Interim Report 2025
apoBank shows very strong sales performance
27.08.2025
Deutsche Apotheker- und Ärztebank (apoBank) completed the first six months of 2025 with a net profit of €49.5 million (30 June 2024: €47.8 million). Profit before risk provisioning reached €210.6 million (30 June 2024: €262.6 million), which was below the previous year’s figure, as planned. The Bank once again boosted its reserves. For the year as a whole, it expects that its members will once again be able to share in its business success in the form of an attractive dividend.
apoBank saw very dynamic development in its sales performance during the reporting period, thus making good progress on its vision of expanding its strong market position even further. New lending business jumped by almost €1 billion to more than €3.0 billion, driven by loans for health care start-ups and real estate. The loan portfolio for financing of practices and pharmacies rose to €8.9 billion (31 December 2024: €8.5 billion). The real estate loan portfolio amounted to €16.7 billion (31 December 2024: €16.6 billion).
The strategy of focusing primarily on the mandated securities business with retail clients is paying off. The Bank acquired almost €1 billion in new funds for asset management, taking the total under management in this area from €7.7 billion to €8.5 billion. The deposit volume increased to €14.4 billion (31 December 2024: €13.5 billion).
The number of customers grew to just under 510,000, and the inflow of new members continued at a high level. In the first six months of the year, the Bank gained more than 1,400 new members. By the end of the year, the total member portfolio will also increase, defying the market trend among cooperative banks.
Matthias Schellenberg, Chair of the Board of Directors of apoBank, comments: "We are happy with our interim result. Our asset management business is booming, and we are growing in the area of start-ups. We are in demand and our Agenda 2025 is continuing to bear fruit. We have gradually expanded our leading position as a health care bank over the past two and a half years, and have established a sound foundation for further growth."
- New lending business up 40 %
- Almost €1 billion in new funds from securities business with customers
- Outlook: Attractive dividend pay-out possible for 2025
Deutsche Apotheker- und Ärztebank (apoBank) completed the first six months of 2025 with a net profit of €49.5 million (30 June 2024: €47.8 million). Profit before risk provisioning reached €210.6 million (30 June 2024: €262.6 million), which was below the previous year’s figure, as planned. The Bank once again boosted its reserves. For the year as a whole, it expects that its members will once again be able to share in its business success in the form of an attractive dividend.
apoBank saw very dynamic development in its sales performance during the reporting period, thus making good progress on its vision of expanding its strong market position even further. New lending business jumped by almost €1 billion to more than €3.0 billion, driven by loans for health care start-ups and real estate. The loan portfolio for financing of practices and pharmacies rose to €8.9 billion (31 December 2024: €8.5 billion). The real estate loan portfolio amounted to €16.7 billion (31 December 2024: €16.6 billion).
The strategy of focusing primarily on the mandated securities business with retail clients is paying off. The Bank acquired almost €1 billion in new funds for asset management, taking the total under management in this area from €7.7 billion to €8.5 billion. The deposit volume increased to €14.4 billion (31 December 2024: €13.5 billion).
The number of customers grew to just under 510,000, and the inflow of new members continued at a high level. In the first six months of the year, the Bank gained more than 1,400 new members. By the end of the year, the total member portfolio will also increase, defying the market trend among cooperative banks.
Matthias Schellenberg, Chair of the Board of Directors of apoBank, comments: "We are happy with our interim result. Our asset management business is booming, and we are growing in the area of start-ups. We are in demand and our Agenda 2025 is continuing to bear fruit. We have gradually expanded our leading position as a health care bank over the past two and a half years, and have established a sound foundation for further growth."
Outlook for 2025 as a whole
The three-year Agenda 2025 strategy is on the home straight, and will be brought to a successful conclusion by the end of the year. A follow-up programme called Primus 2028 is already in preparation. Building on the successes of Agenda 2025, this will involve further expanding our leading market position among self-employed health care professionals and placing a stronger emphasis on the growing customer base represented by salaried professionals in this field.
For the second half of 2025, apoBank is looking forward to a continued pleasing trend in its earnings situation, even if the operating profit will fall below the level of 2024 as the tailwind provided by higher interest rates subsides. Lively new lending business as well as the commission business should partly compensate for the loss of income from the deposit business due to interest rate changes.
CFO Dr Christian Wiermann observes: "Operationally, we are strong. This is reflected in dynamic lending and a strong securities business with our customers. At the same time, we are investing in further growth. That we are well positioned is also evident from our very good performance in the ECB stress test, where we were one of the best-performing banks in Germany. In the simulated crisis situation, our "fully-phased-in" common equity tier 1 capital ratio declined by just 270 basis points to 11,0%."
For the second half of 2025, apoBank is looking forward to a continued pleasing trend in its earnings situation, even if the operating profit will fall below the level of 2024 as the tailwind provided by higher interest rates subsides. Lively new lending business as well as the commission business should partly compensate for the loss of income from the deposit business due to interest rate changes.
