18.05.2007
DVB's first-quarter results show a good start into 2007
At EUR 34.1 million, the profit from ordinary activities before tax for the first quarter of 2007 increased by another 10.7% on the record results posted in the previous year (Q1 2006: EUR 30.8 million). Return on equity before tax was 23.3%, maintaining a high level on the basis of a higher capital base.
Individual operating result items developed as follows: net interest income after loan losses totalled EUR 39.6 million, up 9.1% on the previous year’s figure of EUR 36.3 million. Net fee and commission income decreased by 34.5%, to EUR 11.2 million, reflecting volatility in the structured finance business during the first three months of 2007. Net income from financial instruments in accordance with IAS 39 increased to EUR 12.6 million (EUR 3.8 million), largely reflecting the realisation of gains upon disposal of an investment by a fund held by the Bank. General administrative expenses rose by 20.9% to EUR 31.2 million. Staff expenses increased by 23.1%, to EUR 17.6 million, mainly driven by two factors: firstly, the Bank hired additional Transport Finance and Corporate Finance experts to boost its worldwide business activities, increasing the number of active employees in the DVB Group to 390 (up 8.3%, compared to 360 as at 31 March 2006). Secondly, additional provisions were recognised for variable bonus payments. The higher level of non-staff expenses largely reflects the growth in DVB’s business activities.
DVB Bank AG reported total assets of EUR 11.0 billion (Q1 2006: EUR 11.1 billion). The 0.9% decline was due to flows around the reporting date. DVB’s nominal customer lending (the aggregate of loans and advances to customers, guarantees and indemnities, and irrevocable loan commitments) totalled EUR 12.12 billion – up 1.3% from the year-end 2006 (31 Dec 2006: EUR 11.97 billion). Reflecting continued weakness of the US dollar versus the euro, nominal customer lending in US dollar terms again showed a stronger increase of 2.3 %, to USD16.14 billion (31 Dec 2006: USD15.77 billion).
The core capital ratio remained stable, at 6.7% (31 Dec 2006: 6.8%), whilst the total capital ratio stood at 9.4% (9.7%). Return on equity before tax is one of the two key strategic indicators employed by DVB Group: measured according to IFRS, it was 23.3% – up 0.1 percentage points (Q1 2006: 23.2%). The cost/income ratio according to IFRS rose by 2.2 percentage points, to 47.7% (45.5%). Based on German GAAP (HGB), return on equity for the first quarter of 2007 was 22.1% (23.3%), whilst the cost/income ratio rose to 48.0% (46.5%).
DVB Bank AG - Group Consolidated Income Statement (as as 31/03/2007)
DVB Bank AG - Consolidated Balance Sheet (as at 31/03/2007)
Note to Editors:
DVB Bank AG, based in Frankfurt/Main, is an international advisory bank and finance house that specialises in the global transport market. DVB offers integrated financing solutions and advisory services in respect of Shipping, Aviation, and Land Transport. The Bank operates out of offices in Frankfurt/Main, Hamburg, London, New York, Rotterdam, Hong Kong, Singapore, Tokyo, Bergen/Oslo, Piraeus, and Curaçao. DVB Bank AG is listed on the Frankfurt Stock Exchange (ISIN: DE0008045501).
Contact:
Prof. Dr. Borislav Bjelicic, Phone +49 69 9750-4390, Fax +49 69 9750-4333, DVB Bank Aktiengesellschaft, Corporate Communications, Friedrich-Ebert-Anlage 2-14, 60325 Frankfurt/Main, Germany, borislav.bjelicic@dvbbank.com, www.dvbbank.com
Individual operating result items developed as follows: net interest income after loan losses totalled EUR 39.6 million, up 9.1% on the previous year’s figure of EUR 36.3 million. Net fee and commission income decreased by 34.5%, to EUR 11.2 million, reflecting volatility in the structured finance business during the first three months of 2007. Net income from financial instruments in accordance with IAS 39 increased to EUR 12.6 million (EUR 3.8 million), largely reflecting the realisation of gains upon disposal of an investment by a fund held by the Bank. General administrative expenses rose by 20.9% to EUR 31.2 million. Staff expenses increased by 23.1%, to EUR 17.6 million, mainly driven by two factors: firstly, the Bank hired additional Transport Finance and Corporate Finance experts to boost its worldwide business activities, increasing the number of active employees in the DVB Group to 390 (up 8.3%, compared to 360 as at 31 March 2006). Secondly, additional provisions were recognised for variable bonus payments. The higher level of non-staff expenses largely reflects the growth in DVB’s business activities.
DVB Bank AG reported total assets of EUR 11.0 billion (Q1 2006: EUR 11.1 billion). The 0.9% decline was due to flows around the reporting date. DVB’s nominal customer lending (the aggregate of loans and advances to customers, guarantees and indemnities, and irrevocable loan commitments) totalled EUR 12.12 billion – up 1.3% from the year-end 2006 (31 Dec 2006: EUR 11.97 billion). Reflecting continued weakness of the US dollar versus the euro, nominal customer lending in US dollar terms again showed a stronger increase of 2.3 %, to USD16.14 billion (31 Dec 2006: USD15.77 billion).
The core capital ratio remained stable, at 6.7% (31 Dec 2006: 6.8%), whilst the total capital ratio stood at 9.4% (9.7%). Return on equity before tax is one of the two key strategic indicators employed by DVB Group: measured according to IFRS, it was 23.3% – up 0.1 percentage points (Q1 2006: 23.2%). The cost/income ratio according to IFRS rose by 2.2 percentage points, to 47.7% (45.5%). Based on German GAAP (HGB), return on equity for the first quarter of 2007 was 22.1% (23.3%), whilst the cost/income ratio rose to 48.0% (46.5%).
DVB Bank AG - Group Consolidated Income Statement (as as 31/03/2007)
DVB Bank AG - Consolidated Balance Sheet (as at 31/03/2007)
Note to Editors:
DVB Bank AG, based in Frankfurt/Main, is an international advisory bank and finance house that specialises in the global transport market. DVB offers integrated financing solutions and advisory services in respect of Shipping, Aviation, and Land Transport. The Bank operates out of offices in Frankfurt/Main, Hamburg, London, New York, Rotterdam, Hong Kong, Singapore, Tokyo, Bergen/Oslo, Piraeus, and Curaçao. DVB Bank AG is listed on the Frankfurt Stock Exchange (ISIN: DE0008045501).
Contact:
Prof. Dr. Borislav Bjelicic, Phone +49 69 9750-4390, Fax +49 69 9750-4333, DVB Bank Aktiengesellschaft, Corporate Communications, Friedrich-Ebert-Anlage 2-14, 60325 Frankfurt/Main, Germany, borislav.bjelicic@dvbbank.com, www.dvbbank.com