In 2006, Postbank significantly exceeded its 2005 profit before tax by 30.9%, generating a figure of €941 million. If the acquisition of BHW and the Deutsche Post retail outlets are included as of 2005 and imputed funding costs are added, the pro forma increase over the previous year‘s profit before tax is 31.6%. To ensure comparability, all of the comments below relate exclusively to the pro forma figures for 2005, i.e. including BHW and the acquired retail outlets.

In 2006, Postbank also recorded a number of extraordinary factors; however, these largely offset each other. For example, net integration costs after utilization of the provision recognized in the previous year amounted to €85 million, which was primarily charged to the balance of other income and expenses. However, the sale of non-strategic investments in the fourth quarter contributed book gains of €84 million, which were recognized fully in net income from investment securities.

The cost/income ratio was reduced from 75.0% to 68.3%. This was due not only to an increase in earnings, but also to strict cost management. Return on equity before taxes increased from 14.9% in 2005 to 18.9% in the year under review, based on average equity of €4,799 million in 2005 and €4,985 million in 2006.