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DVB Bank SE

EANS-News: Nine-month results 2009: DVB posts solid consolidated net income before taxes

Frankfurt am Main (euro adhoc) -

  Corporate news transmitted by euro adhoc. The issuer/originator is solely
  responsible for the content of this announcement.
quarterly report
DVB posted good results, with
consolidated net income before taxes of EUR77.9 million (-22.3%), in 
an international Transport Finance environment that remains 
challenging.
Wolfgang F. Driese, CEO and Chairman of the Board of Managing 
Directors, assessed DVB´s consolidated results:
"Considering the prevailing difficulties on financial markets and the
continuing recession burdening international transport markets, we 
are satisfied with the consolidated net income before taxes posted. 
Our focus on international Transport Finance has proven to be 
sustainable during times of crisis.
A market environment characterised by less pronounced competition 
allowed us to enter into numerous new exposures where returns once 
again adequately reflect the risk involved. Moreover, we managed to 
continuously reduce the burden of the significant money market 
distortions on our results considerably during the course of the 
year.
Due to the continued global economic troubles, we needed to recognise
EUR17.2 million in allowance for credit losses during the period 
under review. Looking towards the year 2009 as a whole, we anticipate
allowance for credit losses to be at a higher, yet clearly manageable
level."
The individual components of the nine-month results developed as 
follows:
Total income (comprising net interest income after allowance for 
credit losses, net fee and commission income, net income from 
financial instruments in accordance with IAS 39, results from equity 
interests accounted for using the equity method, and net other 
operating income/expenses) declined by 7.1%, from EUR208.5 million to
EUR193.8 million.
Net interest income (which is generated predominantly in DVB Group´s 
Transport Finance business) decreased to EUR126.4 million (down 
9.5%), and net interest income after allowance for credit losses fell
by 29.1%, from EUR154.1 million to EUR109.2 million. With new 
business volumes at EUR2.02 billion (Q3 2008: EUR5.12 billion), the 
average interest margin on new Transport Finance business showed a 
marked increase from 178 bp to 335 bp. DVB succeeded in further 
mitigating the impact of money market distortions, reducing the 
additional cost burden resulting from turbulence on global financial 
markets to a mere EUR1.0 million in the third quarter of 2009, 
following EUR17.3 million in the first quarter and EUR2.3 million in 
the second. The aggregate impact for the first nine months was 
EUR20.6 million. The reduction was achieved by transferring loan 
agreements to quarterly interest rate fixings, and basing them on 
current interbank rates instead of the LIBOR reference rate, which 
has been distorted.
Against the background of continued global economic troubles, DVB 
recognised EUR17.2 million in allowance for credit losses (Q3 2008: 
release of EUR14.4 million).
Net fee and commission income showed a welcome 3.6% increase, from 
EUR66.5 million to EUR68.9 million, mainly attributable to higher 
lending fees generated from structured financings, and advisory fees.
General administrative expenses were up 7.0%, to EUR115.9 million. 
Staff expenses increased by 6.7%, to EUR67.2 million, while non-staff
expenses were up by 7.5%, to EUR48.7 million.
DVB reported total assets of EUR17.44 billion, slightly up by 0.3% 
year-on-year. DVB´s nominal customer lending comprises the aggregate 
of loans and advances to customers, guarantees and indemnities, and 
irrevocable loan commitments; it is determined through consolidation 
in line with applicable regulatory provisions. In euro terms, nominal
customer lending amounted to EUR17.50 billion, down 5.4% compared to 
the year-end 2008 that was mainly attributable to a decline in credit
commitments. In US dollar terms, customer lending volume decreased 
only slightly, by 0.5%, to USD25.62 billion. The diverging portfolio 
growth rates were due to fluctuations in the euro/US dollar exchange 
rate: since the end of 2008, the euro has strengthened against the US
dollar, from USD1.39 to USD1.46 as at the reporting date. Hence, the 
decline in customer lending was more pronounced in euro terms.
DVB's key financial indicators developed as follows (in accordance 
with IFRS): the return on equity before tax was down 6.7 percentage 
points, to 11.4% (Q3 2008: 18.1%), mainly due to the impact of money 
market distortions. The cost/income ratio fell by one percentage 
point, to 54.9% (Q3 2008: 55.9%).
DVB's tier 1 ratio rose to 15.4% (31 December 2008: 13.9%), and the 
total capital ratio increased to 19.8% (31 December 2008: 18.2%).
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. The Bank operates out of offices in 
Frankfurt/Main, Hamburg, London, Cardiff, Rotterdam, Bergen/Oslo, 
Piraeus, Zurich, Singapore, Tokyo, New York and Curaçao. DVB Bank SE 
is listed at the Frankfurt Stock Exchange (ISIN: DE0008045501).
end of announcement                               euro adhoc

Further inquiry note:

Contact for this press release:
Elisabeth Winter, Manager Investor Relations
Phone +49 69 9750-4329
Elisabeth.Winter@dvbbank.com

Branche: Banking
ISIN: DE0008045501
WKN: 804550
Börsen: Stuttgart / free trade
Düsseldorf / free trade
Frankfurt / regulated dealing/general standard

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