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PRESS RELEASE: ProCredit Holding AG & Co. KGaA: The ProCredit group achieves strong results in the third quarter

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DGAP-News: ProCredit Holding AG & Co. KGaA / Key word(s): 9 Month figures/9
Month figures
ProCredit Holding AG & Co. KGaA: The ProCredit group achieves strong results
in the third quarter

2019-11-13 / 06:56
The issuer is solely responsible for the content of this announcement.

*The ProCredit group achieves strong results in the third quarter*

- *Consolidated result of EUR 44.0 million since the beginning of the year
(9M 2018: EUR 40.9 million) well in line with expectations*

*- Significantly improved result in the third quarter to EUR 21.1 million
(Q2 2019: EUR 12.2 million; Q1: EUR 10.7 million), among other factors
attributable to strong increase in net interest income *

*- Strong growth in customer deposits of EUR 348 million or 9.1% since the
beginning of the year (9M 2018: 2.8%)*

*- Continued solid growth in the gross loan portfolio of 8.3% or EUR 360
million since the beginning of the year*

*- Full-year forecast confirmed*

Frankfurt am Main, 13 November 2019 - The ProCredit group and its banks,
which are primarily active in South Eastern and Eastern Europe, showed very
positive business development in the third quarter of 2019. Relative to the
same period of the previous year, the consolidated result of the group
increased to EUR 44.0 million (9M 2018: EUR 40.9 million). Customer deposits
recorded strong growth of EUR 348 million or 9.1% to EUR 4.1 billion. Since
the beginning of the year, the gross loan portfolio has grown by 8.3% or EUR
360 million to EUR 4.7 billion.

The ProCredit group continues to benefit from its positioning as the
Hausbank for small and medium-sized enterprises (SMEs) and the
implementation of the digital ProCredit DIRECT strategy. The improvement in
earnings is primarily attributable to the increase in net interest income in
the third quarter by 7.8% to EUR 50.9 million (Q2 2019: 47.3 million). This
was driven both by continued portfolio growth and a slight increase in the
net interest margin compared with the previous quarters.

Customer deposits grew strongly over the past nine months by EUR 348
million. This is significantly higher than in the same period of the
previous year (9M 2018: EUR 99 million). Deposits from both private and
business customers increased in the third quarter. This positive development
reflects the successful implementation of the Hausbank concept and the
ProCredit DIRECT strategy.

The increase in net fee and commission income by EUR 1.6 million to EUR 38.9
million in the first nine months of the year (9M 2018: EUR 37.3 million) is
mainly due to the introduction of the direct banking offer.

Operating expenses for the first nine months of the year increased by EUR
3.1 million to EUR 126.1 million, particularly due to increased marketing
efforts for ProCredit DIRECT. Quarterly operating expenses of EUR 42.7
million remained essentially stable compared to the previous quarter (Q2
2019: EUR 42.3 million). A minor increase in staff costs was largely offset
by lower administrative expenses.

The result from discontinued operations of EUR -1.9 million for the first
nine months of 2019 primarily consists of the anticipated losses from the
sale of ProCredit Bank Colombia. As previously announced, ProCredit Holding
successfully completed the sale of this entity in October 2019. The
transaction is expected to have a further negative effect of approximately
EUR 5 million in the fourth quarter of 2019, mainly due to the
deconsolidation and related currency effects.

At 68.4%, the cost-income ratio for the first nine months of 2019 was below
the previous year's level (9M 2018: 69.2%) due to improvements in earnings.
At 14.3%, the fully loaded Tier 1 capital ratio as of 30 September 2019
remained at the comfortable level of year-end 2018.

The expansion of the "green" loan portfolio continues to be of high
strategic importance for the ProCredit group. The growth of green loans by
10.2% over the past nine months to EUR 746.6 million exceeded the growth of
the total loan portfolio. The green loan portfolio accounted for 15.9% of
the total loan portfolio as at 30 September 2019. This underscores the good
positioning of the ProCredit group as a partner for financing green and
sustainable investments in the SME sector.

The quality of the portfolio also improved after the first nine months of
2019 compared with the end of the previous year. At 2.7%, the share of
non-performing loans in the total loan portfolio was below the already good
level at the end of 2018 (31 December 2018: 3.1%). The risk coverage ratio
also improved, from 90.8% to 93.1% as of 30 September 2019.

The group confirms its forecast of 10-13% growth of the gross loan portfolio
for the year as a whole, assuming no significant volatility in the exchange
rates. It also reiterates its forecast of a cost-income ratio of below 70%
and a consolidated result of between EUR 48m and EUR 55m. It is expected
that the Common Equity Tier 1 capital ratio (CET1 fully loaded) will
continue to exceed 13%.
The ProCredit group's quarterly report as of 30 September 2019 will be
available in German and English on the ProCredit Holding website as of today
in the Investor Relations section at
s/financial-reports/ [1] .

*Contact: *
Andrea Kaufmann, Group Communications, ProCredit Holding, Tel.: +49 69 95 14
37 138,
E-mail: Andrea.Kaufmann@procredit-group.com

*About ProCredit Holding AG & Co. KGaA*
ProCredit Holding AG & Co. KGaA, based in Frankfurt am Main, Germany, is the
parent company of the development-oriented ProCredit group, which consists
of commercial banks for small and medium enterprises (SMEs). In addition to
its operational focus on South Eastern and Eastern Europe, the ProCredit
group is also active in South America and Germany. The company's shares are
traded on the Prime Standard segment of the Frankfurt Stock Exchange. The
anchor shareholders of ProCredit Holding AG & Co. KGaA include the strategic
investors Zeitinger Invest and ProCredit Staff Invest (the investment
vehicle for ProCredit staff), the Dutch DOEN Participaties BV, KfW
Development Bank and IFC (part of the World Bank Group). As the group's
superordinated company according to the German Banking Act, ProCredit
Holding AG & Co. KGaA is supervised on a consolidated level by the German
Federal Financial Supervisory Authority (Bundesanstalt für
Finanzdienstleistungsaufsicht, BaFin) and the German Bundesbank. Further
information is available on our website: www.procredit-holding.com.

*Forward-looking statements *
This press release contains statements which refer to our future business
operations and future financial performance parameters, as well as to future
events or developments relating to ProCredit Holding, and which could be
regarded as forward-looking statements. Such statements are based on present
expectations and certain assumptions on the part of the Management of
ProCredit Holding. They are therefore subject to numerous risks,
uncertainties and contingencies, many of which lie outside ProCredit
Holding's control. If one or several of these risks or uncertainties should
materialise, or if it should transpire that the underlying expectations are
not fulfilled or the assumptions were not correct, then the actual results,
performance and success of ProCredit Holding may differ in a materially
positive or negative manner from those results that were explicitly or
implicitly mentioned in the forward-looking statement. ProCredit Holding
does not undertake any obligation to update these forward-looking statements
or to correct them in the event of deviations from the expected development.

2019-11-13 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
Language: English
Company: ProCredit Holding AG & Co. KGaA
Rohmerplatz 33-37
60486 Frankfurt am Main
Phone: +49-69-951437-0
Fax: +49-69-951437-168
E-mail: pch.info@procredit-group.com
Internet: www.procredit-holding.com
ISIN: DE0006223407
WKN: 622340
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Dusseldorf, Stuttgart, Tradegate Exchange
EQS News ID: 911449

End of News DGAP News Service

911449 2019-11-13

1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=8a8931223e15381ec06b9b62e1797490&application_id=911449&site_id=vwd&application_name=news

(END) Dow Jones Newswires

November 13, 2019 00:56 ET ( 05:56 GMT)

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