Depfa shares slip after profit fall

DEPFA Bank, the Dublin-headquartered German financial services provider, has reported an 11% fall in annual net profit for 2005 to €475 million.

The 2004 figure of €534m did, however, include a one-off profit of €50m.

Back in November, though, Depfa which has based its headquarters in Dublin's International Financial Services Centre (IFSC) since 2001 and is listed on the Frankfurt Stock Exchange confidently claimed that it was "on the right road" to meeting its full year net profit target of 500m, despite stagnant third-quarter profits.