Key Indicators
| 1 Jan - 31 Mar 2024 | 1 Jan - 31 Mar 2023 | |
|---|---|---|
| Results | ||
| Operating profit (€ mn) | 103 | 62 |
| Consolidated net income (€ mn) | 73 | 42 |
| Consolidated net income allocated to ordinary shareholders (€ mn)1) | 63 | 47 |
| Cost / income ratio (%)2) | 31.7 | 34.7 |
| Earnings per ordinary share (€)1) | 1.05 | 0.78 |
| RoE before taxes (%)1)3) | 12.8 | 9.0 |
| RoE after taxes (%)1)3) | 8.7 | 6.4 |
| 31 Mar 2024 | 31 Dec 2023 | |
|---|---|---|
| Statement of Financial Position | ||
| Property finance (€ mn) | 32,140 | 32,876 |
| Equity (€ mn) | 3,385 | 3,300 |
| Total assets (€ mn) | 47,438 | 46,833 |
| Regulatory Indicators4) | ||
| Basel IV (phase-in) | ||
| Risk-weighted assets (€ mn) | 13,768 | 13,720 |
| Common Equity Tier 1 ratio (CET1 ratio) (%) | 19.7 | 19.4 |
| Tier 1 ratio (T1 ratio) (%) | 21.9 | 21.6 |
| Total capital ratio (TC ratio) (%) | 23.7 | 23.5 |
| Employees | 3,457 | 3,463 |
| Ratings | ||
| Moody’s | ||
| Issuer rating | Baa1 | A3 |
| Senior Preferred | Baa1 | - |
| Senior Non Preferred | Baa3 | - |
| Bank deposit rating | Baa1 | A3 |
| Outlook | Negative | Negative |
| Mortgage Pfandbrief Rating | Aaa | Aaa |
| Fitch Ratings | ||
| Issuer default rating | BBB | BBB |
| Senior Preferred | BBB+ | BBB+ |
| Senior Non Preferred | BBB | BBB |
| Deposit ratings | BBB+ | BBB+ |
| Outlook | stable | stable |
| ESG Ratings6) | ||
| MSCI | AA | AA |
| ISS-ESG | prime (C) | prime (C) |
| CDP | Management Level B | Management Level B |
1) The allocation of earnings is based on the assumption that net interest payable on the AT1 bond is recognised on an accrual basis.
2) Structured Property Financing and Banking & Digital Solutions segments: in line with common practice in the banking sector, bank levy and contributions to the deposit guarantee scheme are not included.
3) On an annualised basis
4) 31 December 2023: including profits for 2023 and pro rata temporis accrual of interest on the AT1 bond, since no payout of profits for 2023 will be made in 2024.
31 March 2024: inclusive of the interim profits for 2024 less the pro-rata dividend in accordance with the dividend policy and pro-rata accrual of the interest payable on the AT1 bond.
The CET1 ratio, determined as the higher of the amounts under Basel III and Basel IV (phase-in), as shown in Aareal Bank’s regulatory report as at 31 March 2024, was 18.5 %, reflecting the fact that the Bank had not submitted an application for inclusion of profits on that reporting date to the ECB.
The SREP recommendations concerning the NPL inventory were taken into account, as well as the ECB’s NPL guidelines for the regulatory capital of new NPLs and an additional voluntary and preventive capital deduction for regulatory uncertainties from ECB tests.
5) The ratings as at 31 December 2023 incorporate the most recent rating action on 14 February 2024.
6) Please refer to our website (www.aareal-bank.com/en/responsibility/reporting-on-our-progress/) for more details.
