Deutsche Pfandbriefbank Ag · XETR:PBB
Deutsche Pfandbriefbank — Q2 2016 Earnings Presentation
60 slides from Deutsche Pfandbriefbank's earnings presentation, Aug 12, 2016
Slide 1: Analyst Conference Call Results Q2/H1 2016
Analyst Conference Call Results Q2/H1 2016 PBT of EUR 42 mn in Q2/16 (H1/16: EUR 87 mn) – full-year target confirmed Andreas Arndt, CEO/CFO Unterschleissheim, 12 August 2016 Results Q2/H1 2016 (IFRS, pbb Group, unaudited), 12 August 2016
Slide 2: Disclaimer
Disclaimer This presentation is not an offer or invitation to subscribe for or purchase any securities in any jurisdiction, including any jurisdiction of the United States. Securities may not be offered or sold in the United States absent registration or pursuant to an available exemption from regis
Slide 3: Agenda
Agenda 1 Highlights 2 Financials 3 Segment reporting / New business 4 Portfolio 5 Funding 6 Outlook 2016 Appendix Contact details Results Q2/H1 2016 (IFRS, pbb Group, unaudited), 12 August 2016 3
Slide 4: Highlights: PBT target confirmed
Highlights PBT target confirmed – headwind on NII, but LLPs and GAE well below plan Pre-tax profit of EUR 87 mn in H1/16 (Q2/16: EUR 42 mn) in line with full-year expectation − net interest income influenced by continued low interest rate environment and strong competition − but loan-loss provisions
Slide 5: Operating and financial overview
Highlights Operating and financial overview New business Q4 Net interest and commission income Q4 General and admin. expenses Q4 EUR billions (Commitments, incl. extensions >1 yr) EUR millions (IFRS) EUR millions (IFRS) Q3 Q3 Q3 Q2 Q2 Q2 Q1 Q1 CIR 64.7% Q1 57.3%2 12.0 440 51.8% 51.9% 422 10.2 3.1 10
Slide 6: Agenda
Agenda 1 Highlights 2 Financials 3 Segment reporting / New business 4 Portfolio 5 Funding 6 Outlook 2016 Appendix Contact details Results Q2/H1 2016 (IFRS, pbb Group, unaudited), 12 August 2016 6
Slide 7: Income statement: Headwind on NII
Income statement Headwind on NII – but LLPs and GAE well below plan Net interest income NII – key drivers H1/16: EUR millions 2015: 426 229 NII influenced by continued low interest rate 197 195 environment and strong competition Some stabilisation after Q3/15 H1/15 H2/15 H1/16 Loan-loss provisions L
Slide 8: Income statement: Net interest income
Income statement Net interest income influenced by continued low interest rate environment and strong competition – in addition, Q2/H1 2015 benefited from higher prepayment fees/one-offs Income from lending business EUR millions Key drivers Q2/H1 2016 vs. 2015: Q2/15 H1/15 H2/15 Q2/16 H1/16 NII down
Slide 9: Loan-loss provisions remained on low level
Income statement Loan-loss provisions remained on low level Loan-loss provisions EUR millions Key drivers Q2/H1 2016 vs. 2015: Q2/15 H1/15 H2/15 Q2/16 H1/16 No new major single cases – LLPs well below plan Specific allowances -2 -7 -9 -2 -1 Additions -4 -12 -13 -3 -3 thereof: HETA - -6 - - - High po
Slide 10: Operating costs kept under control
Income statement Operating costs kept under control General and administrative expenses EUR millions Key drivers Q2/H1 2016 vs. 2015: Q2/15 H1/15 H2/15 Q2/16 H1/16 Strict cost discipline continued – costs further down y-o-y and well below plan General admin. expenses -50 -98 -109 -49 -94 − number of
Slide 11: Result from financial instruments
