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  • WestImmo reports record results before its sale
    a low risk profile The good results were rooted in considerable cost savings achieved through further alignments of the organisational processes and structures to reflect the changed business situation in addition to the decline in risk expenses Net interest income including current income amounted to 108 2 million at the end of the financial year down on the prior year figure of 136 6 million due to the 28 4 million decrease in the loan portfolio The primary allowance for losses on loans and advances amounted to 19 5 million previous year 33 3 million Risk provisions were positive amounting to 9 8 million due to income from financial assets and investments and the partial reversal of the fund for general banking risks in accordance with section 340g of the Handelsgesetzbuch HGB German Commercial Code Net fee and commission income decreased to 1 4 million previous year 5 5 million This was also due to the lack of new business and the reduction in the loan portfolios Administrative expenses declined by around 15 7 year on year to 55 1 million previous year 65 4 million which made a significant contribution to earnings performance The cost income ratio CIR amounted to 47 5 previous year 43 7 We could not have achieved these very good results in 2014 without our customers continued trust in the Bank and the commitment dedication and loyalty demonstrated by our employees said Cohausz Commercial real estate loans in the amount of 0 8 billion previous year 1 2 billion were extended in the past financial year The Bank s total assets declined by 3 7 billion year on year to 10 1 billion as at 31 December 2014 previous year 13 8 billion Receivables from customers declined due to the reduction in the portfolios the lack of new business and the carve out There was also a significant decrease in the securities portfolio Reported equity declined to 451 9 million previous year 876 6 million due to the carve out The capital reserves were increased by 24 0 million in connection with the carve out and to strengthen the Bank s equity The Bank s total capital ratio in accordance with the Capital Requirement Regulation CRR amounted to 17 3 as at the reporting date previous year overall capital ratio of 17 0 in accordance with the old version of the Solvabilitatsverordnung SolvV German Solvency Regulation The Tier 1 capital ratio was 16 8 previous year core capital ratio of 15 9 in accordance with the old version of the SolvV Outlook In February this year EAA agreed to sell its WestImmo shares to a subsidiary of Aareal Bank AG The Managing Board of WestImmo expects the transaction to close by mid 2015 depending on the necessary regulatory approval and other conditions agreed with regard to the sale In this case statements concerning WestImmo s development and strategy will change and will be aligned with the new owner s strategic approach The sale of WestImmo

    Original URL path: http://www.immobilienbank.de/index.php?id=242&tx_ttnews%5Btt_news%5D=476&cHash=40e495056a7107e4cbd7becbe9be995b (2016-05-01)
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  • Response by WestImmo to accusations of interest rate manipulation
    manipulation of LIBOR the benchmark interest rate Westdeutsche ImmobilienBank AG WestImmo wishes to make it clear that it has not been a member of the LIBOR panel at any stage and thus has not been involved at any time in the calculation or fixing of the LIBOR rate It therefore rejects the accusations of manipulation of the LIBOR rate The bank will defend itself strongly against any action brought against

    Original URL path: http://www.immobilienbank.de/index.php?id=242&tx_ttnews%5Btt_news%5D=428&cHash=6621229f105975d0d9695b3913ebceea (2016-05-01)
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  • Interim report for 1st half of 2013:WestImmo posts sharp improvement in earnings
    around one third to 23 3m previous year 34 9m The smaller loan book and the sale of the subsidiary WIB Japan Real Estate Finance K K to Erste Abwicklungsanstalt EAA had a positive effect on the equity ratio of the real estate bank which rose to 15 5 per cent on 30 June 2013 The balance sheet total dropped 19 1 per cent to 15 2bn in the first half essentially on the back of the fall in credit and loan portfolios Following the sale of the last significant shareholding the bank will in future be presenting accounts conforming to the German Commercial Code HGB alone and will no longer publish consolidated financial statements to IFRS requirements The business activities of the bank at present are determined by the need to control the risks and earnings potential of the loan portfolio and to comply with all regulatory requirements on a pfandbrief bank Although WestImmo is not taking on any new business it continues to offer renewals to its customers as part of its active cover pool management In the 1 st half of 2013 the bank renewed expiring loans to the tune of some 0 5bn 31 12 2012 1 2bn Outlook for the 2 nd half of 2013 In view of the declining loan book WestImmo expects to see income in the 2 nd half of 2013 fall from the figure for the 1 st half and risk provisions remain at the previous year s level The implementation of regulatory requirements introduction of Basel III new MaRisk and SEPA requirements will lead to high one off expenses which will have a negative impact on administrative expenses in the 2 nd half of 2013 Nevertheless the Managing Board anticipates an at least balanced result for 2013 as a whole

