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.
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.
