Key Indicators
| 1 Jan - 31 Mar 2022 | 1 Jan - 31 Mar 2021 | |
|---|---|---|
| Results | ||
| Operating profit (€ mn) | 30 | 32 |
| Consolidated net income (€ mn) | 19 | 21 |
| Consolidated net income allocated to ordinary shareholders (€ mn)1) | 15 | 16 |
| Cost / income ratio (%)2) | 37.5 | 51.9 |
| Earnings per ordinary share (€)1) | 0.25 | 0.27 |
| RoE before taxes (%)1) 3) | 3.7 | 4.1 |
| RoE after taxes (%)1) 3) | 2.3 | 2.6 |
| 31 Mar 2022 | 31 Dec 2021 | |
|---|---|---|
| Statement of Financial Position | ||
| Property finance (€ mn) | 30,754 | 30,048 |
| Equity (€ mn) | 3,132 | 3,061 |
| Total assets (€ mn) | 48,997 | 48,728 |
| Regulatory Indicators4) | ||
| Basel IV (phase-in) 5) | ||
| Risk-weighted assets (€ mn) | 13,366 | 12,817 |
| Common Equity Tier 1 ratio (CET1 ratio) (%) | 17.9 | 18.2 |
| Tier 1 ratio (T1 ratio) (%) | 20.2 | 20.5 |
| Total capital ratio (TC ratio) (%) | 22.9 | 23.6 |
| Basel III | ||
| Common Equity Tier 1 ratio (CET1 ratio)(%) | 22.2 | 22.2 |
| Employees | 3,209 | 3,170 |
| Ratings | ||
| Moody’s | ||
| Issuer rating | A3 | A3 |
| Bank deposit rating | A3 | A3 |
| Outlook | Negative | Negative |
| Mortgage Pfandbrief Rating | Aaa | Aaa |
| Fitch Ratings | ||
| Issuer default rating | BBB+ | BBB+ |
| Senior Preferred | A- | A- |
| Senior Non Preferred | BBB+ | BBB+ |
| Deposit ratings | A- | A- |
| Outlook | Negative | Negative |
| Sustainability Ratings6) | ||
| MSCI | AA | AA |
| ISS-ESG | prime (C+) | prime (C+) |
| CDP | Awareness Level C | Awareness Level C |
| Share price | ||
| XETRA® closing price (€) | 28.50 | 28.70 |
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: in line with common practice in the banking sector, bank levy and contributions to the deposit guarantee scheme are not included.
3) On an annualised basis
4) 31 December 2021: excluding proposed dividend of € 1.60 per share in 2022 for the financial year 2021, including the dividend of € 1.10 per share not distributed in 2021 as well as the pro rata temporis accrual of net interest on the AT1 bond. The appropriation of profits is subject to approval by the Annual General Meeting.
31 March 2022: excluding proposed dividend of € 1.60 per share in 2022 and including interim profits for 2022, less any pro rata dividends in accordance with the dividend policy and pro rata accrual of the net interest on the AT1 bond. The CET1 ratio, as shown in the regulatory report as at 31 March 2022, was 20.8 %, reflecting the fact that as at that date Aareal 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 the regulatory capital of new NPLs and an additional voluntary and preventive capital deduction for regulatory uncertainties from ECB tests were taken into account.
5) Underlying RWA estimate in accordance with the current version of the CRR plus revised AIRBA requirements for commercial property lending, based on the European Commission’s draft for the European implementation of Basel IV dated 27 October 2021. The calculation also includes a buffer (maintaining the scaling factor of 1.06 for AIRBA risk weights, and the 370 % risk weight for the IRBA equity exposure class), to account for the uncertainty surrounding the future final wording of CRR III as well as the implementation of further regulatory requirements such as EBA requirements for internal Pillar 1 models. When Basel IV enters into force on 1 January 2025, RWAs will be calculated based on the European requirements, which will have been finalised by then, and the higher of the revised AIRBA and the revised CRSA (standardised approach for credit risk) phase-in output floor.
6) Please refer to our website (www.aareal-bank.com/en/responsibility/reporting-on-our-progress/) for more details.
