· Income before taxes: EUR 363 (previous year: 299) million – group net result after taxes: EUR 425 (351) million
· Profitability further improved – net interest income up 19%
· Expected normalized CET1 ratio of 20.5% (28.9%), which already anticipates a potential dividend distribution
· Return on Equity (RoE) after taxes: 20.8% (18.4%)
· CEO Ian Banwell: “Result exceeds expectations, demonstrates strength of operating model and good portfolio quality with a very strong capital position”
HAMBURG – Hamburg Commercial Bank AG (HCOB) published its preliminary business figures for 2022 on Thursday, reporting a strong preliminary group net result after taxes of EUR 425 (previous year: 351) million. Major contributors to the higher-than-planned profit were a further improvement in profitability in the operating business, and a positive development in risk provisioning. The continued risk-conscious business policy has led to a further improvement in portfolio quality and risk coverage. As a result, HCOB considers itself well positioned to both pursue its commercial strategy and deal with a range of potential adverse macroeconomic developments across Europe.
“Our very encouraging preliminary financial results for 2022 are a testament to HCOB’s operating strength and sustainable profitability – our diversification strategy is paying off. Our strong customer base and a clear, focused business model have underpinned our success. We remain focused on our moderate growth plan, despite the difficult economic environment”, said Ian Banwell, CEO of Hamburg Commercial Bank. “We will continue to pursue our chosen course, aiming to excel as a modern commercial bank. To this end, we are investing firstly in our employees, which are highly motivated to continue HCOB’s success story. Secondly, we are investing in the continued expansion of our cloud-based IT infrastructure, in order to interface with our customers even more efficiently in the future.” […]
For more information, please refer to the full press release attached (PDF)- see same here below:
