Deutsche Pfandbriefbank has cut its administrative costs by 20% year-on-year to €150m (£105m), according to the company’s first quarterly results since floating in July.
The cuts helped the company post a 30% rise in profit over the first nine months of 2015 as it created €8.9bn (£6.24bn) of new business.
Profit rose to €165m boosted by a €53m quarterly profit for the third quarter to the end of September and the cutting of €38m of costs in the business over the course of the year.
Underlying fee and interest income was up 11% year-on-year for the nine months to €336m but early repayments and refinancings in the third quarter pushed down income by 9% to €98m, compared with the same period in 2014.
New loans also captured a number of extensions on existing loans as well as totally new business but interest income was hit by early repayments and refinancings.
In total, the company had €67.1bn of assets by the end of September.
The company now expects the end of year profits to be above the forecast €174m.
