In the years of low interest rates, the savings bank fund company Deka was well positioned. Even the mostly cautious customers of the savings banks realized that they had to take more risks and invested money in equity funds. Now, with the rise in interest rates, time deposits in bank savings accounts are becoming attractive again, even if savings banks in particular are still hesitant to pass on higher key interest rates. But it is a matter of time and smart negotiation before customers of the savings banks also benefit from higher interest rates. The question is therefore appropriate: What does the interest rate turnaround mean for Deka's business model? Wouldn't it have to expand its lending business in order to strengthen its interest business?
The Deka Management Board does not yet want to change the earnings mix, although commission income easily exceeds net interest income by a factor of six. Despite Deka's record profit in the 2022 financial year, the pressure on margins in the commission business can hardly be overlooked. But reputational risks from the 2010s, which are now regarded as tax evasion, currently weigh even more heavily. Incumbent board members are also being investigated. This is a heavy burden, especially for a public law institution.