Annual Financial Report 2025
Good performance in 2025 – clear growth in customer business
16.04.2026
Deutsche Apotheker- und Ärztebank (apoBank) closed financial 2025 with a positive performance overall. Net profit after tax rose to €99.8 million (2024: €96.0 million). The Supervisory Board and the Board of Directors will thus once again propose a dividend pay-out of 6% at the Annual General Meeting. The operating result, i.e. profit before risk provisioning, amounted to €413.3 million (2024: €408.2 million), remaining at a high level for the third year in a row.
Matthias Schellenberg, Chair of the Board of Directors: “2025 was a strong year for apoBank. We brought an important chapter to a close with the successful completion of our Agenda 2025 strategy programme. And the results show: Our transformation is bearing fruit. A dynamic new lending business, a strongly expanded wealth management business, and a net interest and commission income at record levels. This gives us tailwind for our new programme Primus 2028 and our ambition to become the number one for all healthcare professionals.”
The new lending business in real estate financing was very lively. New loans rose by 40%. The lending portfolio reached €8.8 billion (2024: €8.5 billion), up around 20% in the area of new loans to finance practices and pharmacies. apoBank’s market position here remains strong.
The Bank was very successful in the asset advisory services business with retail clients. Newly acquired funds more than doubled to €1.3 billion. This means that the Bank manages €9.4 billion (2024: €7.7 billion) in the mandated business. The deposit volume reached a total of €16.0 billion (2024: €13.5 billion), up 18.5%.
The increased appeal of the Bank is also reflected in its customer and member base. The number of customers rose by just under 8,000 to 513,665; this included 111,591 members. The number of members thus also grew – bucking the market trend.
- Agenda 2025: Successfully completed – transformation is bearing fruit
- Strong new lending business
- New funds in asset management more than doubled
- 6% dividend proposed
- Primus 2028 strategy programme launched
Deutsche Apotheker- und Ärztebank (apoBank) closed financial 2025 with a positive performance overall. Net profit after tax rose to €99.8 million (2024: €96.0 million). The Supervisory Board and the Board of Directors will thus once again propose a dividend pay-out of 6% at the Annual General Meeting. The operating result, i.e. profit before risk provisioning, amounted to €413.3 million (2024: €408.2 million), remaining at a high level for the third year in a row.
Matthias Schellenberg, Chair of the Board of Directors: “2025 was a strong year for apoBank. We brought an important chapter to a close with the successful completion of our Agenda 2025 strategy programme. And the results show: Our transformation is bearing fruit. A dynamic new lending business, a strongly expanded wealth management business, and a net interest and commission income at record levels. This gives us tailwind for our new programme Primus 2028 and our ambition to become the number one for all healthcare professionals.”
The new lending business in real estate financing was very lively. New loans rose by 40%. The lending portfolio reached €8.8 billion (2024: €8.5 billion), up around 20% in the area of new loans to finance practices and pharmacies. apoBank’s market position here remains strong.
The Bank was very successful in the asset advisory services business with retail clients. Newly acquired funds more than doubled to €1.3 billion. This means that the Bank manages €9.4 billion (2024: €7.7 billion) in the mandated business. The deposit volume reached a total of €16.0 billion (2024: €13.5 billion), up 18.5%.
The increased appeal of the Bank is also reflected in its customer and member base. The number of customers rose by just under 8,000 to 513,665; this included 111,591 members. The number of members thus also grew – bucking the market trend.
Financial outlook for 2026
Given the volatile markets and increasing geopolitical uncertainties, predictions are becoming ever more difficult, even though apoBank is likely to be only indirectly affected by these trends due to the special nature of its business model.
Dr. Christian Wiermann, Director of Finance and Controlling: “We aim to maintain our good operating level and at the same time consistently invest in our customer business. We expect stable earnings in 2026 – and a reliable dividend for our members. However, after a very positive start to the year, we have every reason to believe that things could turn out better than planned.”
Dr. Christian Wiermann, Director of Finance and Controlling: “We aim to maintain our good operating level and at the same time consistently invest in our customer business. We expect stable earnings in 2026 – and a reliable dividend for our members. However, after a very positive start to the year, we have every reason to believe that things could turn out better than planned.”
New Primus 2028 strategy programme launched
With its new Primus 2028 strategy programme, apoBank is focussing even more strongly on salaried health care professionals. At the same time, it is further honing its offerings for self-employed health care professionals. The goal is to further expand the Bank’s position on the health care market in the next three years and to establish itself as the number one for all health care professionals – i.e. self-employed and increasingly also salaried professionals and students – in the long term.
In numbers, the programme aims to achieve:
Matthias Schellenberg: “We plan to continue to grow and attract even more health care professionals to apoBank – by means of excellent products, intuitive digital offerings and our health market expertise.”
To make this growth happen, apoBank is strengthening its sales channels. For example, it is setting up a private banking advisory centre this year, which will be an additional, central sales channel designed to provide digital and personal consultations to salaried health care professionals. apoBank has also started to expand its support for students in the health care professions in order to attract customers early on.
In numbers, the programme aims to achieve:
- over 50% market share in practice and pharmacy start-ups in Germany,
- €20 billion deposit volume in the assets business and
- 10,000 new customers among salaried and future health care professionals per year.
Matthias Schellenberg: “We plan to continue to grow and attract even more health care professionals to apoBank – by means of excellent products, intuitive digital offerings and our health market expertise.”
