Research Detail
| 2024/05/28 / Erste Group Research |
Sparkasse Hannover With total assets of EUR 20bn (as at 31 December 2023), Sparkasse Hannover is one of the ten largest savings banks in Germany. The bank has around 1900 employees and serves over 600,000 customers in the Hanover region. Sparkasse Hannover prepares its accounts in accordance with the German Commercial Code (HGB) and reports a result from normal business activities of EUR 15.3mn for the 2022 financial year. This is a decrease of 73% compared to the previous year. The main reason for this is the increase in risk provisions to EUR -73.7mn (2021: EUR -2.8mn). Core earnings increased significantly, however. In the 2023 financial year, Sparkasse Hannover's total assets increased by 2.6% to EUR 20.5bn (figures for 2023 subject to approval by the Board of Directors). The positive trend in core earnings continued. Sparkasse Hannover issues mortgage and public sector Pfandbriefe. Both types of Pfandbriefe are rated 'AAA' by Fitch. Public sectore and mortgage cover assets originate 100% each from Germany. The bank plans to regularly issue public and mortgage Pfandbriefe in benchmark format (EUR 500mn issue size). |
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General information
| Author | Erste Group Research |
| Date | 2024/05/28 |
| Language |  |
| Product name | Credit News |
| Topic in focus | Credits/ Corporate bonds |
| Economy in focus | Austria, Germany |
| Currency in focus | Euro |
| Sector in focus | - |
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