Income statement Result from financial instruments primarily driven by derivative valuation Result from financial instruments EUR millions Key drivers Q2/H1 2016 vs. 2015: Q2/15 H1/15 H2/15 Q2/16 H1/16 NTI down y-o-y, mainly driven by derivative Net trading income 2 7 8 -2 -7 valuation thereof: HETA
Slide 12: Result from other business activities
Income statement Result from other business activities mainly driven by bank levy booked in Q1 Result from other business activities EUR millions Key drivers Q2/H1 2016 vs. 2015: Q2/15 H1/15 H2/15 Q2/16 H1/16 Bank levy of EUR -21 mn (after EUR 4 mn cash collateral) recognised in Q1 vs. EUR -18 Net o
Slide 13: Capitalisation
Capitalisation Strong capital ratios provide cushion for regulatory uncertainties Basel III: RWA Basel III: Capital ratios (fully loaded)2,3,4 EUR billions (IFRS)1 % (IFRS) Mid-term in % 12/155 03/165,6 06/165,6 targets 13.4 13.3 13.0 CET 1 18.2 18.1 18.4 >12.5 Tier 1 18.2 18.1 18.4 >16 Own funds 19
Slide 14: Agenda
Agenda 1 Highlights 2 Financials 3 Segment reporting / New business 4 Portfolio 5 Funding 6 Outlook 2016 Appendix Contact details Results Q2/H1 2016 (IFRS, pbb Group, unaudited), 12 August 2016 14
Slide 15: Segment reporting: Real Estate Finance (REF)
Segment reporting: Real Estate Finance (REF) Unchanged conservative business approach – new commitments remain strong, but less extensions New business Extensions >1 year Income statement (IFRS, EUR mn) Q2/15 Q2/16 H1/15 H1/16 EUR billions (commitments, incl. extensions >1 yr) New commitments Operat
Slide 16: Side note: US market entry
Side note: US market entry US market entry provides business opportunities as a complement – cautious step-by-step entry envisaged with first transaction expected to be realised in H2/16 Capabilities: pbb with experience and knowledge in the US market Network of international clients also focusing o
Slide 17: Segment reporting: Public Investment Finance (PIF)
Segment reporting: Public Investment Finance (PIF) Portfolio stable despite low level of new business – prospects for H2/16 more positive New business Income statement (IFRS, EUR mn) Q2/15 Q2/16 H1/15 H1/16 EUR billions (commitments) Operating income 9 9 22 18 thereof: Net interest income 14 9 22 18
Slide 18: Segment reporting: Value Portfolio (VP)
Segment reporting: Value Portfolio (VP) Run-down of non-strategic Value Portfolio continued in line with strategy Value Portfolio RWA Income statement (IFRS, EUR mn) Q2/15 Q2/16 H1/15 H1/16 EUR billions (financing volumes) Operating income -14 8 -28 19 -15% thereof: Net interest income 19 8 47 22 -3
Slide 19: Agenda
Agenda 1 Highlights 2 Financials 3 Segment reporting / New business 4 Portfolio 5 Funding 6 Outlook 2016 Appendix Contact details Results Q2/H1 2016 (IFRS, pbb Group, unaudited), 12 August 2016 19
Slide 20: Portfolio: Strategic portfolio slightly up y-o-y
Portfolio Strategic portfolio slightly up y-o-y and stable q-o-q Total portfolio 06/15 12/15 03/16 06/16 EUR billions (Financing volumes) Strategic Non-strategic portfolios portfolios (run-down) 51.3 50.0 49.3 48.7 23.5 24.0 24.1 24.0 20.5 18.7 17.9 17.4 7.3 7.3 7.3 7.3 REF PIF VP Total PIF Key driv
Slide 21: Portfolio: Stable high portfolio quality
