For the Bavarian Landesbank, the corona crisis is unlikely to result in permanent damage: After a difficult 2020, things are looking much better for BayernLB this year. In the first nine months, the net profit more than doubled compared to the previous year from 179 to 361 million euros, as the bank, which is majority owned by the Free State, announced in Munich on Thursday. Several factors contributed to this: In the past year, bank boss Stephan Winkelmeier and his colleagues on the board increased risk provisioning significantly in order to be prepared for possible loan defaults. However, since these largely failed to materialize, BayernLB reduced its risk provisioning again. The online bank DKB, as the most important subsidiary, continues to grow strongly: The pre-tax profit of DKB rose by over 120 million to 356 million. The DKB won a balance of 400,000 new private customers; according to BayernLB, 4.9 million people now have an account with the Berlin-based direct bank. The real estate business is also doing very well, with pre-tax earnings rising from 84 to 134 million euros in this area.
Profit jump – BayernLB defies the corona crisis – economy