CFO Dr Christian Wiermann observes: "Operationally, we are strong. This is reflected in dynamic lending and a strong securities business with our customers. At the same time, we are investing in further growth. That we are well positioned is also evident from our very good performance in the ECB stress test, where we were one of the best-performing banks in Germany. In the simulated crisis situation, our "fully-phased-in" common equity tier 1 capital ratio declined by just 270 basis points to 11,0%."
The results for the first six month of 2025 in detail
Net interest income amounted to €495.9 million (30 June 2024: €495.2 million). Strong new lending business, which rose from €2.1 billion to €3.0 billion, and actions in strategic banking book management, for example, offset negative effects from the fall in interest rates.
There was a slight increase in net commission income, which rose to €95.9 million (30 June 2024: €91.3 million). There was clear growth in revenues from the securities business with customers as the trend in asset management and pension products developed positively. This contrasted with higher expenditure for brokered loans in line with the strong new lending business.
Administrative expenses rose to €384.7 million (30 June 2024: €346.8 million). This included increases in both personnel expenses and operating expenditure including depreciation, and was attributable mainly to rising wages and salaries, as well as expenditure on projects and services resulting from investments in the Bank. At 65.4%, the cost-income ratio remained under the upper limit of 70% as defined by the Bank (first six months of 2024: 58.4%).
On balance, operating income, i.e. profit before risk provisioning, fell to €210.9 million (30 June 2024: €262.6 million). The Bank had budgeted for an even greater decrease.
Risk provisioning for the operating business rose to -€57.8 million (30 June 2024: -€30.3 million). The background here was an increase in net allocations to loan loss provisions in the corporate clients portfolio. Risk provisioning with reserve character amounted to -€36.2 million (30 June 2024: -€87.1 million), and was thus lower year on year, but higher than planned.
Lastly, the operating result amounted to €116.5 million (30 June 2024: €145.3 million). Net profit after tax was €49.5 million (30 June 2024: €47.8 million).
The balance sheet total at mid-year was stable at €51.4 billion (31 December 2024: €51.8 billion). The common equity tier 1 capital ratio climbed to 21.0% (31 December 2024: 17.1%), and the total capital ratio was 22.6% (31 December 2024: 18.3%).
There was a slight increase in net commission income, which rose to €95.9 million (30 June 2024: €91.3 million). There was clear growth in revenues from the securities business with customers as the trend in asset management and pension products developed positively. This contrasted with higher expenditure for brokered loans in line with the strong new lending business.
Administrative expenses rose to €384.7 million (30 June 2024: €346.8 million). This included increases in both personnel expenses and operating expenditure including depreciation, and was attributable mainly to rising wages and salaries, as well as expenditure on projects and services resulting from investments in the Bank. At 65.4%, the cost-income ratio remained under the upper limit of 70% as defined by the Bank (first six months of 2024: 58.4%).
On balance, operating income, i.e. profit before risk provisioning, fell to €210.9 million (30 June 2024: €262.6 million). The Bank had budgeted for an even greater decrease.
Risk provisioning for the operating business rose to -€57.8 million (30 June 2024: -€30.3 million). The background here was an increase in net allocations to loan loss provisions in the corporate clients portfolio. Risk provisioning with reserve character amounted to -€36.2 million (30 June 2024: -€87.1 million), and was thus lower year on year, but higher than planned.
Lastly, the operating result amounted to €116.5 million (30 June 2024: €145.3 million). Net profit after tax was €49.5 million (30 June 2024: €47.8 million).
The balance sheet total at mid-year was stable at €51.4 billion (31 December 2024: €51.8 billion). The common equity tier 1 capital ratio climbed to 21.0% (31 December 2024: 17.1%), and the total capital ratio was 22.6% (31 December 2024: 18.3%).
apoBank’s key data
| € millions | 1.1. - 30.06.2025 | 1.1. - 30.06.2024 | Change %1 |
|---|---|---|---|
| Net interest income | 495.9 | 495.2 | 0.1 |
| Net commission income | 95.9 | 91.3 | 5.0 |
| General administrative expenses | -384.7 | -346.8 | 10.9 |
| Balance of other operating income/expenses | 3.5 | 22.9 | -84.6 |
| Operating profit before risk provisioning | 210.6 | 262.6 | -19.8 |
| Risk provisioning from the operating business | -57.8 | -30.3 | 91.0 |
| Risk provisioning with reserve character | -36.2 | -87.1 | -58.4 |
| Operating result | 116.5 | 145.3 | -19.8 |
| Net profit after tax | 49.5 | 47.8 | 3.7 |
| 30.06.2025 | 31.12.2024 | Change1 | |
|---|---|---|---|
| Equity ratio, % | 22.6 | 18.3 | 4.3%-pts. |
| Common equity tier 1 ratio, % | 21.0 | 17.1 | 3.9%-pts. |
| Liquidity Coverage Ratio, % | 162.4 | 262.6 | -100.2%-pts. |
| Balance sheet total, € billion | 51.4 | 51.8 | -0.8% |
| Customers | 509,865 | 505,947 | 0.8% |
| Members | 110,658 | 111,472 | -0.7% |
1) Rounding differences
The interim report is available on the financial reports overview.
