Pbb Deutsche Pfandbriefbank increased its real estate finance portfolio by 8% to €23.5bn in the first three months of 2015 compared to the end of last year.
Commercial real estate finance accounted for €2.7bn of its total new business of €2.8bn, according to the German bank’s Q1 2015 results.
Almost half of new business, 46%, originated in Germany, followed by the Nordic countries, 19%, the United Kingdom, 14%, and Spain, 10%.
The average loan-to-value ratio for new commitments improved to 61% from 64% for the full year 2014.
The bank recorded an increase in pre-tax profit to €51m, up from €38m for the same period last year.