Germany’s 431 savings banks nearly
doubled pre-tax profits in fiscal 2009 jumping to €4.6bn ($6.2bn),
from 1.9bn a year earlier.
The German Savings Bank Association
(Deutscher Sparkassen und Giroverband – DSGV) said the
jump in net income was partly due to an increase in net interest
income, which was 10% higher than in 2008 and a slowdown in losses
on loans.
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Loan losses fell 16% to €5.3bn,
compared with €6.3bn in 2008.
“The savings banks significantly
strengthened their reserves and paid plenty of taxes”, said
Heinrich Haasis, president of the DSGV.
“With its prudential reserves and
the net income for the year, the savings banks continued to
considerably strengthen their assets to be prepared for future
financial challenges,” Haasis added.
Net commission income remained flat
at €6bn, despite a drop in trading volume.
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By GlobalDataThe banks collectively have €630bn in loans, €750bn in deposits,
50m customers, 100m accounts and around 16,000 branches.
