By Bernhard Bomke
The Munich mortgage bank (Münchener Hyp) has promised in the first half of 2011 mortgage loans totaling 1.6 billion euros. This represents an improvement over the first six months of 2010 was 19%. The increase was particularly strong in the composite business with the local cooperative banks (plus a third). In the area of commercial real estate financing was in the core markets of Germany, France and Great Britain reached € 370 million mid-year the volume of the entire previous year.
MünchenerHyp-CEO Louis Hagen estimated the operating profit after risk provisions for the first six months 2011 today to 7.6 million euros (+20%). The write-downs on receivables from Greece, he gave 8.6 million euros, while administrative expenses rose by 1.2 million of the financing company to 32 million €. A positive sign for the business of his house which was upgraded Hagen refinancing in the first half of the year amounting to 4 billion euros (2.8 billion euros on mortgages and Public Pfandbriefe). For the full year 2011 expected earnings Hagen at the same level, "if the conditions do not deteriorate by a further tightening of the debt crisis."
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