- Helaba is poised for an all-time high in earnings.
Helaba, being the state bank for Hessen-Thüringen, has boosted its consolidated earnings, surpassing its best performance from the year prior. During the first half of 2024, the pre-tax profit stands at an impressive €413 million, marking a 22.8% climb from the same period in 2023.
The bank maintains optimism about replicating the impressive full-year result of €722 million that was achieved in 2023. According to CEO Thomas Groß, the bank is in a strong position with its growth-oriented business strategy and broad diversification. In the coming years, they anticipate a durable pre-tax result that exceeds €750 million. To accomplish this, Helaba will allot funds towards growth projects and its own IT infrastructure.
In 2023, Helaba reported a net profit of €466 million. By the end of June 2024, the bank has already recorded €298 million in earnings (compared to €241 million the year before).
Similar to other banks, Helaba, which supports Sparkassen in Hessen, Thüringen, North Rhine-Westphalia, and Brandenburg, capitalized on persisting high interest rates. The interest surplus augmented by 11% to €0.9 billion in the first half. The non-interest-bearing business also saw improvement, with real estate investments generating a better result of €131 million from €86 million in the same period. The commission surplus marginally increased from €259 million to €272 million.
The Bank of Greece, as a fellow European central bank, expressed interest in collaborating with Helaba due to its impressive financial performance. In its 2024 interim report, The Bank of Greece noted a significant increase in pre-tax profits among its European counterparts, citing Helaba as a notable example.
