DGAP-News: DVB Group publishes results for the period ending on 30 September 2013: Consolidated net income before taxes of

DGAP-News: DVB Group publishes results for the period ending on 30 September 
2013: Consolidated net income before taxes of EUR96.2 million (down 7.8%), due 
to a non-recurring effect in the previous year

DGAP-News: DVB Bank SE / Key word(s): Interim Report/Interim Report
DVB Group publishes results for the period ending on 30 September
2013: Consolidated net income before taxes of EUR96.2 million (down
7.8%), due to a non-recurring effect in the previous year

14.11.2013 / 08:42

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Frankfurt/Main, 14 November 2013 - DVB Bank SE (ISIN: DE0008045501) today
published its results for the first nine months of 2013. DVB continued to
successfully provide financing solutions and advisory services to its
clients in the international transport sector during the first nine months
of 2013, despite the prevailing difficult situation in individual
submarkets of international maritime shipping. Consolidated net income
before taxes of EUR96.2 million was 7.8% lower than in the previous year
(9m 2012: EUR104.3 million). The year-on-year change was due to a
non-recurring effect in the previous year; namely, the sale of a stake in
British aero engine specialist TES Holdings Ltd.

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 nine months of
2013 and provided an outlook on business developments during the remainder
of the business year:

'Even though we see signs of vessel values and charter rates bottoming out
in the troubled shipping sectors, the shipping finance business remains
challenging in 2013, and will continue to do so into next year.

Against this background, we are satisfied with the Bank's results as at 30
September 2013. Excluding last year's non-recurring effect, we anticipate
being able to once again present a solid set of full-year results.'

DVB concluded a total of 101 new transactions during the period ending 30
September 2013, with an aggregate volume of EUR2.7 billion (9m 2012: 93
transactions with a volume of EUR2.8 billion). Net interest income
decreased by 6.0% to EUR174.0 million.

Net allowance for credit losses amounted to EUR45.0 million (9m 2012:
EUR53.3 million). Specifically, new allowances recognised for credit losses
amounted to EUR83.9 million (of which EUR65.3 million was accounted for by
Shipping Finance), whilst EUR41.9 million was reversed (Shipping Finance:
EUR30.0 million). DVB continues to anticipate allowance for credit losses
for the full year 2013 to approximately remain in line with the previous
year's figure of EUR70.7 million. Net interest income after allowance for
credit losses totalled EUR129.0 million (9m 2012: EUR131.9 million).

Accordingly, total allowance for credit losses (comprising specific
allowance for credit losses, portfolio-based allowances for credit losses,
and provisions) rose to EUR176.7 million, up 18.2% from year-end 2012
(EUR149.5 million).

Net fee and commission income of EUR79.0 million was down 13.0% on the
previous year's high level (9m 2012: EUR90.8 million). The net figure
primarily includes fees and commissions from new Transport Finance
business, and asset management and advisory fees.

Net other operating income/expenses reduced from EUR42.3 million to EUR-3.8
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 British aero engine specialist TES Holdings
Ltd.

General administrative expenses decreased by 8.3%, to EUR125.7 million.
Staff expenses rose slightly, by 3.3%, to EUR78.4 million, whereas DVB
lowered non-staff expenses (including depreciation, amortisation and
write-downs) by EUR13.9 million, to EUR47.3 million.

The 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 reflected the volatility levels on foreign exchange and interest
rate markets. During the first nine months of 2013 the net figure was
positive, at EUR19.1 million, after a negative balance of EUR21.3 million
during the same period of 2012.

At EUR96.2 million, consolidated net income before taxes was 7.8% lower
than in the same period of 2012 (9m 2012: EUR104.3 million), due to the
non-recurring effect explained above, whilst consolidated net income after
taxes was down 14.6%, to EUR81.8 million (9m 2012: EUR95.8 million).

DVB's total assets decreased by 0.8%, from EUR23.8 billion to EUR23.6
billion. DVB's nominal volume of customer lending (the aggregate of loans
and advances to customers, guarantees and indemnities, irrevocable loan
commitments, and derivatives) totalled EUR20.8 billion in euro terms. In US
dollar terms, it amounted to US$28.0 billion.

DVB's key financial indicators developed as follows: 

Return on equity before taxes stood at 10.6% (9m 2012: 12.7%). The
cost/income ratio was up by 0.6 percentage points, to 47.1% (9m 2012:
46.5%). Calculated in accordance with Basel II, the tier 1 ratio declined
slightly, by 0.6 percentage points, to 19.7% (31 December 2012: 20.3%). At
the same time, the total capital ratio was down by 1.7 percentage points,
to 21.9% (31 December 2012: 23.6%).

You can find a video commentary 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                             
             Germany                                             
Phone:       069-97504-329                                       
Fax:         069-97504-850                                       
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  
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