Aareal Bank reported consolidated net income of €48 million ($52 million) for the full year, lower than the €153 million posted in the previous year, the German firm said on Thursday.
Consolidated operating profit was €149 million, down from €239 million a year ago.
But Aareal Bank increased net interest income by 39% to €978 million from €702 million in the previous year.
Risk provisions for the year increased to €441 million from €192 million last year, particularly due to substantial risk provisions booked for US office property financings and the active management of legacy non-performing loans.
