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LBBW H1 profit rises 6.4% YOY

Landesbank Baden-Württemberg posted first-half net consolidated profit attributable to shareholders of €219 million, up from €206 million a year earlier.

Net interest income for the period came in at €811 million, compared to €796 million a year earlier. Net fee and commission income rose year over year to €279 million from €262 million.

The German lender booked net gains on re-measurement and disposal of €144 million, up from the year-ago €135 million.

Administrative expenses narrowed year over year to €864 million from €878 million. Expenses for bank levy and deposit guarantee system rose on a yearly basis to €102 million from €89 million.

Return on equity stood at 5.0% in the first half, compared to 4.4% a year earlier, while cost-to-income ratio was 71.7% in the period, down from 75.4% a year ago.

The group's CRR/CRD IV fully loaded common equity Tier 1 capital ratio stood at 14.6% at June-end, compared to 15.1% at the end of 2018. Its total capital ratio was 21.5% as of June 30, unchanged from 2018-end.

For 2019, the bank said it expects to book a "mid-nine-figure" profit. It also expects the deteriorating economic environment to have a negative effect on the business throughout the rest of 2019.