Deutsche Pfandbriefbank AG
XETRA:PBB
Deutsche Pfandbriefbank AG
Deutsche Pfandbriefbank AG engages in the provision of commercial banking services. The company is headquartered in Garching Bei Muenchen, Bayern and currently employs 784 full-time employees. The company went IPO on 2015-07-16. The firm is engaged in three core business areas: Public Sector Finance, Real Estate Finance and Debt Instruments. Public Sector Finance includes the financing of public sector investments in the fields of infrastructure, municipal and residential construction, utilities and healthcare. In addition, it provides investment lending and debt management. Real Estate Finance includes real estate investment funding and financing instruments, such as financing investment projects, portfolio financing, standby facilities and derivatives. Debt Instruments includes fixed income bonds involving issuing mortgage and public sector debentures. The firm is active in Europe, notably in France, the United Kingdom, Benelux countries, Nordic countries, Switzerland, Spain, Hungary, and the Czech Republic. The firm is a part of the HRE Group, which is wholly owned by the German government.
Deutsche Pfandbriefbank AG engages in the provision of commercial banking services. The company is headquartered in Garching Bei Muenchen, Bayern and currently employs 784 full-time employees. The company went IPO on 2015-07-16. The firm is engaged in three core business areas: Public Sector Finance, Real Estate Finance and Debt Instruments. Public Sector Finance includes the financing of public sector investments in the fields of infrastructure, municipal and residential construction, utilities and healthcare. In addition, it provides investment lending and debt management. Real Estate Finance includes real estate investment funding and financing instruments, such as financing investment projects, portfolio financing, standby facilities and derivatives. Debt Instruments includes fixed income bonds involving issuing mortgage and public sector debentures. The firm is active in Europe, notably in France, the United Kingdom, Benelux countries, Nordic countries, Switzerland, Spain, Hungary, and the Czech Republic. The firm is a part of the HRE Group, which is wholly owned by the German government.
One-off Loss: PBB reported a pretax loss of EUR 249 million in H1 2025, mainly due to a EUR 340 million one-off charge from its U.S. market exit.
Underlying Profit: Excluding the U.S. exit impact, underlying pretax profit was EUR 65 million for H1, indicating stable operating performance.
Strategic Acquisition: PBB signed to acquire a majority stake in Deutsche Investment Group, adding EUR 3 billion in assets under management and boosting fee income growth.
Capital Position: CET1 ratio remains solid at 15.3% after absorbing the U.S. exit charges; target of at least 14% reaffirmed.
New Business Growth: European real estate new business volume rose over 50% YoY to EUR 2.5–2.6 billion in H1.
Margin Update: Gross interest margin held steady at 240 bps in Q2; management expects this is likely the peak.
Guidance: The bank expects a significant positive pretax result in H2 2025 but full-year results will remain negative due to the one-off U.S. exit loss.
Transformation: The U.S. exit and German investment group acquisition are described as major milestones in PBB’s shift to a pan-European, fee-driven model.
