Germany's DZ Bank posts record 2013 profit
FRANKFURT, March 5
FRANKFURT, March 5 (Reuters) - German cooperative lender DZ Bank posted a 69 percent rise in pretax profit to 2.2 billion euros ($3 billion)in 2013, its best result ever, and said plans for a capital increase were on track.
Unlisted DZ, which provides wholesale, clearing and product services to around 900 cooperative banks, said it expected to meet any additional capital requirements imposed by the European Central Bank, which takes over supervision of Europe's big banks, including DZ Bank, in November.
DZ aims to raise 1.5 billion euros from its cooperative bank owners this year to meet increasing regulatory capital demands.
DZ Bank and its cooperative banking network compete with the likes of Deutsche Bank and Commerzbank for commercial and retail clients.
The bank said business had started well in the first two months of the year but it would be unlikely to match its 2013 performance this year due to one-off revaluation gains that boosted 2013 results.