EANS-Adhoc: DVB Bank SE DVB posts an all-time high for 2011
Consolidated net income before taxes of EUR147.7 million - up 12.7%
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ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro
adhoc with the aim of a Europe-wide distribution. The issuer is solely
responsible for the content of this announcement.
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Accounting and Audits/Consolidated net income 2011
08.03.2012
DVB Bank SE's clearly-defined business model, with a unique focus on global
Transport Finance, once again proved its worth throughout 2011. Against the
background of the sovereign debt crisis in Europe and the prevailing difficult
conditions in some international maritime shipping market segments, the Bank
posted a very good consolidated net income before taxes of EUR147.7 million,
which exceeded the previous year's record figure of EUR131.1 million by 12.7%.
DVB concluded 184 new transactions with an aggregate volume of EUR5.6 billion
and a risk-adequate average interest margin of 313 basis points (2010: 140 new
transactions, EUR4.4 billion, 327 basis points). Thanks to the higher new
business originated and due to the sale of container boxes by a shipping
investment fund managed by DVB, net interest income rose by 33.8%, to EUR258.3
million (2010: EUR193.0 million); at EUR199.1 million, net interest income after
allowance for credit losses was up 41.2% year-on-year (2010: EUR141.0 million).
Whilst continuing tensions on international transport markets - particularly in
maritime shipping - burdened DVB's portfolios, the Bank's risk management was
effective, thanks to numerous pro-active and targeted measures. Allowance for
credit losses totalled EUR-59.2 million (2010: EUR-52.0 million).
Net fee and commission income, which primarily includes fees and commissions
from lending business, and asset management and advisory fees, remained at a
high level of EUR116.2 million (2010: EUR124.4 million).
Net income from financial instruments in accordance with IAS 39 showed a marked
decline of 85.4%, from EUR30.2 million to EUR4.4 million, reflecting market
volatility in interest rates and currencies during the course of 2011.
DVB's total income (after allowance for credit losses) increased to EUR337.1
million in 2011, up 9.7% year-on-year (2010: EUR307.3 million).
General administrative expenses rose by 7.5%, to EUR189.4 million (2010:
EUR176.2 million). Staff expenses of EUR109.0 million were up 7.4% year-on-year
(2010: EUR101.5 million): due to the Bank's very good business performance,
provisions for payments to employees under the "DVB Long-Term Incentive Plan"
were recognised again. At EUR75.6 million, non-staff expenses were up 9.6% on
the previous year (2010: EUR69.0 million).
Total assets increased by 14.0% from EUR19.3 billion to EUR22.0 billion. DVB´s
nominal customer lending (the aggregate of loans and advances to customers,
guarantees and indemnities, irrevocable loan commitments, and derivatives) rose
by 13.0%, to EUR21.7 billion (2010: EUR19.2 billion).
DVB's capital ratios, determined in accordance with Basel II (following the
confirmation of profits) developed as follows: the tier 1 ratio was 19.7% (2010:
18.9%), and the total capital ratio 21.8% (2010: 22.4%).
The key strategic indicators which the DVB Group uses to manage its business
reflected the successful business performance: return on equity before taxes was
14.0% (2010: 13.9%), and the cost/income ratio declined to 47.8% (2010: 49.0%).
The Board of Managing Directors and the Supervisory Board will propose to DVB
Bank SE´s Annual General Meeting, which will be held on 13 June 2012, to pay an
unchanged dividend of EUR0.60 per notional no-par value share. In this way, DVB
will provide its shareholders with an adequate dividend yield of 2.51%, whilst
further strengthening the Bank's liable capital.
Frankfurt/Main, 8 March 2012
DVB Bank SE
THE BOARD OF MANAGING DIRECTORS
Further inquiry note:
Elisabeth Winter
Investor Relations
Tel: +49 (0)69-97504-329
E-Mail: elisabeth.winter@dvbbank.com
end of announcement euro adhoc
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issuer: DVB Bank SE
Platz der Republik 6
D-60325 Frankfurt am Main
phone: +49 (0)69 9750-40
FAX: +49 (0)69 9750-4444
mail: info@dvbbank.com
WWW: http://www.dvbbank.com
sector: Banking
ISIN: DE0008045501
indexes:
stockmarkets: free trade: Düsseldorf, Stuttgart, regulated dealing/general
standard: Frankfurt
language: English