Apobank: Tax dispute over securities mortgage (“Cum-Cum”) | EUROtoday

In 2024, the pharmacist and Ärztebank solely barely elevated its revenue after taxes by two p.c to 96 million euros, whereas the working end result earlier than tax rose from the document stage of the earlier 12 months by 31 p.c to 311.7 million euros. One purpose for the discrepancy is an “extraordinary tax payment along with default interest”, stated the Apobank Cooperative for Healing Profits on Wednesday.

The tax claims are “in connection with securities loan transactions from 2004 to 2008” and are the results of a “changed legal view of the tax authorities”. According to the ensuing results, Apobank has compensated for the ensuing results by dissolving reserves and distributions from a particular fund. The legality of the tax declare remains to be disputed and the topic of a tax legislation process. Regardless of this, cost of the declare was made in early 2025 to keep away from additional curiosity claims. With regard to a tax declare, the Supervisory Board commissioned an exterior legislation agency to test potential recourse claims.

The idea of the securities mortgage talked about might point out that Apobank held shares across the date of the Annual General Meeting for overseas buyers after which collected the dividends as a result of it has fewer taxes as a home man than overseas buyers. Other, equally saved instances of banks are sometimes summarized beneath “Cum-Cum”.

Apart from these tax instances, the Apobank is on the street nicely. She needs to pay her members from profitable six p.c dividend. The CEO Matthias Schellenberg was “very satisfied with the course of business”. The mortgage grew from 8.3 billion to eight.5 billion euros. Apobank is historically robust when beginning a enterprise as a lender and funds at the least each second medical observe in Germany. In the longer term, the most important German cooperative financial institution needs to focus extra on employed therapeutic callers, Schellenberg introduced. With the brand new technique orientation, he needs to make use of extra digital provides for this buyer group. Most lately, Apobank had extra pressured the asset administration in non-public buyer enterprise and addressed fewer self -decision.

According to the board, this technique bears fruit. The investor cash, which APOBANK is investing with a mandate for wealth administration, rose from 5.9 billion to 7.7 billion euros. The complete buyer funding generator solely elevated from 11.7 billion to 13.5 billion euros. Part of the rise is as a result of elevated programs on the inventory and bond markets, one other half attributable to newly recruited buyer funds.