DGAP-News: DVB Group publishes its half-yearly financial report for 2013: Consolidated net income before taxes of EUR66.4

DGAP-News: DVB Group publishes its half-yearly financial report for 2013: 
Consolidated net income before taxes of EUR66.4 million (down 6.2%), due to a 
non-recurring effect in the previous year

DGAP-News: DVB Bank SE / Key word(s): Half Year Results/Half Year
DVB Group publishes its half-yearly financial report for 2013:
Consolidated net income before taxes of EUR66.4 million (down 6.2%),
due to a non-recurring effect in the previous year

13.08.2013 / 08:30


Frankfurt/Main, 13 August 2013 - DVB Bank SE (ISIN: DE0008045501) today
presented its results for the first six months of 2013. Consolidated net
income before taxes for the first half of the year was 6.2% lower than in
the previous year (H1 2012: EUR70.8 million). The year-on-year change was
due to a non-recurring effect in the first half of 2012: namely, the sale
of a stake in British aero engine specialist TES Holdings Ltd, Bridgend,
Wales, to two Japanese investors. Nonetheless, net interest income rose by
3.3%, and net fee and commission income was up 2.0%.

Wolfgang F. Driese, CEO and Chairman of the Board of Managing Directors of
DVB Bank SE, commented on the Bank's results for the first half of 2013 and
provided an outlook on business developments during the remainder of the
business year:

'The six-month results are within our expectations; considering the
still-challenging environment shaped by sluggish global economic growth and
excess supply in some segments of the shipping industry, we are satisfied
with it. Yet we do not see any relief in terms of the risk situation this
year. Thanks to the stable business performance of vast parts of our
financing and advisory businesses, we envisage a sound result for the full
year 2013, comparable to last year's.'

Interest income from the lending business was up 6.1%, to EUR387.3 million
(H1 2012: EUR365.0 million). DVB originated 71 new transactions in its four
Transport Finance divisions, with an aggregate volume of EUR1.8 billion (H1
2012: 63 new transactions with a total volume of EUR2.2 billion). The
average interest margin on new business narrowed to 312 basis points (H1
2012: 356 basis points). This mirrored a reduction in one of the Bank's
cost components: funding costs. Interest expenses fell by 5.2%, to EUR355.7
million (H1 2012: EUR375.3 million), mainly on account of lower funding
costs. Net interest income of EUR116.2 million increased by 3.3%
year-on-year (H1 2012: EUR112.5 million).

Net allowance for credit losses amounted to EUR-28.4 million in the first
half of 2013 (H1 2012: EUR-27.3 million). Specifically, new allowances
recognised for credit losses amounted to EUR51.3 million (of which EUR41.1
million was accounted for by Shipping Finance), whilst EUR29.1 million was
reversed (Shipping Finance: EUR21.3 million). Net interest income after
allowance for credit losses increased by 3.1%, to EUR87.8 million.

Net fee and commission income, which primarily includes fees and
commissions from new Transport Finance business, and asset management and
advisory fees, grew to EUR55.7 million, up 2.0% year-on-year (H1 2012:
EUR54.6 million).

Net other operating income/expenses declined from EUR43.9 million to EUR6.5
million. The significant decline was due to a non-recurring effect in the
previous year: the net figure for the first half of 2012 included proceeds
from the sale of a stake in DVB's subsidiary TES.

General administrative expenses decreased by 7.1%, to EUR86.2 million.
Staff expenses rose by 2.5%, to EUR53.6 million. DVB lowered non-staff
expenses (including depreciation, amortisation and write-downs) by 19.5%,
to EUR32.6 million.

Net result from financial instruments in accordance with IAS 39 (comprising
the trading result, the hedge result, the result from the application of
the fair value option, the result from derivatives entered into without
intention to trade, and the result from investment securities) once again
especially reflected the high volatility levels on foreign exchange and
interest rate markets. During the first half of 2013 the net figure was
positive, at EUR3.1 million, after a negative balance of EUR20.3 million
during the same period of 2012.

Reflecting the non-recurring effect in the year 2012, consolidated net
income before taxes was down 6.2% year-on-year, to EUR66.4 million (H1
2012: EUR70.8 million), whilst consolidated net income after taxes went
down 11.3%, to EUR57.9 million (H1 2012: EUR65.3 million).

DVB reported a 3.4% increase in total assets to EUR24.6 billion on the
reporting date of 30 June 2013 (31 Dec 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) was down 2.7%, to EUR21.6 billion. In US dollar terms,
customer lending decreased by 3.4%, to US$28.2 billion.

DVB's key financial indicators developed as follows:

Return on equity before taxes (ROE) was 11.0% - down 1.8 percentage points
(H1 2012: 12.8%). The cost/income ratio (CIR) declined by 1.0 percentage
point, to 47.6% (H1 2012: 48.6%).

Calculated in accordance with Basel II, DVB's tier 1 ratio changed
slightly, to 19.8% (31 December 2012: 20.3%), due to the stronger US dollar
exchange rate. The total capital ratio in accordance with Basel II
decreased to 22.9% (31 December 2012: 23.6%).

Please find a video commentary on the six-month results by Wolfgang F.
Driese, CEO and Chairman of the Board of Managing Directors of DVB Bank SE,
on our website: www.dvbbank.com.

Contact for this press release: 
Elisabeth Winter, Head of Investor Relations: phone +49 69 9750 4329, fax
+49 69 9750 4850 - 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, 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). Please visit our website www.dvbbank.com for additional
background information.

End of Corporate News


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Language:    English                                             
Company:     DVB Bank SE                                         
             Platz der Republik 6                                
             60325 Frankfurt am Main                             
Phone:       069-97504-329                                       
Fax:         069-97504-333                                       
E-mail:      info@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  
225493 13.08.2013                                                      
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