19.02.2008
DVB posts another record result, plans dividend increase
Based on preliminary, unaudited figures, DVB Bank AG's net profit for the 2007 financial year increased by 21.3%, to EUR109.2 million (2006: EUR90.0 million; 2005: EUR54.3 million; 2004: EUR33.8 million).
Wolfgang F. Driese, CEO and Chairman of the Board of Managing Directors of DVB Bank AG, commented on the figures: "DVB recorded a strong result for 2007, despite a challenging market environment. Even though the retention of profits, to strengthen the Bank's capital and finance its continued growth, remains our priority, we plan to boost our shareholders' participation in the Bank's higher earnings. Our business model - and our strict adherence to it - have shielded us against any direct negative impact of the crisis on financial markets. We include the higher refinancing costs in our pricing for new business, without exception. DVB continues to rely on a sound funding base within the framework of the DZ BANK Group."
Looking ahead for 2008, Driese added that the Board of Managing Directors "expects DVB's business to develop favourably, even in the event of a weakening global economy. We benefit from demand for extra capacity in certain transport segments, and by stronger investment in fuel-efficient and environmentally friendly technologies."
Individual operating result items developed as follows: net interest income excluding loan losses totalled EUR193.6 million, up 21.4% on the previous year's figure of EUR159.5 million. Net impairment losses on loans and advances totalled EUR20.3 million (2006: EUR27.8 million). Net fee and commission income was up by 17.0%, to EUR84.8 million (2006: EUR72.5 million). This includes loan commissions from Transport Finance commitments, as well as fees generated by the Bank's investment management and advisory activities. General administrative expenses were up by 17.5%, from EUR125.4 million (2006) to EUR147.4 million.
DVB's nominal customer lending (the aggregate of loans and advances to customers, guarantees and indemnities, and irrevocable loan commitments) rose by 20.1%, to EUR14.38 billion (2006: EUR11.97 billion).
DVB has used financial indicators - specifically, return on equity before taxes (RoE) and cost/income ratio (CIR) - to manage its business since 1998. Based on German GAAP, RoE rose to 25.9% (2006: 20.9%), and CIR was 45.0% (2006: 45.1%).
Based on IFRS, RoE increased to 20.4% (2006: 19.9%), whilst the CIR rose slightly, to 51.2% (2006: 49.9%).
The figures presented here are preliminary, and have not yet been audited. Audited results for the business year 2007 will be outlined at the press conference to present the financial statements and analysts' conference, which will take place in Frankfurt/Main on 14 April 2008, starting at 10:30 a.m. The Group Annual Report will be published within the deadlines prescribed by law, at the latest on 30 April 2008.
DVB Bank AG - Group Consolidated Income Statement (IFRS/unaudited), as at 31/12/2007
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
Wolfgang F. Driese, CEO and Chairman of the Board of Managing Directors of DVB Bank AG, commented on the figures: "DVB recorded a strong result for 2007, despite a challenging market environment. Even though the retention of profits, to strengthen the Bank's capital and finance its continued growth, remains our priority, we plan to boost our shareholders' participation in the Bank's higher earnings. Our business model - and our strict adherence to it - have shielded us against any direct negative impact of the crisis on financial markets. We include the higher refinancing costs in our pricing for new business, without exception. DVB continues to rely on a sound funding base within the framework of the DZ BANK Group."
Looking ahead for 2008, Driese added that the Board of Managing Directors "expects DVB's business to develop favourably, even in the event of a weakening global economy. We benefit from demand for extra capacity in certain transport segments, and by stronger investment in fuel-efficient and environmentally friendly technologies."
Individual operating result items developed as follows: net interest income excluding loan losses totalled EUR193.6 million, up 21.4% on the previous year's figure of EUR159.5 million. Net impairment losses on loans and advances totalled EUR20.3 million (2006: EUR27.8 million). Net fee and commission income was up by 17.0%, to EUR84.8 million (2006: EUR72.5 million). This includes loan commissions from Transport Finance commitments, as well as fees generated by the Bank's investment management and advisory activities. General administrative expenses were up by 17.5%, from EUR125.4 million (2006) to EUR147.4 million.
DVB's nominal customer lending (the aggregate of loans and advances to customers, guarantees and indemnities, and irrevocable loan commitments) rose by 20.1%, to EUR14.38 billion (2006: EUR11.97 billion).
DVB has used financial indicators - specifically, return on equity before taxes (RoE) and cost/income ratio (CIR) - to manage its business since 1998. Based on German GAAP, RoE rose to 25.9% (2006: 20.9%), and CIR was 45.0% (2006: 45.1%).
Based on IFRS, RoE increased to 20.4% (2006: 19.9%), whilst the CIR rose slightly, to 51.2% (2006: 49.9%).
The figures presented here are preliminary, and have not yet been audited. Audited results for the business year 2007 will be outlined at the press conference to present the financial statements and analysts' conference, which will take place in Frankfurt/Main on 14 April 2008, starting at 10:30 a.m. The Group Annual Report will be published within the deadlines prescribed by law, at the latest on 30 April 2008.
DVB Bank AG - Group Consolidated Income Statement (IFRS/unaudited), as at 31/12/2007
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