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Key Indicators

  1 Jan - 31 Dec 2023 1 Jan - 31 Dec 2022
Results    
Operating profit (€ mn) 149 239
Consolidated net income (€ mn) 48 153
Consolidated net income allocated to
ordinary shareholders (€ mn)1) 
42 138
Cost / income ratio (%)2) 31.7 40.3
Dividend per share (€ )3) - -
Earnings per ordinary share (€)1) 0.69 2.32
RoE before taxes (%)1) 5.0 7.9
RoE after taxes (%)1) 1.4 5.0

   

  31 Dec 2023 31 Dec 2022
Statement of Financial Position    
Property finance (€ mn) 32,876 30,901
Equity (€ mn) 3,300 3,258
Total assets (€ mn) 46,833 47,331
     
Regulatory Indicators4)    
Basel IV (phase-in)    
     Risk-weighted assets (€ mn) 13,720 12,782
     Common Equity Tier 1 ratio (CET1 ratio) (%) 19.4 19.3
     Tier 1 ratio (T1 ratio) (%) 21.6 21.7
     Total capital ratio (TC ratio) (%) 23.5 24.0
Basel III    
     Common Equity Tier 1 ratio (CET1 ratio) (%) 19.4 19.3
     
Employees 3,463 3,316
     
Ratings    
Moody’s5)    
Issuer rating Baa1 A3
Senior Preferred Baa1 -
Senior Non Preferred Baa3 -
Bank deposit rating Baa1 A3
Outlook negative negative
Mortgage Pfandbrief Rating Aaa Aaa
     
Fitch Ratings6)    
Issuer default rating BBB BBB+
Senior Preferred BBB+ A-
Senior Non Preferred BBB BBB+
Deposit ratings BBB+ A-
Outlook stable negative
     
ESG Ratings7)    
MSCI AA AA
ISS-ESG prime (C) prime (C+)
CDP Management
Level B
Awareness
Level B
     

 

1) The allocation of earnings is based on the assumption that interest payable on the AT1 bond is recognised on an accrual basis.

2) Structured Property Financing and Banking & Digital Solutions segments: in line with common practice in the banking sector, bank levy and contributions to the deposit guarantee scheme are not included.

3) There are no plans to pay out any profits for 2023 in 2024, in line with the strategy for 2024. On 10 August 2023, the Annual General Meeting had resolved not to distribute any dividends for the 2022 financial year.

4) 31 December 2022: including originally proposed dividend of € 1.60 per share in 2022 and pro rata temporis accrual of interest on the AT1 bond, excluding profits for 2022 under commercial law.
31 December 2023: including profits for 2023 and pro rata temporis accrual of interest on the AT1 bond, given that there are no plans to pay out profits for 2023 in 2024.
The appropriation of profits is subject to approval by the Annual General Meeting. The SREP recommendations concerning the NPL inventory and the ECB’s NPL guidelines for the regulatory capital of new NPLs and an additional voluntary and preventive capital deduction for regulatory uncertainties from ECB tests were taken into account.
Adjusted total risk exposure amount (in accordance with Article 3 CRR – RWAs), in accordance with currently applicable law (CRR II) and applying the partial regulation for the “output floor” in connection with commercial property lending and equity exposures, based on the European Commission’s proposal dated 27 October 2021 for implementation of Basel IV (CRR III). The adjusted risk-weighted exposure amount for commercial property lending and equity exposures is determined using the higher of (i) total RWAs calculated in accordance with CRR II currently in force, and (ii) the figure calculated in accordance with the revised CRSA (pursuant to CRR III), applying the transitional provisions for 2025 (50 % output floor).

5) The ratings as at 31 December 2023 incorporate the most recent rating action on 20 March 2024

6) The ratings as at 31 December 2023 incorporate the most recent rating action on 14 February 2024

7) Please refer to our website (www.aareal-bank.com/en/responsibility/reporting-on-our-progress/) for more details.