Depfa lifts profit target by 16%

Depfa Bank, the Dublin headquartered public sector finance house, says it has increased its full year earnings target by 16.5% following a promising performance in the third quarter.

Net profit rose to €93m in the quarter, lifting after tax profits for the first nine months by 62% to €472m.

Revenues rose by 77% to €472m in the nine month period.

The bank attributed the third quarter growth to lower funding costs, a improvement in investor acceptance and the successfull launch of the Irish asset covered securities products.