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DVB Bank SE

EANS-News: DVB Group: Sound operating performance during the first nine months of 2012 - Total income up 6.2%, to EUR262.7 million

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9-month report


Frankfurt am Main (euro adhoc) - Under the following link you can find all
relevant information compiled in a modern, interactive multimedia release:   
http://www.golinharris.de/clients/dvb/presse/PR_11-14-2012.html


Consolidated net income before IAS 39 and taxes rose to EUR125.6 million - a
remarkable 7.8% year-on-year increase. Once again, the volatile net result from
financial instruments in accordance with IAS 39 weighed on income before taxes
which - as a result - declined by 2.0%, to EUR104.3 million.   
   
Wolfgang F. Driese, CEO and Chairman of the Board of Managing Directors,
assessed DVB's consolidated nine-month results:   
   
"DVB has been able to report very good operating results for the first nine
months of 2012. A key reason in this respect is the fact that the vast majority
of exposures in our Transport Finance business are performing in line with
contractual agreements. The high level of diversification in our portfolio is
paying off.   
   
In certain subsectors of our shipping finance business the crisis has deepened
further though. We responded to this by carrying out an even more cautious
assessment of our lending portfolio during the third quarter. As a result, net
allowance for credit losses increased to EUR53.3 million for the first nine
months of 2012 (compared to EUR19.2 million last year). From today's perspective
this level of provisioning should be sufficient. Accordingly, we do not
anticipate allowance for credit losses for the full year 2012 to materially
exceed the previous year's figure of EUR59.2 million.   
   
The market environment remains very difficult indeed in some areas of maritime
shipping. Despite the negative business framework in some sectors, and weaker
growth rates in the world economy, DVB expects to achieve fully satisfactory
results for the 2012 business year which are not expected to materially diverge
from the previous year's figures."   
   
Total income (comprising net interest income after allowance for credit losses,
net fee and commission income, results from equity interests accounted for using
the equity method, and net other operating income/expenses) rose by 6.2%, from
EUR247.4 million to EUR262.7 million.    
   
Net interest income grew by 2.2%, to EUR185.2 million. New Transport Finance
business totalled 93 transactions in the year to 30 September 2012, with an
aggregate volume of EUR2.8 billion (9m 2011: 109 transactions with a volume of
EUR3.3 billion). When originating new business, DVB continued to target only
those exposures which offer a sustainable risk/return ratio. Accordingly, the
average interest margin on new Transport Finance business rose from 297 to 357
basis points.    
   
Net allowance for credit losses increased to EUR53.3 million (9m 2011: EUR19.2
million). Specifically, new allowance recognised for credit losses (as at 30
September 2012) totalled EUR110.0 million; a net EUR57.1 million was released,
and charge-offs amounted to EUR29.9 million.    
   
Net fee and commission income of EUR90.8 million (9m 2011: EUR76.1 million)
exceeded the previous year's high level by a remarkable 19.3%; the net figure
primarily includes fees and commissions from new Transport Finance business, and
asset management and advisory fees.    
   
Net other operating income/expenses rose from EUR11.8 million to EUR42.3
million. Net other operating income of EUR53.1 million also includes the
proceeds from the sale of shareholdings. On 14 June 2012, the Bank sold a 60%
stake in TES Holdings Ltd, the British aero engine specialist headquartered in
Bridgend, Wales, to two Japanese investors. The two new partners - Mitsubishi
Corporation, and Development Bank of Japan, Inc. - acquired 35% and 25%,
respectively. DVB Holding GmbH remains the largest shareholder, with a share of
40%.    
   
General administrative expenses rose 4.7%, to EUR137.1 million. Staff expenses
were up by 6.2%, to EUR75.9 million. DVB employed a total of 560 staff as at 30
September 2012, an increase of 16 compared to the end of the first nine months
of 2011 (544 employees). Higher bank levy charges and contributions to the
deposit insurance scheme, meant that non-staff expenses (including depreciation,
amortisation and write-downs) rose by EUR1.8 million, to EUR61.2 million.   
   
Net income from financial instruments in accordance with IAS 39 (comprising net
trading income, the hedge result, the result from the application of the fair
value option, the result from derivatives entered into without intention to
trade, and net income from investment securities) changed from EUR-10.1 million
to EUR-21.3 million. Once again, the net figure reflects the level of volatility
on foreign exchange and interest rate markets.    
   
DVB's total assets rose by 10.0%, from EUR22.0 billion to EUR24.2 billion. DVB's
nominal volume of customer lending (the aggregate of loans and advances to
customers, guarantees and indemnities, irrevocable loan commitments, and
derivatives) was unchanged year-on-year in euro terms, at EUR21.7 billion, and
also in US dollar terms, at US$28.1 billion.   
   
Return on equity before taxes amounted to 12.7%, down 1.1 percentage points
compared with the same period of the previous year (9m 2011: 13.8%). DVB lowered
its cost/income ratio by 4.6 percentage points, to 46.5% (9m 2011: 51.1%).    
   
Calculated in accordance with Basel II, DVB's tier 1 ratio declined slightly, by
0.2 percentage points, to 19.5% (31 December 2011: 19.7%), whilst the total
capital ratio was up slightly, by 0.8 percentage points compared to the year-end
2011, to 22.6% (31 December 2011: 21.8%).   
   
You can find a video commentary on the nine-month results by Wolfgang F. Driese,
CEO and Chairman of the Board of Managing Directors of DVB Bank SE, together
with the detailed interim management statement during the second half of 2012,
on our website: www.dvbbank.com.   
   
   

Contact for this press release:    
Elisabeth Winter, Head of Investor Relations: +49 69 9750-4329 -
elisabeth.winter@dvbbank.com
   

Note to editors:   
DVB Bank SE, headquartered in Frankfurt/Main, Germany, is the leading specialist
in the international Transport Finance business. The Bank offers integrated
financing solutions and advisory services in respect of Shipping Finance,
Aviation Finance, and Land Transport Finance. DVB is present at all key
international financial centres and transport hubs: at its Frankfurt/Main head
office, as well as various European locations (Athens, Bergen, Hamburg, London,
Oslo, Rotterdam and Zurich), plus offices in the Americas (New York City and
Curaçao) and in Asia (Singapore and Tokyo). DVB Bank SE is listed at the
Frankfurt Stock Exchange (ISIN: DE0008045501). www.dvbbank.com
   

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Further inquiry note:
Elisabeth Winter
Head of Investor Relations
Tel: +49 (0)69-97504-329
E-Mail: elisabeth.winter@dvbbank.com

end of announcement                               euro adhoc 
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company:     DVB Bank SE
             Platz der Republik 6
             D-60325 Frankfurt am Main
phone:       +49 (0)69 9750-40
FAX:         +49 (0)69 9750-4444
mail:     info@dvbbank.com
WWW:      http://www.dvbbank.com
sector:      Banking
ISIN:        DE0008045501
indexes:     
stockmarkets: free trade: Düsseldorf, Stuttgart, regulated dealing/general
             standard: Frankfurt 
language:   English
 



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