“Our result, which is significantly higher than planned, impressively demonstrates the sustainable profitability and operational performance of Hamburg Commercial Bank. Moreover, it shows that a prudent approach on risk, diversification of our business activities, a keen awareness of costs and modern technical infrastructure form the right basis for long-term success. We also received tailwind from the upgrade of our issuer rating to A3 by the rating agency Moody’s in February 2023, which is positively impacting our refinancing costs”, said Ian Banwell, CEO of Hamburg Commercial Bank. “Based on the operating performance in the first quarter and our resilient capitalization, we are confident from today’s perspective that we will achieve our earnings target of over EUR 250 million after taxes for 2023. Also, in view of the current developments in the banking sector, HCOB considers itself well positioned with its liquidity coverage ratio noticeably above the average for European banks and liquid bonds valued at market prices.”

For more information, please refer to the full press release attached (PDF).