Portfolio Stable high portfolio quality Total portfolio: Internal ratings (EL classes) REF Portfolio: Avg. weighted LTVs EUR billions (EaD, Basel III)1 (Commitments)3 25.8 26.0 8.3 8.3 21.7 21.5 5.6 5.6 61.4 61.4 58% 56% 57% 8% 7% 0% 0% 1% 1% 0% 0% 4% 4% 92% 93% 100%100% 99% 99% 100%100% 96% 96% REF
Slide 22: Side note: UK Portfolio
Side note: UK Portfolio UK portfolio of high quality – downside risk from existing UK portfolio limited Total portfolio: Regions REF UK Portfolio: Property types 30/06/2016: EUR 61.4 bn (EaD, Basel III)1 30/06/2016: EUR 4.7 bn (EaD, Basel III) Finland <1% Hungary <1% Other Europe 3% Czech Republic 1
Slide 23: Sustained low share of problem loans
Portfolio Sustained low share of problem loans Total problem loans Workout1 Problem loan ratio Total portfolio (thereof: HETA) EUR millions (EaD, Basel III) Restructuring2 (thereof: HETA) % (EaD, Basel III) Real Estate Finance 44% 44% 43% Coverage ratio 2.1% 1.5% 1.6% -16% 1.3% 777 1.1% 640 653 1.0%
Slide 24: Agenda
Agenda 1 Highlights 2 Financials 3 Segment reporting / New business 4 Portfolio 5 Funding 6 Outlook 2016 Appendix Contact details Results Q2/H1 2016 (IFRS, pbb Group, unaudited), 12 August 2016 24
Slide 25: Funding: Strong funding activities
Funding Strong funding activities New long-term funding Retail deposits: Total volume Overnight deposits EUR billions1 EUR billions Term deposits H1/15 H1/16 3.4 3.1 Spread 10 12 83 22 34 127 2.6 0.8 10Y-term (Ø, bp)2 0.9 5Y-term 6% Call money 2.0 0.8 15% 25% Tenor 23.7 6.4 4.4 7.7 19 5.7 0.5 Ø 3.2
Slide 26: Wholesale funding spreads have converged
Funding Wholesale funding spreads have converged – pbb’ s senior unsecured spreads in secondary markets tightened relative to peers Spread development of selected Senior Unsecured Bonds bp vs. 6M Euribor 250 Moody’s rating downgrade1 200 150 100 50 0 01.01.15 01.03.15 01.05.15 01.07.15 01.09.15 01.1
Slide 27: Agenda
Agenda 1 Highlights 2 Financials 3 Segment reporting / New business 4 Portfolio 5 Funding 6 Outlook 2016 Appendix Contact details Results Q2/H1 2016 (IFRS, pbb Group, unaudited), 12 August 2016 27
Slide 28: Market environment and outlook
Market environment and outlook CRE/REF markets expected to stay reasonably intact despite high uncertainties after the Brexit referendum – however, overall headwinds expected to persist Markets European CRE € bn investment volume1 Strong competition and margin pressure, but fundamentals for CRE/REF
Slide 29: Outlook 2016
Outlook 2016 PBT target confirmed – headwind on NII, but LLPs and GAE well below plan Strategic portfolio stable – new business significantly lower than expected Net interest and commission income lower than expected, but loan-loss provisions and general administrative expenses also lower Pre-tax pr
Slide 30: Appendix
Appendix Results Q2/H1 2016 (IFRS, pbb Group, unaudited), 12 August 2016 30
Slide 31: Key figures pbb Group
Key figures pbb Group Income statement (EUR millions) 2013 2014 2014 2015 H1/16 (reported) (adjusted)1 Net interest income 319 421 421 426 195 Net fee and commission income 9 1 1 14 3 Net trading income -51 -30 -27 15 -7 Net income from financial investments 96 -77 32 -32 5 Net income from hedging r
Slide 32: Key figures pbb Group Q2/15 vs. Q2/16
