
l
low
for
d
i
los
t
an
ce
c
re
se
s		 1
2		 1
8		 3
3
%
-
Ne
in
in
f
l
lo
fo
d
i
lo
t
te
t
te
t
re
s
co
m
e
a
r a
w
an
ce
r c
re
ss
es		 1
1
7		 1
1
6		 1
%
Ne
iss
ion
inc
t c
om
m
om
e		 4
0		 3
0		 3
3
%
Ne
l
he
dg
ing
t r
t o
t
es
n
e a
cc
ou
n
u		 -1
0		 2
-		 -
Ne
d
ing
inc
/ e
t
tra
om
e
xp
en
se
s		 -1
6		 8
-		 -
Re
l
fro
d
ing
ts
tra
ts
su
m
no
n-
a
ss
e		 0 2 -
Re
l
fro
ies
d
for
i
ts
te
t e
ty
su
m
co
mp
an
a
cc
ou
n
a
q
u		 0 -
fro
Re
l
inv
ies
ts
tm
t p
t
su
m
es
en
rop
er		 3 2 0
%
5
A
dm
in
is
ive
tra
t
ex
p
en
se
s		 9
1		 9
1		 0
%
Ne
he
ing
inc
/ e
t o
t
t
r o
p
era
om
e
xp
en
se
s		 0 2
-		 -
Im
irm
f g
dw
i
l
l
t o
p
a
en
oo		 0 - -
in
f
i
Op
t
Pr
t
er
a
g
o		 4
3		 4
7		 -9
%
Inc
tax
om
e
es		 1
2		 1
2		 0
%
in
/
Ne
t
lo
co
m
e
ss		 3
1		 3
5		 -1
1
%
A
l
lo
io
f r
l
t
ts
ca
n
o
es
u
/
Ne
inc
los
i
bu
b
le
l
l
ing
in
t
t
tr
ta
to
tro
te
ts
om
e
s
a
no
n-c
on
res		 5 5 0
%
Ne
inc
/
los
i
bu
b
le
ha
ho
l
de
f
Aa
l
Ba
k
A
G
t
t
tr
ta
to
om
e
s
a
s
re
rs
o
rea
n		 2
6		 3
0		 1
3
%
-
Ap
ia
io
f p
f
i
t
ts
p
ro
p
r
n
o
ro
S
i
len
h
ip
i
bu
ion
by
So
F
F
in
t p
tn
tr
t
ar
ers
co
n		 5 6 1
7
%
-
Co
i
in
f
i
/ a
l
da
te
d
ta
d
t
la
te
d
lo
ns
o
re
e
p
ro
cc
um
u
ss		 2
1		 2
4		 -1
3
%

