FRANKFURT, Aug 14 Reuters Deutsche Pfandbriefbank PBB, one of Germany39;s top property financiers, posted a fall in secondquarter profit and an increase in risk provisions as it navigates troubles in the realestate industry, figures on Wednesday showed.

PBB said that it expects the commercial property market, whose troubles on both sides of the Atlantic plunged the bank into turmoil earlier this year, to enter calmer waters during the second half of 2024.

But loans likely to go unpaid in the United States increased 13 in the second quarter from the first, which PBB attributed to four soured loans for offices mainly in Chicago and the U.S. West Coast.

The bank39;s quarterly profit was 11 million euros 12.09 million, compared with 42 million euros a year earlier, while provisions for loan losses rose to 56 million euros from 19 million euros last year.

The bank earlier this year got cuts to its credit rating, and its shares and bonds dropped sharply as fears of a widening property crisis took hold.

1 0.9098 euros

Reporting by Tom Sims and Alexander Huebner Editing by Ludwig Burger and Miranda Murray

Source Reuters