Despite the turbulence on the capital markets in 2007, Deutsche Postbank International S.A. (PBI) in Luxembourg once again succeeded in generating excellent earnings.  Profit before taxes grew by 1.7% to €72.7 million in comparison with the previous year. The bank also boosted its core business areas.

According to Deutsche Postbank , interest income grew year-on-year by 29.5% to €74.2 million. Net fee and commission income rose by 29.2% to €14.6 million. Effects from the turbulence on the capital markets on the income statement were only slight. These effects led to a decline in Financial and other income of – €4.0 million. This figure amounted to €7.3 million in the previous year.

Provisions for losses on loans fell by 30.9% to €4.7 million. This is particularly good news due to the fact that the loan portfolio grew significantly in the same period. Administrative expenses amounted to €22.3 million compared to €18.3 million in the previous year. This increase is chiefly due to an expansion in personnel necessary for the growing business in personal financial advice and in products for hedging interest and currency risks. At year-end, PBI had 162 employees. At the end of 2006, this figure had been 143 employees.