|1 Jan - 31 Mar 2021||1 Jan - 31 Mar 2020|
|Operating profit (€ mn)||32||11|
|Consolidated net income (€ mn)||21||7|
|Consolidated net income allocated to |
ordinary shareholders (€ mn)1)
|Cost / income ratio (%)2)||51.9||39.2|
|Earnings per ordinary share (€)1)||0.27||0.04|
|RoE before taxes (%)1) 3)||4.1||0.7|
|RoE after taxes (%)1) 3)||2.6||0.4|
|31 Mar 2021||31 Mar 2020|
|Statement of financial position|
|Property finance (€ mn)4)||27,590||27,181|
|Equity (€ mn)||3,026||2,967|
|Total assets (€ mn)||46,482||45,478|
|Risk-weighted assets (€ mn)||11,906||12,138|
|Common Equity Tier 1 ratio (CET1 ratio) (%)||19.5||18.8|
|Tier 1 ratio (T1 ratio) (%)||22.0||21.3|
|Total capital ratio (TC ratio) (%)||26.0||28.0|
|Common Equity Tier 1 ratio (CET1 ratio) (%) – Basel IV (phased-in)6)||17.7||17.3|
|Bank deposit rating||A3||A3|
|Mortgage Pfandbrief Rating||Aaa||Aaa|
|Issuer default rating||BBB+||BBB+|
|Senior Non Preferred||BBB+||BBB+|
|ISS-ESG||prime (C+)||prime (C+)|
1) The allocation of earnings is based on the assumption that net interest payable on the AT1 bond is recognised on an accrual basis.
2) Structured Property Financing segment only; in line with common practice in the banking sector, bank levy and contributions to the deposit guarantee scheme are not included; the previous year's figure was adjusted accordingly.
3) On an annualised basis
4) Excluding € 0.3 billion in private client business (31 December 2020: € 0.3 billion) and € 0.3 billion in local authority lending business by the former Westdeutsche ImmobilienBank AG (WestImmo) (31 December 2020: € 0.3 billion)
5) 31 December 2020: less a proposed dividend distribution of € 1.50 per share in 2021 and incorporating the pro-rata accrual of net interest payable on the AT1 bond. The 2021 dividend payment of € 1.50 for 2020 would need to be made in two steps. In compliance with the requirements published by the European Central Bank (ECB) on 15 December 2020, the distributable amount is calculated at € 0.40 per share. The Management Board will submit a corresponding proposal for the appropriation of profits to the ordinary Annual General Meeting in May 2021. Depending on further economic developments, regulatory requirements, the Bank’s capital position and its risk situation, an extraordinary Annual General Meeting, which could possibly take place during the fourth quarter of 2021, could then decide on the intended remaining payout of € 1.10 per share. 31 March 2021: less a proposed dividend distribution of € 1.50 per share in 2021 and including interim profits for 2021, deducting the pro rata dividend in line with the dividend policy, and incorporating the pro-rata accrual of net interest payable on the AT1 bond. The CET 1 ratio, as shown in Aareal Bank’s regulatory report as at 31 March 2021, was 18.9 %, reflecting the fact that on that date the Bank had not submitted an application for inclusion of profits to the ECB.
The SREP recommendations concerning the NPL inventory and the ECB’s NPL guidelines for exposures newly classified as NPLs, as well as the “CRR Quick fix” as of 30 September 2020, were taken into account.
6) Underlying RWA estimate, incorporating the higher figure determined using the revised AIRBA or the revised CRSA (phased-in), based on the final Basel Committee framework dated 7 December 2017. The calculation of the material impact upon Aareal Bank is subject to the outstanding EU implementation as well as the implementation of additional regulatory requirements
(CRR II, EBA requirements, etc.).
7) Please refer to our website (www.aareal-bank.com/en/responsibility/reporting-on-our-progress/) for more details.
This report contains rounded numbers, which may result in slight differences when aggregating figures and calculating percentages.