Landesbank Berlin to refocus capital markets business
Landesbank Berlin said on Monday that first quarter pre-tax profits fell to Eu106m from Eu122m in the same period in 2010, a drop of 13%. The bank also said that it planned a closer co-operation with the savings bank sector, a move that is intended to refocus its capital markets business more on client-related activities.
First quarter net interest income increased to Eu215m from Eu171m a year earlier. The improvement was driven by growth in customer business and movements in interest rates.
There was a drop of nearly Eu90m in gains from financial instruments recognised at fair value, to Eu83m, and a Eu16m
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