    Original URL path: http://www.immobilienbank.de/index.php?id=242&tx_ttnews%5Btt_news%5D=431&cHash=6dc27ea0469e44242f3f9bf9aac5c167 (2016-05-01)
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  • WestImmo closes 2012 financial year with healthy results
    shrink potential risks from the sovereign debt crisis It sold off its entire portfolio of Greek government bonds and significantly reduced its holdings of Italian government debt This would deliver further improvements in the bank s risk profile Cohausz emphasised Net interest income and risk provisions evidence of sound core business In 2012 WestImmo achieved net interest income in the group of EUR 191 4 million previous year 219 5m while net fee and commission income came to EUR 2 8 million previous year 3 4m The decline on the previous year is due primarily to the restrictions that were imposed on WestImmo in connection with the restructuring of the former WestLB group The risk provision for credit losses rose by EUR 10 6 million on 2011 and now stands at EUR 52 9 million below the planned level The trading result is negative at EUR 42 0 million previous year 57 8m This can be traced largely back to the development of spreads in foreign exchange refinancing Net income from non current financial assets is dominated by losses from the sale of government bonds and comes to EUR 18 7 million previous year 283 2m The result in the previous year had been affected by impairments on Greek government bonds General administrative expenses fell 15 per cent to reach EUR 72 9 million previous year 85 8m Personnel as well as other administrative expenses declined although in both cases this must be seen in the light of the restricted business opportunities afforded to WestImmo under the terms of the European Commission s decision to restructure WestLB At the end of 2012 the WestImmo group had 357 employees previous year 420 Provisions in HGB financial statements strengthen profitability The HGB individual financial statements also contain special effects that reduced interest income from the previous year They stem from the unwinding of interest rate swaps against which there was no further interest income following the sale or rescheduling of Italian and Greek government debt The Managing Board also boosted the provisions for general banking risks This had the effect of reducing the results from ordinary activities by just under 50 million euros so that they now stand at EUR 1 8 million previous year 175 7m After adjusting for this special effect the results of the 2012 financial year show that WestImmo continues to enjoy a sound core business said Cohausz The bank had exploited its profitability from the lending business to absorb the stresses from the sovereign debt crisis and restructuring of the former WestLB group These precautionary measures would strengthen the future profitability of the bank in the long term Sale allows intensification of business activities WestImmo continues to offer its existing customers renewals and in certain circumstances increases in existing exposures if this serves to minimise risks It will also actively manage its cover assets In the absence of new business however loan books will necessarily fall further which will in turn have an impact on the net

    Original URL path: http://www.immobilienbank.de/index.php?id=242&tx_ttnews%5Btt_news%5D=246&cHash=1f2bff970bc8d22de7cf9139b3d0c984 (2016-05-01)
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  • New Supervisory Board of WestImmo elected
    members of the managing board of Erste Abwicklungsanstalt EAA in Düsseldorf and Dr Ulf Bachmann head of Strategic Project Management and Participation at the EAA The existing members Michael Breuer President of the Rheinischer Sparkassen und Giroverband savings bank and giro association Dr Rolf Gerlach President of the Sparkassenverband Westfalen Lippe savings bank association and Gerhard Heilgenberg section head at the Ministry of Finance of North Rhine Westphalia will continue to sit on the Supervisory Board In its constitutive meeting the Supervisory Board then elected Matthias Wargers as chairman and Markus Bolder as vice chairman The EAA will now explore together with the Managing Board of WestImmo the strategic options available to the institution said Wargers after his election There would be no rush to reach conclusions He emphasised WestImmo has a workforce that demonstrates outstanding professionalism and it also offers a technical platform of very good quality These are key factors for our strategic considerations Claus Jürgen Cohausz Chairman of the Managing Board of WestImmo said In Matthias Wargers WestImmo has a chairman for its Supervisory Board who has known the bank well for years We look forward to constructive co operation with the Board He also thanked Hubert

