Postbank weighs on Deutsche Post

GERMAN postal and logistics group Deutsche Post said yesterday its profit halved in 2011 despite growth in its revenues.

Operating profit grew 32.8 per cent to €2.4bn (£2bn), but net profit fell 54.2 per cent due to the fact that 2010 figures were inflated by the company’s sale of Postbank.

Deustche Post sold its final 24.7 per cent stake in its retail banking unit to Deutsche Bank in 2010, adding €4.7bn to its balance sheet.

The company estimated that without this comparative net profit would have risen by 50 per cent last year.

Commenting on prospects for the current year, Deutsche Post said that “against the background of a moderately growing global economy, we expect to produce further gains in revenues and earnings”.