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Business

Postbank Sees Gains After IPO

On the heels of its initial public offering six weeks ago, the newly floated banking division of Germany's postal operator saw profits up 56 percent in the second quarter from a year earlier to €95 million ($114 million). Postbank is Germany's biggest consumer bank in terms of clients. The company's goldmine is an army of small savers in Germany. In the last three months alone, the bank opened over 130,000 new accounts. The company's CEO was openly delighted to be announcing Postbank's first financial reports following its flotation. Rising profits for the first half of this year are set to continue as well. "We anticipate a profit increase of more than 15 percent," said Postbank chief Wulf von Schimmelmann. "This was our forecast before our initial public offering, and we're sticking to it."

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