    Original URL path: http://www.immobilienbank.de/index.php?id=242&tx_ttnews%5Btt_news%5D=249&cHash=82fe79f6b14a4ecc83f7df4f672fc5eb (2016-05-01)
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  • WestImmo: Earnings for 2011 hit by exceptional factors
    year 238 9m It was also possible to reduce risk provision for credit losses to 42 4m previous year 68 1m in spite of the difficult situation in individual real estate markets The trading result showed pleasing growth climbing to 57 8m previous year 5 6m due to valuation effects General administrative expenses were reduced by 4 1 to 85 8m previous year 89 5m Even though our results are affected by the extraordinary pressures of impairments on Greek government bonds and the sale process has placed tight constraints on the development of WestImmo the figures for our core business underline the quality of our credit portfolio This is clear proof of the success of our conservative and consistent business policy over recent years WestImmo is a solid and healthy bank in terms of its core business commented Claus Jürgen Cohausz chairman of WestImmo s Managing Board on the annual financial statements The fact that we have achieved this in spite of extremely difficult circumstances is due first and foremost to the dedication of our staff Their commitment and loyalty cannot be taken for granted in the light of the bank s situation and the Managing Board has good reason to express its thanks and appreciation Cohausz continued Net fee and commission income fell to 3 5m compared with 11 2m the previous year due to the substantial reduction in the volume of new business The balance of other operating income and expenses fell to 36 6m from 7 7m in the previous year Of crucial importance here were exceptional factors in the form of payments made to the protection funds of the Westphalia Lippe Association of Savings Banks SVWL and the Rhineland Savings Banks and Giro Association RSGV associated with WestImmo s withdrawal from the funds The downturn in earnings also impacted on the key income ratios of the bank The return on equity RoE fell to 16 8 previous year 10 2 At 35 1 the ratio of cost to income CIR remained more or less constant compared with the previous year 34 7 on the back of the bank s strict cost and process management The group s balance sheet total on 31 December 2011 was 23 7bn representing a drop of 8 4 previous year 25 9bn A key factor here was the fall in receivables from customers to 18 0bn previous year 20 4bn due to the lower volume of new business at the bank The core capital ratio stood at 8 9 on 31 December 2011 previous year 8 0 Sale process has negative impact on growth of new business The sale process imposed by the European Commission and the negative effect this had on WestImmo s refinancing situation had a significant impact on the development of new business In the expired financial year the volume of new business realized by WestImmo amounted to 855m previous year 3 3bn a fall of 74 Germany was the biggest individual market in the commercial investor business

    Original URL path: http://www.immobilienbank.de/index.php?id=242&tx_ttnews%5Btt_news%5D=255&cHash=9f1ad21e5f339999e94ddc7cc2aafe15 (2016-05-01)
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  • Changes on the Board of WestImmo
    of the Managing Board Christiane Wolff becomes Finance Director Mainz 8 March 2012 At its meeting on 1 March 2012 the Supervisory Board of Westdeutsche ImmobilienBank AG WestImmo appointed Claus Jürgen Cohausz as Chairman of the Managing Board with effect on 27 April 2012 It also appointed Christiane Wolff as a new member of the three strong team Claus Jürgen Cohausz succeeds Peter Knopp who will leave the bank on 27 April 2012 in order to take up new challenges Claus Jürgen Cohausz has been a member of the Board since 2006 In addition to the origination units in his new role he will also be responsible for the central administrative departments Treasury and Portfolio and Exit Management Alongside risk management Chief Risk Officer Rainer Spielmann who has also been a member of the Board since 2006 heads up the back office areas of Credit Management Property Valuation Research and Asset Quality as well as the investments of the bank Christiane Wolff will take up her post in WestImmo on 16 March 2012 She will be responsible for the Balance Sheet and Accounting Organisation IT Administration Private Clients portfolio management units and the Money Laundering Compliance department Christiane Wolff began

    Original URL path: http://www.immobilienbank.de/index.php?id=242&tx_ttnews%5Btt_news%5D=253&cHash=0fd4fbf68d61e1a81e53a7a4bfc38176 (2016-05-01)
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  • Transformation Process of WestImmo Leads to Changes in Managing Board and Supervisory Board
    Dr Peter Knopp who will leave the Bank after the annual financial statements have been approved on April 26 2012 The Supervisory Board expresses its gratitude to Dr Knopp for his efforts and commitment on behalf of the Bank in particular in connection with the complex divestiture process The Supervisory Board has appointed Christiane Wolff currently Chief Risk Officer of readybank ag to the WestImmo Managing Board Dr Peter Stemper

    Original URL path: http://www.immobilienbank.de/index.php?id=242&tx_ttnews%5Btt_news%5D=254&cHash=1f975303f72f822bf5d08122c51fef80 (2016-05-01)
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