DGAP-News: DVB Bank SE: DVB achieved first-quarter results 2013 clearly exceeding the previous year's figure - despite a persistently challenging environment
(firmenpresse) - DGAP-News: DVB Bank SE / Key word(s): Quarter Results
DVB Bank SE: DVB achieved first-quarter results 2013 clearly exceeding
the previous year's figure - despite a persistently challenging
environment
14.05.2013 / 08:45
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Frankfurt/Main, 14 May 2013 - DVB posted consolidated net income before IAS
39 and taxes of EUR44.7 million for the first quarter of 2013, up 20.5%
year-on-year (Q1 2012: EUR37.1 million).
Wolfgang F. Driese, CEO and Chairman of the Board of Managing Directors,
comments on DVB's first-quarter results:
'We assess the operating performance in the first quarter of 2013 as a very
good start into the new business year. But it would be premature to raise
expectations beyond what we have targeted to deliver for the whole of 2013,
i.e. a result comparable to the previous year.
There are various reasons for a somewhat cautious outlook into 2013:
A relatively soft performance during the previous year's first quarter,
less new business volume than expected - in particular in Aviation Finance,
reflecting the high liquidity of the capital markets and their appetite for
aviation assets - and finally the still challenging risk situation in some
shipping segments.'
Total income (comprising net interest income after allowance for credit
losses, net fee and commission income, results from investments in
companies accounted for using the equity method, and net other operating
income/expenses), rose by 4.9%, to EUR86.0 million during the first quarter
of 2013 (Q1 2012: EUR82.0 million).
Net interest income after allowance for credit losses was up by 27.7%, to
EUR64.1 million. New business in Shipping Finance, Aviation Finance,
Offshore Finance and Land Transport Finance comprised 29 transactions with
an aggregate volume of EUR0.9 billion and an average interest margin of 315
basis points (Q1 2012: 28 transactions with an aggregate volume of EUR1.0
billion and an average interest margin on new business of 361 basis
points). Allowance for credit losses of EUR4.2 million was recognised
during the first quarter of 2013, mainly as a portfolio-based provision for
Shipping Finance.
Net fee and commission income, which includes fees and commissions from new
Transport Finance business, and asset management and advisory fees,
declined slightly, by 2.4%, to EUR23.9 million (Q1 2012: EUR24.5 million).
General administrative expenses fell by 8.0%, to EUR41.3 million. Staff
expenses increased by 4.4%, to EUR26.1 million, whilst non-staff expenses
declined by EUR4.7 million, to EUR15.2 million, reflecting lower expenses
for advisory services and contributions.
Net result from financial instruments in accordance with IAS 39 showed a
marked swing to EUR1.3 million (Q1 2012: EUR-15.1 million), reflecting the
volatility levels prevailing on foreign exchange and interest rate markets.
DVB more than doubled consolidated net income before taxes for the first
quarter of 2013, to EUR46.0 million (Q1 2012: EUR22.0 million).
DVB reported total assets of EUR24.8 billion as at 31 March 2013, up 4.2%
from the 2012 year-end (31 December 2012: EUR23.8 billion). The nominal
volume of customer lending (the aggregate of loans and advances to
customers, guarantees and indemnities, irrevocable loan commitments, and
derivatives) increased slightly by1.4%, to EUR22.5 billion. In US dollar
terms, it was down 1.4%, to US$28.8 billion.
Key financial indicators changed as follows:
Return on equity before taxes rose to 15.2% (Q1 2012: 7.9%). DVB lowered
its cost/income ratio considerably to 45.1% (Q1 2012: 63.9%).
Calculated in accordance with Basel II, DVB's tier 1 ratio amounted to
17.7% (31 December 2012: 20.3%), and the total capital ratio to 20.5% (31
December 2012: 23.6%).
A video commentary on the results of DVB Bank SE for the first quarter of
2013 by Wolfgang F. Driese, CEO and Chairman of the Board of Managing
Directors of DVB Bank SE, is available on our website: www.dvbbank.com.
Contact for this press release:
Elisabeth Winter
Senior Vice President
Head of Investor Relations
Phone: +49 69 9750-4329
E-mail: elisabeth.winter(at)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, Offshore 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 our website at
www.dvbbank.com
End of Corporate News
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14.05.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: DVB Bank SE
Platz der Republik 6
60325 Frankfurt am Main
Germany
Phone: 069-97504-329
Fax: 069-97504-333
E-mail: info(at)dvbbank.com
Internet: www.dvbbank.com
ISIN: DE0008045501
WKN: 804550
Listed: Regulierter Markt in Frankfurt (General Standard);
Freiverkehr in Düsseldorf, Stuttgart
End of News DGAP News-Service
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Unternehmensinformation / Kurzprofil:
Datum: 14.05.2013 - 08:45 Uhr
Sprache: Deutsch
News-ID 259479
Anzahl Zeichen: 9175
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