- Net income before taxes 29% above H1 2022
- Group net result after taxes on target at EUR 178 million
- Sustainably profitable: total income up 24% – RoE before/after taxes1 at 21.7/16.8%
- Robust portfolio – solid risk coverage
- CEO Ian Banwell: “Successful first half-year: solid financials, rating upgrade and good stress test result – 2023 earnings forecast confirmed”
HAMBURG – Hamburg Commercial Bank AG (HCOB) presented its figures for the first half of 2023 on Thursday, reporting net income before taxes of EUR 230 (prior-year period: 178) million. The positive margin development in the bank’s further diversified operating business makes a notable contribution to the strong result, which is almost 30% higher than in the prior-year period. In view of the market environment, characterized by economic uncertainties, HCOB’s capital and liquidity positions were maintained at a solid level.
“The first half of the year was very successful for Hamburg Commercial Bank, with an increase in pre-tax earnings of almost 30%, our improved rating position as well as the good performance in the ECB stress test. This has enabled us to further consolidate our strong position in the German banking market. With its diversified and prudent business approach, the bank is sustainably profitable. Net interest margins have increased in all market segments and yields are above the cost of capital – we are very satisfied with this development,” said Ian Banwell, Chief Executive Officer of Hamburg Commercial Bank. “In light of the encouraging half-year result, we confirm our forecast and expect to generate profit after taxes above EUR 250 million for the full year 2023.” […]
For more information, please refer to the full press release attached (PDF).
