EANS-News: DVB Bank SE
DVB posts consolidated net income before IAS39 and
taxes of EUR157.2 million - a 9.7% increase
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annual result
Frankfurt am Main (euro adhoc) - Frankfurt/Main, 7 March 2013 - DVB increased
total income before allowance for credit losses by 5.1%, to EUR411.9 million
(previous year: EUR391.9 million). Total income after allowance for credit
losses amounted to EUR341.2 million, which corresponds to a rise of 2.6%.
Wolfgang F. Driese, CEO and Chairman of the Board of Managing Directors,
assessed DVB's consolidated results:
"Once again, DVB posted a very good result, in testing times - a confirmation of
our business model, our market position, and the expertise of our staff.
85% of the financings on our books are performing satisfactorily. We expect
asset values and charter rates in those shipping segments particularly badly
affected - dry bulk carriers, container carriers and crude oil tankers - to
bottom out in 2013. This leads us to expect better conditions for 2014, the
extent of which will depend upon global economic momentum.
And even though the business environment during 2013 will be at least as
difficult as in the previous year, we are planning for consolidated net income
(before IAS39 and taxes) to be in line with the results posted for 2012. From
our point of view, this would once again constitute a successful performance."
DVB concluded 158new Transport Finance transactions with an aggregate volume of
EUR4.6billion and an improved average interest margin of 352basis points (2011:
184new transactions, EUR5.6 billion, 313 basis points).
Net interest income after allowance for credit losses declined by 20.0%, to
EUR159.3 million (2011: EUR199.1 million) in spite of successful new business
origination; the decline was attributable to higher risk costs. Allowance for
credit losses amounted to EUR-70.7 million (2011: EUR-59.2 million).
Net fee and commission income, which largely consists of commissions from
lending business, asset management and advisory services, grew by 12.5%, from
EUR116.2 million to a record high of EUR130.7 million.
Net other operating income/expenses increased from EUR17.3 million to EUR42.7
million. In June 2012, DVB sold a 60% stake in TES Holdings Ltd, the British
aero engine specialist, to two renowned Japanese investors. The two new partners
- Mitsubishi Corporation, and Development Bank of Japan, Inc. - acquired 35% and
25%, respectively. DVB remains the largest shareholder, with a share of 40%.
General administrative expenses were down 2.9%, to EUR184.0 million, mainly due
to the deconsolidation of TES. Staff expenses of EUR101.5 million were down 6.9%
year-on-year (2011: EUR109.0 million), whilst at EUR77.9 million, non-staff
expenses were up 3.0% (2011: EUR75.6 million). Consolidated net income before
IAS39 and taxes rose by 9.7%, from EUR143.3 million to EUR157.2 million.
Burdened by still volatile net result from financial instruments in accordance
with IAS39 (down from EUR4.4 million to EUR-15.8 million), consolidated net
income before taxes decreased by 4.3% to EUR141.4 million (2011: EUR147.7
million). Consolidated net income after taxes totalled EUR124.9 million, an
increase of 13.1% (2011:EUR110.4 million).
The key strategic indicators reflected the successful development of business:
the return on equity before taxes was 12.9% (previous year: 14.0%), and the
cost/income ratio was improved to 46.5% (previous year: 47.8%).
DVB's total assets rose by 8.2%, from EUR22.0 billion to EUR23.8 billion. DVB's
nominal customer lending (the aggregate of loans and advances to customers,
guarantees and indemnities, irrevocable loan commitments, and derivatives)
increased by 2.3%, to EUR22.2 billion (previous year: EUR21.7 billion).
DVB's capital ratios, determined in accordance with BaselII (following the
confirmation of profits in the financial statements) developed as follows: the
tier 1 ratio was 20.3% (2011:19.7%) and the total capital ratio 23.6% (2011:
21.8%).
The Board of Managing Directors and the Supervisory Board will propose to DVB
Bank SE's Annual General Meeting, which will be held on 13 June 2013, to pay an
unchanged dividend of EUR0.60 per notional no-par value share. In this way, DVB
will provide its shareholders with an adequate dividend yield of 2.47%, whilst
further strengthening the Bank's liable capital.
You can find a video commentary on the results for 2012 by Wolfgang F. Driese,
CEO and Chairman of the Board of Managing Directors of DVB Bank SE, on our
website: {www.dvbbank.com}[HYPERLINK: http://www.dvbbank.com]. As an additional
service, news aktuell will upload a gallery with photographs from the press
conference, which will be available for download on
{www.eventbildservice.de}around 1:00 p.m..
Contact for this press release:
Elisabeth Winter
Senior Vice President
Head of Investor Relations
Phone: +49 69 9750-4329
E-Mail: elisabeth.winter@dvbbank.com
About DVB Bank SE:
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). Further information is available
on {www.dvbbank.com}[HYPERLINK: http://www.dvbbank.com].
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
Original content of: DVB Bank SE, transmitted by news aktuell