London CNN —
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.”
“Despite these expenses, PBB remains profitable thanks to its financial strength —
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