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Deutsche Postbank Q2 profits up 21%

Deutsche Postbank has posted a 21% rise in profits for the second quarter to E429 million on higher interest lending and higher income from investments.

The bank said that on the back of good development in customer business, net interest income increased 6.8% to E1.1 billion while net income from investment securities rose 18.5% to E128 million. Net trading income was up 13.1% to E121 million. Consolidated net income for the quarter was E143 million.

Postbank last year bought financial services broker BHW Holding to boost lending and sales of investment products. The bank said that despite charges from the integration synergies have already been achieved, with costs reduced by 0.9% to E1.4 billion.

During the second quarter the bank also gained 222,000 new customers, making a total of 467,200 new customers in the first half-year. Mortgage lending also increased by 8.6% to E6.3 billion, with BHW contributing E2.5 billion.