German's Depfa Bank, which has a base in Dublin, plans to sell its German unit, Deutsche Pfandbriefbank, to help boost its credit rating and expand in the US.

German's Depfa Bank, which has a base in Dublin, said today that profits this year will rise more than 8% after an increase in net interest income drove fourth-quarter earnings higher than analysts had forecast.

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.

THE main shareholder in Dublin-based German public sector finance specialist Depfa Bank Plc said yesterday it was selling its 40.8% stake after the bank posted a jump in third-quarter profit and raised its 2003 guidance.