Key figures pbb Group Q2/15 vs. Q2/16 Income statement (EUR millions) REF PIF VP C&A pbb Group Q2/15 Q2/16 Q2/15 Q2/16 Q2/15 Q2/16 Q2/15 Q2/16 Q2/15 Q2/16 Net interest income 83 75 14 9 19 8 - 1 116 93 Net fee and commission income 2 1 - - - - - - 2 1 Net trading income 1 -2 - - 1 - - - 2 -2 Net inc
Slide 33: Key figures pbb Group H1/15 vs. H1/16
Key figures pbb Group H1/15 vs. H1/16 Income statement (EUR millions) REF PIF VP C&A pbb Group H1/15 H1/16 H1/15 H1/16 H1/15 H1/16 H1/15 H1/16 H1/15 H1/16 Net interest income 158 152 22 18 47 22 2 3 229 195 Net fee and commission income 9 3 - - - - - - 9 3 Net trading income 3 -7 1 - 3 - - - 7 -7 Ne
Slide 34: Key figures Real Estate Finance (REF)
Key figures Real Estate Finance (REF) Income statement (EUR millions) 2013 2014 Q1/15 Q2/15 H1/15 Q3/15 Q4/15 2015 Q1/16 Q2/16 H1/16 Net interest income 258 294 75 83 158 68 82 308 77 75 152 Net fee and commission income 10 2 7 2 9 3 2 14 2 1 3 Net trading income -21 -13 2 1 3 4 7 14 -5 -2 -7 Net in
Slide 35: Key figures Public Investment Finance (PIF)
Key figures Public Investment Finance (PIF) Income statement (EUR millions) 2013 2014 Q1/15 Q2/15 H1/15 Q3/15 Q4/15 2015 Q1/16 Q2/16 H1/16 Net interest income 24 40 8 14 22 6 16 44 9 9 18 Net fee and commission income 1 - - - - - - - - - - Net trading income -6 -4 1 - 1 -1 - - - - - Net income from
Slide 36: Key figures Value Portfolio (VP)
Key figures Value Portfolio (VP) Income statement (EUR millions) 2013 2014 2014 Q1/15 Q2/15 H1/15 Q3/15 Q4/15 2015 Q1/16 Q2/16 H1/16 (reported) (adjusted)1 Net interest income 30 79 79 28 19 47 19 2 68 14 8 22 Net fee and commission income -1 -1 -1 - - - - - - - - - Net trading income -24 -13 -12 2
Slide 37: Balance sheet
Balance sheet Specialist lender with attractive German Pfandbrief as major funding instrument Balance sheet: 30/06/2016 (31/12/2015) IFRS, EUR billions 67.5 (66.8) 67.5 (66.8) Pos. FV of derivatives 6.9 (6.6) 6.9 (6.5) Neg. FV of derivatives 13.5 (13.3) Liabilities to other banks and customers 0.0 (
Slide 38: Portfolio: Total portfolio
Portfolio Total portfolio Regions 31/12/2015 / Total: EUR 61.4 bn EUR billions (EaD, Basel III)1 30/06/2016 / Total: EUR 61.4 bn 25.4 25.1 7.1 7.3 6.9 7.3 5.1 4.9 4.2 4.1 2.3 2.3 1.5 1.3 1.7 1.6 1.6 1.6 1.4 1.3 1.8 2.1 0.7 0.6 0.6 0.6 0.5 0.4 0.6 0.8 Germany2 France Austria UK Spain Italy Sweden Sup
Slide 39: Portfolio: Problem loans
Portfolio Problem loans Total problem loans VP (thereof: HETA) Regions EUR millions (EaD, Basel III) REF EUR million (EaD, Basel III) No. of individual 44 43 cases 41 -16% 777 777 640 653 117 640 653 241 84 France 117 124 Italy 243 244 241 74 88 CEE Spain 243 244 Nordics 536 397 409 335 Germany 206
Slide 40: Portfolio: Real Estate Finance (REF)
Portfolio Real Estate Finance (REF) Portfolio: Regions Portfolio: Property types 30/06/2016: EUR 26.0 bn (EaD, Basel III) 30/06/2016: EUR 26.0 bn (EaD, Basel III) Spain <1% Portugal <1% Finland <1% Italy <1% Hungary 1% Other Europe 4% Other 5% Austria 2% Mixed Use 4% Czech Republic 2% Hotel/Leisure
Slide 41: Portfolio: Real Estate Finance (REF)
Portfolio Real Estate Finance (REF) Regions 31/12/2015 / Total: EUR 25.8 bn EUR billions (EaD, Basel III) 30/06/2016 / Total: EUR 26.0 bn 12.2 12.4 5.0 4.7 3.2 3.3 1.4 1.3 1.3 1.4 0.6 0.6 0.3 0.5 0.4 0.3 0.3 0.2 0.3 0.2 0.8 1.1 <0.1 <0.1 <0.1 <0.1 0.0 0.0 Germany UK France Sweden Poland Czech Austri
Slide 42: Portfolio: Real Estate Finance (REF)
