Depfa Bank said today that net profit rose 46 per cent to €540 million in 2004, including realised reserves.
In a statement, the bank, a lender to governments, said: "Net operating profit amounted to €490 million, an increase of 32 per cent, which means that Depfa has once again comfortably beaten its profit target of €450 million, which had already been revised significantly upwards."
A further net €50 million arose from realising reserves in the loan portfolio of Depfa Deutsche Pfandbriefbank, it said.