Aareal Bank Group: Segment Reporting Key figures Q1 2012 by operating units

S
tru
c
Pr
op
in
F
an		 d
tu
re
ty
er
in
c
g		 Co
ns
u
Se
rv		 l
in
/
t
g
ice
s		 Co
l
ns
o
Re
co
nc		 i
da
io
/
t
n
i
ia
io
l
t
n		 Aa
l
Ba
k
re
a
n
Gr
ou
p
0
1.
0
1.-
3
1.
0
3.		 0
1.
0
1.-
3
1.
0
3.		 0
1.
0
1.-
3
1.
0
3.		 0
1.
0
1.-
3
1.
0
3.		 0
1.
0
1.-
3
1.
0
3.		 0
1.
0
1.-
3
1.
0
3.		 0
1.
0
1.-
3
1.
0
3.		 0
1.
0
1.-
3
1.
0
3.
Eu
ro
mn		 2
0
1
2		 2
0
1
1		 2
0
1
2		 2
0
1
1		 2
0
1
2		 2
0
1
1		 2
0
1
2		 2
0
1
1
Ne
in
inc
t
te
t
res
om
e		 1
2
1		 1
2
5		 0 0 8 9 1
2
9		 1
3
4
A
l
low
for
d
i
los
t
an
ce
c
re
se
s		 1
2		 1
8		 1
2		 1
8
Ne
in
in
f
l
low
fo
d
i
lo
t
te
t
te
t
re
s
co
me
a
r a
an
ce
r c
re
ss
es		 1
0
9		 1
0
7		 0 0 8 9 1
1
7		 1
1
6
Ne
iss
ion
inc
t c
om
m
om
e		 4 5
-		 4
4		 4
4		 8
-		 9
-		 4
0		 3
0
Ne
l
he
dg
ing
t r
t o
t
es
n
e a
cc
ou
n
u		 -1
0		 2
-		 -1
0		 2
-
Ne
d
ing
inc
/ e
t
tra
om
e
xp
en
se
s		 -1
6		 8
-		 -1
6		 8
-
Re
l
fro
d
ing
ts
tra
ts
su
m
no
n-
a
ss
e		 0 2 0 2
fro
for
Re
l
ies
d
i
ts
te
t e
ty
su
m
co
mp
an
a
cc
ou
n
a
q
u		 0 0
Re
l
fro
inv
ies
ts
tm
t p
t
su
m
es
en
rop
er		 3 2 3 2
A
dm
in
is
ive
tra
t
ex
p
en
se
s		 4
9		 5
1		 4
2		 4
0		 0 0 9
1		 9
1
/ e
Ne
he
ing
inc
t o
t
t
r o
p
era
om
e
xp
en
se
s		 1
-		 2
-		 1 0 0 0 0 2
-
Im
irm
f g
dw
i
l
l
t o
p
a
en
oo		 0 0
Op
in
f
i
t
t
er
a
g
p
ro		 4
0		 4
3		 3 4 0 0 4
3		 4
7
Inc
tax
om
e
es		 1
1		 1
1		 1 1 1
2		 1
2
/
Ne
in
lo
t
co
me
ss		 2
9		 3
2		 2 3 0 0 3
1		 3
5
A
l
lo
io
f r
l
t
ts
ca
n
o
es
u
Ne
inc
/
los
i
bu
b
le
l
l
ing
in
t
t
tr
ta
to
tro
te
ts
om
e
s a
no
n-c
on
res		 4 4 1 1 5 5
Ne
inc
/
los
i
bu
b
le
ha
ho
l
de
f
Aa
l
Ba
k
A
G
t
t
tr
ta
to
om
e
s a
s
re
rs
o
rea
n		 2
5		 2
8		 1 2 0 0 2
6		 3
0

Aareal Bank Group: Segment Reporting Key figures - quarter by quarter

Str
tur
uc
Fin		 ed
Pr
cin
an		 ert
op
y
g		 Co
ltin
/ S
ice
nsu
g
erv
s		 Co
/
lid
ati
nso
on
Re
ilia
tio
co
nc
n		 Aa
l B
k G
rea
an
rou
p
Q1 Q4 Q3 Q2 Q1 Q1 Q4 Q3 Q2 Q1 Q1 Q4 Q3 Q2 Q1 Q1 Q4 Q3 Q2 Q1
20
12		 20
11		 20
11		 20
11		 20
11		 20
12		 20
11		 20
11		 20
11		 20
11		 20
12		 20
11		 20
11		 20
11		 20
11		 20
12		 20
11		 20
11		 20
11		 20
11
Eu
ro
mn
Ne
t in
in
ter
est
com
e		 121 136 123 124 125 0 0 0 0 0 8 10 10 10 9 129 146 133 134 134
All
e fo
red
it lo
ow
anc
r c
sse
s		 12 34 36 24 18 12 34 36 24 18
Ne
t in
in
af
ter
est
ter
co
me		 109 102 87 100 107 0 0 0 0 0 8 10 10 10 9 117 112 97 110
fo
it l
all
red
ow
an
ce
r c
oss
es		 116
Ne
mis
sio
n in
t c
om
com
e		 4 5 4 2
-		 5
-		 44 51 45 43 44 8
-		 11
-		 11
-		 10
-		 9
-		 40 45 38 31 30
Ne
t re
lt o
n h
edg
unt
ing
su
e a
cco		 10
-		 4 2 2 2
-		 -10 4 2 2 2
-
e /
Ne
t tr
adi
inc
ng
om
ex
pen
ses		 16
-		 0 20 2 8
-		 -16 0 20 2 8
-
Re
lts
fro
din
-tra
ts
su
m
non
g a
sse		 0 -11 -22 2 2 0 0 0 -11 -22 2 2
Re
lts
fro
ani
su
m
co
mp
es		 1 0 1
ted
fo
uity
r at
acc
oun
eq		 0 0 0
Re
lts
fro
inv
est
nt
su
m
me		 3 3 3 2 3 3 3 2
rtie
pro
pe
s		 2 2
Ad
min
istr
ativ
e e
xpe
nse
s		 49 58 54 54 51 42 45 40 42 40 0 1
-		 1
-		 0 0 91 102 93 96 91
Ne
the
atin
inc
e /
t o
r o
per
g
om		 -1 6 2 11 2 1 2 0 1 0 0 0 0 0 0 0 4 2 10 2
exp
ens
es		 - - - - - -
Imp
airm
of
dw
ill
ent
goo		 0 0 0 0 0 0 0 0
Op
tin
rof
it
era
g p		 40 39 42 41 43 3 8 5 3 4 0 0 0 0 0 43 47 47 44 47
Inc
e t
om
axe
s		 11 10 12 13 11 1 3 1 1 1 12 13 13 14 12
Ne
t in
/ l
co
me
oss		 29 29 30 28 32 2 5 4 2 3 0 0 0 0 0 31 34 34 30 35
All
ati
of
lts
oc
on
re
su
Ne
t in
e /
los
ttri
but
abl
e t
com
s a
o
olli
inte
ntr
ts
non
-co
ng
res		 4
5		 4 4 4 1 0 1 0 1 5 5 5 4 5
e /
Ne
t in
los
ttri
but
abl
e t
com
s a
o
AG
sha
reh
old
of
Aa
l B
ank
ers
rea		 25 24 26 24 28 1 5 3 2 2 0 0 0 0 0 26 29 29 26 30