Portfolio Real Estate Finance (REF) Property types 31/12/2015 / Total: EUR 25.8 bn EUR billions (EaD, Basel III) 30/06/2016 / Total: EUR 26.0 bn 8.5 8.6 7.5 6.8 4.1 4.0 2.7 2.9 1.1 1.4 1.1 1.1 1.0 0.9 Office Retail/ Residential Warehouse/ Mixed use Hotel/ Other Shopping Logistics Leisure 31/12/2015
Slide 43: Portfolio: Real Estate Finance (REF)
Portfolio Real Estate Finance (REF) Loan types 31/12/2015 / Total: EUR 25.8 bn EUR billions (EaD, Basel III) 30/06/2016 / Total: EUR 26.0 bn 23.3 23.0 1.9 2.5 0.4 0.5 0.2 <0.1 Investment loans Development loans Customer derivatives Other 31/12/2015 30/06/2016 Customer derivatives 1% Other <1% Custom
Slide 44: Portfolio: Real Estate Finance (REF)
Portfolio Real Estate Finance (REF) Internal ratings (EL classes) 31/12/2015 / Total: EUR 25.8 bn EUR billions (EaD, Basel III) 30/06/2016 / Total: EUR 26.0 bn Investment grade1 Non-investment grade1 6.3 6.0 5.5 4.6 4.1 3.3 2.6 2.6 2.6 2.2 1.7 1.7 1.4 1.5 0.9 1.0 <0.1 0.6 0.8 0.50.5 <0.1 <0.1 <0.1 0
Slide 45: Portfolio: Public Investment Finance (PIF)
Portfolio Public Investment Finance (PIF) Portfolio: Regions Portfolio: Borrower classification1 30/06/2016: EUR 8.3 bn (EaD, Basel III) 30/06/2016: EUR 8.3 bn (EaD, Basel III) UK <1% Supra 1% Sweden <1% Corporation Finland 2% Other Europe 4% Sovereign Supra Austria 4% <1% 7% Public Sector Enterpris
Slide 46: Portfolio: Public Investment Finance (PIF)
Portfolio Public Investment Finance (PIF) Regions 31/12/2015 / Total: EUR 8.3 bn EUR billions (EaD, Basel III) 30/06/2016 / Total: EUR 8.3 bn 2.9 3.0 2.8 2.7 1.7 1.6 0.3 0.3 0.2 0.3 0.3 0.2 <0.1 <0.1 <0.1 <0.1 <0.1 <0.1 Germany France Spain Austria Finland UK Supra Sweden Other Europe 31/12/2015 30/
Slide 47: Portfolio: Public Investment Finance (PIF)
Portfolio Public Investment Finance (PIF) Borrower classification1 31/12/2015 / Total: EUR 8.3 bn EUR billions (EaD, Basel III) 30/06/2016 / Total: EUR 8.3 bn 3.5 3.4 1.5 1.6 1.5 1.4 0.8 0.9 0.6 0.6 0.4 0.3 <0.1 <0.1 Sovereign Sovereign (related) Regional Government Regional Public Sector Supra Corp
Slide 48: Portfolio: Public Investment Finance (PIF)
Portfolio Public Investment Finance (PIF) Internal ratings (EL classes) 31/12/2015 / Total: EUR 8.3 bn EUR billions (EaD, Basel III) 30/06/2016 / Total: EUR 8.3 bn Investment grade1 Non-investment grade1 4.64.6 2.02.1 0.80.7 <0.1 0.4 <0.1 0.3 0.20.2 0.0 <0.1 0.20.2 0.00.0 0.00.0 0.00.0 0.00.0 0.00.0
Slide 49: Portfolio: Value Portfolio (VP)
Portfolio Value Portfolio (VP) Portfolio: Regions Portfolio: Borrower classification2 30/06/2016: EUR 21.5 bn (EaD, Basel III)1 30/06/2016: EUR 21.5 bn (EaD, Basel III)1 Czech Republic <1% Finland <1% Poland 1% Other Europe 2% Hungary 1% Rest of World 2% Supra Corporation <1% France 3% Supra Financi
Slide 50: Portfolio: Value Portfolio (VP)
Portfolio Value Portfolio (VP) Regions 31/12/2015 / Total: EUR 21.7 bn EUR billions (EaD, Basel III)1 30/06/2016 / Total: EUR 21.5 bn 6.6 6.4 6.3 6.5 2.3 2.3 1.8 1.8 1.4 1.3 1.1 1.1 0.7 0.7 0.3 0.3 0.3 0.2 0.5 0.4 0.3 0.4 <0.1<0.1 <0.1 <0.1 Germany Austria Italy Spain Portugal Supra France Hungary P
Slide 51: Portfolio: Value Portfolio (VP)
Portfolio Value Portfolio (VP) Borrower classification1 31/12/2015 / Total: EUR 21.7 bn EUR billions (EaD, Basel III)2 30/06/2016 / Total: EUR 21.5 bn 8.1 8.4 6.0 5.9 2.4 2.4 1.6 1.5 1.6 1.5 0.8 1.1 1.1 0.7 <0.1 0.0 <0.1 <0.1 0.0 0.0 Sovereign Sovereign Regional Regional Public Sector Public Sector
