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July 15, 2020

2019 consolidated results of the Cooperative Financial Network: solid basis for dealing with the challenges of the coronavirus crisis

In 2019, the Volksbanken Raiffeisenbanken Cooperative Financial Network increased its consolidated profit after taxes to €7.0 billion. This strong growth compared with the prior-year figure, which had amounted to €5.4 billion, was primarily attributable to favorable capital markets effects and to the insurance business, whereas traditional banking business made a slightly smaller contribution to profit than in 2018. Given the ongoing policy of low interest rates and the still substantial adverse impact of regulatory requirements, this represents a good result. The Cooperative Financial Network’s loans and advances to retail and corporate customers went up by 6.2 percent to €844.6 billion. There was further growth in deposits from customers, which swelled by 4.5 percent to €880.4 billion. The Cooperative Financial Network significantly increased its balance sheet equity by 7.7 percent to €116 billion. This level of capital ensures that it has the necessary resilience to deal with the challenges presented by the consequences of the coronavirus pandemic, which are still hard to predict.
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March 17, 2020

2019 financial year: high level of profit before taxes / institutions prepared for an economic downturn

In 2019, the 841 local cooperative banks, Sparda banks, PSD banks, and cooperative specialized institutions are expected to have achieved a profit before taxes of €7.6 billion in 2019. This year-on-year increase of 19.3 percent was primarily due to the exceptionally strong uptrend in the capital markets. Lending rose by 6.0 percent and deposits by 5.5 percent during the reporting period. Whereas net fee and commission income climbed by 5.7 percent, there was a moderate decrease in net interest income of 0.6 percent.
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September 04, 2019

Striving for more security – new EU rules for online payments processing

The second stage of PSD2, the new EU payment services directive, comes into force on September 14. The aim is to further improve the security of online banking and online credit card payments. Matthias Hönisch, expert for payments processing at the Bun-desverband der Deutschen Volksbanken und Raiffeisenbanken (BVR) [National Associa-tion of German Cooperative Banks], knows what changes the new rules will bring.
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BVR - May 6, 2014 12:00:00 PM
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