DGAP-News: DVB Bank SE: DVB starts into 2014 with stable results and higher new business

 DGAP-News: DVB Bank SE: DVB starts into 2014 with stable results and higher new  business  DGAP-News: DVB Bank SE / Key word(s): Quarter Results DVB Bank SE: DVB starts into 2014 with stable results and higher new business  13.05.2014 / 08:24  ---------------------------------------------------------------------  Frankfurt/Main, 13 May 2014 - DVB Bank SE (ISIN DE0008045501) generated relatively stable results during the first three months of 2014, despite the prevailing difficult environment in individual subsegments of international shipping.  Total net income of EUR83.7 million (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, net other operating income/expenses, and the net result from financial instruments in accordance with IAS 39) was only slightly lower than the previous year's figure (Q1 2013: EUR87.3 million).  New business developed positively during the first quarter of 2014: in Shipping Finance, Aviation Finance, Offshore Finance and Land Transport Finance, DVB originated 40 transactions with an aggregate volume of EUR1.1 billion (Q1 2013: 29 transactions with an aggregate volume of EUR0.8 billion).  Wolfgang F. Driese, CEO and Chairman of the Board of Managing Directors of DVB Bank SE, commented on DVB's business development during the first three months:  "We are in the longest shipping crisis ever. This manifests itself in vessel values which have just recently stabilised on a very low level, for example. We are pleased that we have been able to present good results for the first quarter of 2014, not least against the background of a plethora of regulatory burdens.  We continue to anticipate a fully satisfactory business performance throughout 2014, and expect year-end results to be approximately on the previous year's level."  Net interest income was down 16.7%, to EUR56.9 million (Q1 2013: EUR68.3 million). Allowance for credit losses of EUR2.2 million was reversed - largely in Shipping Finance (Q1 2013: allowance recognised of EUR4.2 million). Accordingly, net interest income after allowance for credit losses declined by 7.8%, to EUR59.1 million (Q1 2013: EUR64.1 million).  Net fee and commission income, which primarily includes fees and commissions from new Transport Finance business, and asset management and advisory fees, amounted to EUR23.1 million and was thus maintained close to the very good figure posted the year before (Q1 2013: EUR23.9 million).  General administrative expenses rose 5.6%, to EUR43.6 million. The Bank reduced staff expenses by 2.3%, to EUR25.5 million, whilst non-staff expenses (including depreciation, amortisation and write-downs) rose by EUR2.9 million, to EUR18.1 million.  Accordingly, consolidated net income before IAS 39 and taxes amounted to EUR38.9 million (Q1 2013: EUR44.7 million).  In contrast to the previous year, the net result from financial instruments in accordance with IAS 39 only changed marginally, from EUR1.3 million to EUR1.2 million.  Consolidated net income before taxes decreased by 12.8%, to EUR40.1 million (Q1 2013: EUR46.0 million).  DVB reported virtually unchanged total assets of EUR23.2 billion as at 31 March 2014 (31 December 2013: EUR23.4 billion). The nominal volume of customer lending (the aggregate of loans and advances to customers, guarantees and indemnities, irrevocable loan commitments, and derivatives) decreased slightly by 1.9%, to EUR20.4 billion. In US dollar terms, it was down 1.7%, to US$28.1 billion.  Return on equity before taxes stood at 12.5% (Q1 2013: 15.2%). The cost/income ratio rose to 53.5% (Q1 2013: 45.1%).  DVB has calculated its capital ratios in accordance with the Basel III framework since the beginning of 2014. As at 31 March 2014, the tier 1 ratio was 17.8% and the total capital ratio 19.6%.  You can find a video commentary on the three-month results 2014 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: Ms Elisabeth Winter Senior Vice President  Head of Group Corporate Communications 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, 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 (Amsterdam, Athens, Bergen, Hamburg, London, Oslo 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.   End of Corporate News  ---------------------------------------------------------------------  13.05.2014 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement.  DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de  ---------------------------------------------------------------------   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   ---------------------------------------------------------------------   267999 13.05.2014                                                        
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