Deutsche Pfandbriefbank, or PBB, a German lender focused on real estate, has set aside more money for bad debts as it braces for what it says is the worst decline in commercial property values in 15 years.
PBB increased its provisions for losses on loans in the fourth quarter of 2023, taking the total set aside for the year to as much as €215 million ($231.7 million), it said in a statement Wednesday, citing “persistent weakness of the real estate markets.”
Worth noting that Germany was one of the least affected countries of the banking crisis, by some estimates German banks even profited from it overall. There was of course the whole Euro crisis but even that wasn‘t much of a German banks problem.
So I‘m really not sure what they‘re actually saying here by making this comparison.