Germany’s largest retail bank, Deutsche Postbank (see country
survey, RBI 609), has posted a first quarter net profit of €84
million ($114.2 million), albeit courtesy of a one-off tax credit:
pre-tax the bank lost €91 million compared with a profit of €168
million in the year-ago period.
Postbank’s retail banking unit flagged up a
number of highlights for the quarter, despite reporting profit
before tax 50 percent lower than Q108. Total retail savings soared
by €5.3 billion to reach €52.7 billion, up 19 percent, giving it a
market share of 9.5 percent. The bank opened over 116,000 new
current accounts in the quarter, maintaining its market leading
position with around 5 million current accounts in total.
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Less positive, but entirely expected, was a
fall in the bank’s fee and commission income: down €29 million to
€260 million as a result of a drop in the sale of investment
products.
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