Lower Saxony’s savings banks are becoming more cautious after record results

After a record profit last year, the savings banks in Lower Saxony are a little more cautious for 2024. Because of the economic downturn, the result will be slightly lower, but still comparatively good, said the outgoing president of the Lower Saxony Savings Banks Association (SVN), Thomas Mang, on Thursday in Hanover . The operating result before valuation climbed significantly last year to 1.7 billion euros and was therefore around 680 million euros higher than in 2022. “We also need such an earnings situation in order to be able to meet increasing equity requirements and to make necessary investments in the market. “