“Higher interest rates and the inflationary environment provide for a challenging real estate market, in which we will have a focused approach.”

Peter Axmann, Head of Business Unit

Real Estate

■ Highly recognized German real estate specialist with strong market and client coverage – franchise has view on ~1/3 of all new German CRE lending opportunities ■ Financing of existing properties, refurbishments and developments ■ Positioning to grow as ESG transition leader given expertise in refurbishments and developments ■ HCOB differentiation through tailored offerings and entrepreneurial view on value-add deals ■ Experienced market specialists with deep CRE expertise & experience enable above market risk-adjusted returns

Financials1

in € mn

2023
2022
Total Income
209
175
Loan loss provisions
-177
11
OpEx & regulatory costs
-99
-80
Net income after taxes
-53
84
NIM in bps
257
214
Risk Costs (loan loss prov. -%)²
-2.29
0.13
CIR in %
43
40
RoE³ in %
-8.3
13.7
Gross new business in bn €
1.6
1.6

1) For further details on P&L please refer to the Segment Reporting in the appendix | 2) Risk Costs (LLP / b/s) | 3) RoE after taxes based on a 13%-ratio of invested CET1 capital as reported

Real Estate Portfolio

See details