4. FINANCIAL POSITION AND FINANCIAL PERFORMANCE
4.1. FINANCIAL PERFORMANCE
4.1.1. Financial performance at a glance
The DZ BANK Group successfully overcame the tough market conditions and the significant number of challenges facing its business in the course of 2011.
The year-on-year changes in the key figures that make up the net profit or loss generated by the DZ BANK Group in the year under review were as described below.
Operating income in the DZ BANK Group amounted to €3,441 million (2010: €4,464 million). This figure includes net interest income, net fee and commission income, gains and losses on trading activities, gains and losses on investments, other gains and losses on valuation of financial instruments, net income from insurance business, and other net operating income. [--break--]
Allowances for losses on loans and advances amounted to €395 million in 2011 (2010: €258 million).
The DZ BANK Group’s administrative expenses rose by €134 million, or 5.2 percent, to €2,722 million (2010: €2,588 million).
Profit before taxes for the reporting year amounted to €324 million compared with €1,618 million in 2010.