Frankfurt Dekabank has almost tripled its profit in the first six months and is on record course for 2022 as a whole. Increasing demand for securities savings and positive valuation effects for certificates caused the economic result to skyrocket in the first half of the year from around EUR 343 million in the same period of the previous year to EUR 970.9 million.
However, this cannot be extrapolated for the year as a whole “because of the high inflation and the increasingly gloomy economic outlook”, limited CEO Georg Stocker on Thursday. The management currently sees “strong fluctuations in one direction and the other, especially with regard to the valuation effects”. Without the positive valuation effects, the economic result in the first half of the year would have been EUR 556 million according to calculations by the Frankfurt institute.
For the full year 2022, the bank now expects a profit “slightly above the half-year result”. At the beginning of April, the Management Board had forecast an economic result of around EUR 550 million. Dekabank had achieved its highest annual profit to date in 2010 with EUR 925.1 million.
One driver of the recent business success: Great demand for funds and certificates. Deka, which is 100 percent owned by the savings banks, collected almost 14.3 billion euros in fresh money from investors. A year earlier it was around 13.6 billion euros, in the full year 2021 the net sales performance had reached the record value of more than 35.7 billion euros.
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More than 80 percent of the funds newly invested in the period from January up to and including June came from private customers: At EUR 11.6 billion net, sales in this customer group were higher than in the same period of the previous year (EUR 11.1 billion). Deka’s net sales to institutional customers such as insurance companies and pension funds increased from EUR 2.5 billion to EUR 2.7 billion.
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