Slide 52: Portfolio: Value Portfolio (VP)
Portfolio Value Portfolio (VP) Internal ratings (EL classes) 31/12/2015 / Total: EUR 21.7 bn EUR billions (EaD, Basel III)1 30/06/2016 / Total: EUR 21.5 bn Investment grade2 Non-investment grade2 15.1 15.4 3.4 3.4 0.7 0.2 1.1 1.1 0.8 0.7 <0.1 <0.1 0.4 0.3 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.2 0
Slide 53: Portfolio: Consolidation & Adjustments (C&A)
Portfolio Consolidation & Adjustments (C&A) Portfolio: Regions Portfolio: Borrower classification3 30/06/2016: EUR 5.6 bn (EaD, Basel III)1 31/06/2016: EUR 5.6 bn (EaD, Basel III)1 Rest of World 7% Corporation <1% Other Europe 6% UK Financial Institution 3% 25% Sovereign2 France 34% 6% Supra 7% 7% 8
Slide 54: Portfolio: Consolidation & Adjustments (C&A)
Portfolio Consolidation & Adjustments (C&A) Regions 31/12/2015 / Total: EUR 5.6 bn EUR billions (EaD, Basel III)1 30/06/2016 / Total: EUR 5.6 bn 3.8 3.6 0.4 0.6 0.3 0.4 0.3 0.3 0.3 0.3 0.4 0.1 0.2 <0.1 Germany2 Spain Supra France UK Other Europe Rest of World 31/12/2015 30/06/2016 Rest of World 5% R
Slide 55: Portfolio: Consolidation & Adjustments (C&A)
Portfolio Consolidation & Adjustments (C&A) Borrower classification1 31/12/2015 / Total: EUR 5.6 bn EUR billions (EaD, Basel III)2 30/06/2016 / Total: EUR 5.6 bn 1.9 1.9 1.6 1.4 1.3 0.9 0.6 0.4 0.4 0.4 0.2 0.2 0.0 <0.1 Sovereign3 Sovereign (related) Regional Government Public Sector Supra Financial
Slide 56: Portfolio: Consolidation & Adjustments (C&A)
Portfolio Consolidation & Adjustments (C&A) Internal ratings (EL classes) 31/12/2015 / Total: EUR 5.6 bn EUR billions (EaD, Basel III)1 30/06/2016 / Total: EUR 5.6 bn Investment grade3 Non-investment grade3 4.4 3.7 0.50.6 0.60.6 0.3 <0.1 0.4 <0.1 0.0 <0.1 0.00.0 0.00.0 0.00.0 0.00.0 0.00.0 0.00.0 0.
Slide 57: Funding: Public benchmark issuances since 2014
Funding Public benchmark issuances since 2014 Type WKN Launch Date Maturity Date Size Spread1 Coupon Issue/Reoffer Price Mortgage Pfandbrief A1X3LT 14/01/2014 21/01/2022 EUR 500 mn +17bp 1.875% 99.362% Mortgage Pfandbrief (2nd Tap) A1MLUW 13/02/2014 03/06/2019 EUR 50 mn +10bp 2.125% 104.988% Mortgag
Slide 58: Ratings: Mandated ratings
Ratings Mandated ratings as of 12 August 2016 S&P DBRS Moody’s Pfandbrief ratings Public Sector Pfandbrief Aa1 Mortgage Pfandbrief Aa1 Bank ratings Long-term BBB BBB Outlook/Trend Stable Stable Short-term A-2 R-2 (high) Stand-alone rating1 bbb- BBB Other Ratings Subordinated Debt BB BBB (low)2 Discl
Slide 59: Definition of borrower classifications
Definition of borrower classifications Borrower classification Definition Sovereign Direct and indirect obligations of Central Governments, Central Banks and National Debt Agencies Sovereign (related) Indirect obligations of Non Sovereigns with an explicit first call guarantee by a Sovereign Regiona
Slide 60: Contact details
Contact details Walter Allwicher Head of Communications +49 (0)89 2880 28787 walter.allwicher@pfandbriefbank.com Michael Heuber Head of Investor Relations / Rating Agency Relations +49 (0)89 2880 28778 michael.heuber@pfandbriefbank.com Website www.pfandbriefbank.com/investor-relations.html © Deutsch
Deutsche Pfandbriefbank — Q2 2016 Earnings Presentation on 6ix