Marc Ziegner Chief Financial Officer
Ian Banwell Chief Executive Officer
Ulrik Lackschewitz Chief Risk Officer and Deputy CEO
Christopher Brody Chief Investment Officer
“Our FY 2022 results underpin HCOB’s strong and persistent profitability, based on strengthened client franchise and clear focus. Our guiding principle is striving for excellence in what we do.”
Ian Banwell, CEO
Ladies and Gentlemen,
Hamburg Commercial Bank can look back on a very successful 2022, in which it impressively continued its success story. The bank’s key figures have steadily improved since its privatization in 2018. It is now one of the best performing financial institutions in Germany – and its next goal is to rank among the best in Europe. We will be resolutely pursuing that goal this year.
In 2022, the bank increased its consolidated profit after tax by 21 percent to €425 million, while profit before tax also rose by 21 percent to €363 million. At the same time, the bank again succeeded in increasing its profitability: Return on equity rose from 18.4 percent in the previous year to 20.8 percent1 in 2022. In addition, the already good portfolio quality improved further, with the NPE ratio (non-performing exposure; loans and securities in default) falling from 1.4 to 1.2 percent at the end of 2022. Moreover, risk coverage has been deliberately set at a high level to account for potential adverse macroeconomic scenarios. The NPE coverage ratio improved to a very comfortable 69 percent from 56 percent. The bank’s capital position remains very strong. Even after allowing for a possible dividend payment of €1.5 billion euros in the second quarter of this year, the core capital ratio (CET1) is a very robust 20.5 percent, well...
“Pro-active risk management and increasing diversification will contribute to low costs of risk and earnings stability, providing resilience in a more volatile environment.”
Ulrik Lackschewitz, CRO
“HCOB’s capital generation capacity has strengthened significantly. Stringent cost control and efficiency has been the key to our success over the last years – and will remain so.”
Marc Ziegner, CFO
... above regulatory requirements, compared with 28.9 percent in the previous year. As planned, the Group’s total assets grew slightly in fiscal 2022, increasing by around 5 percent to €31.8 billion.
The cost-income ratio improved again to 44 percent – in the previous year it was 50 percent – reflecting the bank’s continuous progress in cost efficiency. Total income rose by 5 percent year-on-year to €673 million, while net interest income increased by 19 percent to €627 million. One particularly pleasing development is that the bank succeeded in widening its operating net interest margin by 23 basis points to 168 basis points. The results, which are substantially above plan, are impressive evidence of Hamburg Commercial Bank’s operational strength and sustainable profitability. And they show that risk-conscious action, diversification of business activities, a high level of cost awareness, and a modern technical infrastructure are the appropriate foundation for ensuring long-term success – even in a period marked by geopolitical and economic uncertainties.