To make this growth happen, apoBank is strengthening its sales channels. For example, it is setting up a private banking advisory centre this year, which will be an additional, central sales channel designed to provide digital and personal consultations to salaried health care professionals. apoBank has also started to expand its support for students in the health care professions in order to attract customers early on.
The results of fiscal 2025 in detail
Net interest income was at €977.1 million (2024: €972.0 million). Strong business in new loans, which reached €6.0 billion (2024: €5.0 billion), offset the negative effects in the deposit business that resulted from falling interest rates.
Net commission income rose noticeably to €197.7 million (2024: €177.2 million). The main drivers here were revenues from the securities business with customers and higher brokerage commissions.
General administrative expenses rose to €783.6 million (2024: €731.1 million) in the year under review. Personnel expenses were impacted by higher wages and salaries, as well as higher statutory levies and allocations to provisions for company pensions. Operating expenditure including depreciation was affected by investments in projects and expenditure on services.
The cost-income ratio was on the same level as in the previous year, at 66.3% (2024: 66.5%). The Bank thus once again achieved its targeted cost-income ratio of under 70%.
The operating result, i.e. profit before risk provisioning, reached €413.3 million (2024: €408.2 million). We markedly exceeded the planned amount here, primarily due to the positive earnings trend.
Risk provisioning for the operating business was at -€78.6 million (2024: -€61.4 million). One reason for the rise was higher net allocations to loan loss provisions, especially in the corporate clients business.
Risk provisioning with reserve character almost tripled to -€98.8 million (2024: -€35.0 million). The Bank thus markedly strengthened its reserves again this year.
After a special effect in 2024, the operating result decreased to €235.9 million (2024: €311.7 million). Net profit after tax amounted to €99.8 million (2024: €96.0 million).
In the year under review, the balance sheet total was again stable at €52.4 billion (2024: €51.8 billion). Loans to customers were stable at €35.0 billion. Customer deposits increased to €33.2 billion, up over 9% compared to 2024. Regulatory capital ratios rose; the common equity tier 1 capital ratio climbed to 20.9% (2024: 17.1%), the total capital ratio to 22.7% (2024: 18.3%).
Net commission income rose noticeably to €197.7 million (2024: €177.2 million). The main drivers here were revenues from the securities business with customers and higher brokerage commissions.
General administrative expenses rose to €783.6 million (2024: €731.1 million) in the year under review. Personnel expenses were impacted by higher wages and salaries, as well as higher statutory levies and allocations to provisions for company pensions. Operating expenditure including depreciation was affected by investments in projects and expenditure on services.
The cost-income ratio was on the same level as in the previous year, at 66.3% (2024: 66.5%). The Bank thus once again achieved its targeted cost-income ratio of under 70%.
The operating result, i.e. profit before risk provisioning, reached €413.3 million (2024: €408.2 million). We markedly exceeded the planned amount here, primarily due to the positive earnings trend.
Risk provisioning for the operating business was at -€78.6 million (2024: -€61.4 million). One reason for the rise was higher net allocations to loan loss provisions, especially in the corporate clients business.
Risk provisioning with reserve character almost tripled to -€98.8 million (2024: -€35.0 million). The Bank thus markedly strengthened its reserves again this year.
After a special effect in 2024, the operating result decreased to €235.9 million (2024: €311.7 million). Net profit after tax amounted to €99.8 million (2024: €96.0 million).
In the year under review, the balance sheet total was again stable at €52.4 billion (2024: €51.8 billion). Loans to customers were stable at €35.0 billion. Customer deposits increased to €33.2 billion, up over 9% compared to 2024. Regulatory capital ratios rose; the common equity tier 1 capital ratio climbed to 20.9% (2024: 17.1%), the total capital ratio to 22.7% (2024: 18.3%).
apoBank’s key data
| € millions | 2025 | 2024 | Change%1 |
|---|---|---|---|
| Net interest income | 977.1 | 972.0 | 0.5 |
| Net commission income | 197.7 | 177.2 | 11.6 |
| General administrative expenses | -783.6 | -731.1 | 7.2 |
| Balance of other operating income/expenses | 22.1 | -9.9 | >100 |
| Operating profit before risk provisioning | 413.3 | 408.2 | 1.3 |
| Risk provisioning from the operating business | -78.6 | -61.4 | 27.9 |
| Risk provisioning with reserve character | -98.8 | -35.0 | >100 |
| Operating result | 235.9 | 311.7 | -24.3 |
| Taxes | -136.1 | -215.7 | -36.9 |
| Net profit after tax | 99.8 | 96.0 | 4.0 |
| in % | 2025 | 2024 | %-points |
|---|---|---|---|
| Equity ratio | 22.7 | 18.3 | 4.3 |
| Core capital ratio | 20.9 | 17.1 | 3.9 |
| € millions | 2025 | 2024 | Change in %1 |
|---|---|---|---|
| Balance sheet total | 52,438 | 51,812 | 1.2 |
| Customer loans | 35,035 | 34,743 | 0.8 |
| Customer deposits | 33,151 | 30,279 | 9.5 |
| 2025 | 2024 | Change in %1 | |
|---|---|---|---|
| Employees | 2,359 | 2,341 | 0.8 |
| Customers | 513,665 | 505,947 | 1.5 |
| Members | 111,591 | 111,472 | 0.1 |
The annual financial report 2025 is available on the financial reports overview.