Revaluation reserveChange mainly driven by asset spreads

Development property finance portfolioDiversification continuously strengthened (in € mn)

Property finance under management

From asset to risk weighted asset (RWA) Essential factors affecting volume of RWA

1) Excl. of market risk

48

2) Exposure to Retail amounts to € 30 mn

3) Exposure to Sovereigns amounts to € 17 mn

4) Exposure to investment shares amounts to € 12 mn

Definitions and contacts

Definitions

Structured Property Financing Portfolio

  • Paid-out financings on balance sheet
  • Incl. remaining property loans on DEPFA books

New Business

  • Newly acquired business incl. renewals
  • Contract is signed by customer
  • Fixed loan value and margin
  • Core Tier I Ratio = Tier 1 capital ./. hybrids ./. SoFFin silent participation
  • Risk weighted assets
  • Pre tax RoE = Operating profit ./. Net income/loss attributable to non-controlling interests

Allocated (average) equity

Allocated Equity

Average of:

  • Equity (excluding minorities and revaluation surplus but including silent participation by SoFFin) start of period less dividends and
  • Equity (excluding minorities and revaluation surplus but including silent participation by SoFFin) end of period less expected dividends

CIR =Admin expenses Net income

Net income

net interest income + net commission income + net result on hedge accounting + net trading income + results from non-trading assets + results from investments accounted for at equity + results from investment properties + net other operating income

Contacts

Sebastian Götzken

Senior Manager Investor RelationsPhone: +49 611 348 [email protected]

Disclaimer

© 2012 Aareal Bank AG. All rights reserved.

  • This document has been prepared by Aareal Bank AG, exclusively for the purposes of a corporate presentation by Aareal Bank AG. The presentation is intended for professional and institutional customers only.
  • It must not be modified or disclosed to third parties without the explicit permission of Aareal Bank AG. Any persons who may come into possession of this information and these documents must inform themselves of the relevant legal provisions applicable to the receipt and disclosure of such information, and must comply with such provisions. This presentation may not be distributed in or into any jurisdiction where such distribution would be restricted by law.
  • This presentation is provided for general information purposes only. It does not constitute an offer to enter into a contract on the provision of advisory services or an offer to purchase securities. Aareal Bank AG has merely compiled the information on which this document is based from sources considered to be reliable – without, however, having verified it. Therefore, Aareal Bank AG does not give any warranty, and makes no representation as to the completeness or correctness of any information or opinion contained herein. Aareal Bank AG accepts no responsibility or liability whatsoever for any expense, loss or damages arising out of, or in any way connected with, the use of all or any part of this presentation.
  • This presentation may contain forward-looking statements of future expectations and other forward-looking statements or trend information that are based on current plans, views and/or assumptions and subject to known and unknown risks and uncertainties, most of them being difficult to predict and generally beyond Aareal Bank AG´s control. This could lead to material differences between the actual future results, performance and/or events and those expressed or implied by such statements.
  • Aareal Bank AG assumes no obligation to update any forward-looking statement or any other information contained herein.

More from Aareal Bank AG

Regulatory Filings 2025
Dec 11
Report Publication Announcement 2025
Dec 2
Report Publication Announcement 2025
Dec 2
Report Publication Announcement 2025
Dec 2
Report Publication Announcement 2025
Dec 2
Report Publication Announcement 2025
Dec 2
Report Publication Announcement 2025
Dec 2
Capital/Financing Update 2025
Nov 18
Earnings Release 2025
Nov 13
Regulatory Filings 2025
Nov 13
View all filings →

Talk to a Data Expert

Have a question? We'll get back to you promptly.