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

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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

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13.05.2014 Dissemination of a Corporate News, transmitted by DGAP - a
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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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267999 13.05.2014                                                      
 
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