Interim balance sheet
Private customers make Dekabank more confident
Sales of funds through savings banks are booming. This also fills Deka’s coffers. The board is raising the bar for the year as a whole.
At Dekabank, business with funds for private customers continues to flourish – but the savings bank service provider earned less in the first nine months than a year earlier. The economic result at the end of September was 804.5 million euros, a good 19 percent below the value for the same period last year, as the institute in Frankfurt announced.
However, CEO Georg Stocker stated: “We are doing better in our operational business than in the previous year. The strong capital base gives us the strength to make further investments in digitalization and new technologies.” The institute, which is 100 percent owned by the savings banks, also invests in people: the number of employees has increased by a good 200 to 5,700 people since the beginning of the year.
Higher annual profit expected
When it comes to the annual result, management is now more confident, despite the uncertain domestic and foreign policy environment: the economic result for the full year 2024 will most likely be below the previous year’s value, but above the level at the end of September. In 2023, Dekabank earned 971.5 million euros. So far, around 700 million euros were targeted for 2024.
According to the information, the securities house achieved sales of funds and certificates from January to September, at around 20.9 billion euros, the third highest value in the company’s history. Private customers contributed a good 18.2 billion euros, with business with funds increasing by more than 70 percent within a year. Sales of certificates in private customer business, on the other hand, fell by a good quarter.
In total, Deka collected around 2.6 billion euros in fresh money from institutional investors such as insurance companies and pension funds. This means that the interim balance for this item is at least positive again, after the loss of a major mandate worth millions in the previous year resulted in a loss.
Dekabank 1st half of 2024 Annual and interim reports Dekabank key figures Dekabank ownership structure Dekabank Dekabank annual balance sheet 2023
dpa
Source: Stern
