· Pre-tax profit of EUR 363 (previous year: 299) million and net result after taxes of EUR 425 (351) million confirmed
· Profitability further improved – net interest income up 19%
· Expected normalized CET1 ratio1 of 20.5% (28.9%), which already anticipates a potential dividend distribution
· CEO Ian Banwell: “Result clearly exceeds expectations – Moody’s rating upgrade in Q1 gives tailwind for 2023”
HAMBURG – Hamburg Commercial Bank AG (HCOB) presented its final figures for the financial year 2022 on Thursday and confirmed the strong group net result after taxes of EUR 425 (previous year: 351) million along with the other key figures from February. Major contributors to the higher-than-planned profit were a further improvement in profitability in the operating business, and a positive development in risk provisioning. HCOB will continue to pursue its risk-conscious business strategy and based on its operational strength, good portfolio quality and high risk coverage, considers itself well positioned even in the current challenging market environment.
“Our result, which is significantly higher than planned, impressively demonstrates the sustainable profitability and operational performance of Hamburg Commercial Bank. Moreover, it shows that a prudent approach on risk, diversification of our business activities, a keen awareness of costs and modern technical infrastructure form the right basis for long-term success. We also received tailwind from the upgrade of our issuer rating to A3 by the rating agency Moody’s in February 2023, which is positively impacting our refinancing costs”, said Ian Banwell, CEO of Hamburg Commercial Bank. “Based on the operating performance in the first quarter and our resilient capitalization, we are confident from today’s perspective that we will achieve our earnings target of over EUR 250 million after taxes for 2023. Also, in view of the current developments in the banking sector, HCOB considers itself well positioned with its liquidity coverage ratio noticeably above the average for European banks and liquid bonds valued at market prices.” […]
For more information, viewers can refer to the full press release attached here below (PDF).
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