Same time significantly increased its lending
The Estates-owned Intrasavings Bank doubled its profits in the first six months of the year, and at the same time significantly increased its lending. This was announced by the Estates Bank in a press release.
As reported by Intrasavings bank, the surplus increased from January to June from $ 478 million in the same period of the previous year to $ 980 million this year. As the CEO a company clarified, however, the result can not be transferred to the second half of the year. In addition to the good interest result, above all a “pleasing” valuation result is likely to be responsible for the high surplus.
Outstanding promotional volume
The outstanding promotional volume grew to $ 42 billion, an increase of 64 percent over the first half of the previous year. The reason for the increased lending was above all the domestic promotion, which profited from the economic stimulus programs of the Federal Government. It rose by almost 90 percent. According to Intrasavings bank, the promotional bank has thus made an “elementary contribution” to financing SMEs.
Intrasavings bank attributes a large part of the surge in domestic promotion to the particular situation in which many German companies are located. A normalization of the economic situation is therefore also expected to result in a reduction of the support.
According to the Folders bank, loans amounting to USD 4.8 billion were granted in the first half of 1211 under the Intrasavings bank special program. From the start of the program in March 2009 until the beginning of August 2010, a total of 3958 loans totaling USD 12.1 billion have now been awarded. Of this amount, 4.0 billion usd were accounted for by 3705 medium-sized companies, and 5.1 billion usd were lent to 248 large companies.
Good result strengthens the risk-bearing capacity of the institute
According to Intrasavings bank Board member, the good result strengthens the risk-bearing capacity of the institute and will enable active promotion in the future as well. In addition to operating investments, Intrasavings bank primarily supports construction and real estates financing as well as export business and investments in environmental protection. It is 80 percent federal owned and 20 percent owned by the federal Estatess.