Financial PerformanceExpect adjusted profit before tax and litigation of €1.8bn, down 14% YoY on 2% lower revenues and 2% higher costs, with earnings lower across the banking businesses.
Litigation CostsA strong rise in total costs by approximately 17% is anticipated, mainly driven by litigation costs for the Postbank issue.
Profitability And YieldProfitability and yield are low relative to peers and capital stretched which the market does not fully discount relative to the European Bank sector.