Dublin-based German bank Depfa today reported net profit of €98 million in the fourth quarter.
The quarterly net profit was down more than a third from a year ago when profit was boosted by asset sales. The bank was expected to report a net profit of €125 million in the fourth quarter.
Depfa said its goal of achieving net profit of €600 million this year was still reachable but would require a very good result in its trading of securities.
Depfa switched to the IFRS accounting standard from US GAAP with the presentation of its latest results.
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For 2005, Depfa reported net profit of €475 million, compared with €534 million in 2004, a decline of 11 per cent.
The bank said it planned to raise its dividend to 25 cent for 2005 from 17 cent for 2004.