Deutsche Postbank has
reported a rise in retail banking pre-tax profits of 33% to €616m
($844m) for the first nine months of 2010.
The increase was mainly
due to a rise in net interest income – up by 11.1% to €1.77bn – and
a small decrease in administrative costs.
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Net fee and commission
income fell by €14 million year-on-year in the first nine months to
€803 million. This was primarily due to a decline in income from
the postal services business unit and a reduction in the minimum
monthly credit required to qualify for Postbank’s free current
account from €1,250 to €1,000, at the start of the second
quarter.
Total current account
numbers remained flat compared to a year ago, at 4.93m by the end
of the third quarter.
Positive metrics
included an increase in market share for retail savings from 6.3%
at the start of the year to 6.5% by the end of the third quarter;
Postbank’s cost-income ratio also improved, by 4.9 percentage
points to 65.3% in the first none months of the year.
Group-wide, Postbank
returned to the black in the first none months, posting profits
before tax of €296m following a loss of €129m in the same period
last year.
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