IBRO: German Postbank achieves record earnings as pension income dramatically increases - by Stephen McNamara

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German Postbank achieves record earnings as pension income dramatically increases - by Stephen McNamara

The banking arm of German postal group Deutsche Post has reported record earnings for 2005, backed by above expected customer recruitment and a significant rise in contributions to its pensions offering.

Postbank delivered pre-tax earnings of E719 million in 2005, an 11% increase on 2004. Meanwhile, thanks to an expanded customer base and steady costs, net income improved 13% to E492 million.