‘The greatest real estate crisis since the financial crisis.’ German bank sets aside more money for bad loans ...Middle East

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By Hanna Ziady, CNN London (CNN) — Deutsche Pfandbriefbank, or PBB, a German lender focused on commercial real estate, has set aside more money for bad debts as it prepares for what it says is the worst decline in commercial property values in 15 years. PBB increased its provisions for last year by as much as €215 million ($231.7 million), it said in a statement Wednesday, citing “persistent weakness of the real estate markets.” “Despite these expenses, PBB remains profitable thanks to its financial strength — even in the greatest real estate crisis since the financial crisis,” it added. The bank expects to report a profit of €90 million ($97 million) for 2023. PBB is at least the s

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‘The greatest real estate crisis since the financial crisis.’ German bank sets aside more money for bad loans ...Middle East

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