German-Irish bank Depfa, a provider of financial services to public sector clients, failed to meet its 2005 profit targets, the publication of its preliminary full-year results showed today.
Depfa, headquartered in Dublin but listed on the Frankfurt stock exchange, said in a statement that net profit amounted to €475m last year. That represented a decline of 11% from the year-earlier figure of €534m and also fell short of the bank's 2005 target of €500m.
Among the different earnings components, net interest income edged up by 1.2% to €422m and net fee and commission income was up 5.3% at €20m.
The bank booked a loss of €115ms on its trading activities, compared with a 2004 profit of €41m.
