DVB Bank Posts Excellent Results for 1Q06

The results posted by DVB Bank for the first quarter of 2006 show that the Bank has had an excellent start to 2006. At EUR 30.8 million, the result from operating activities before tax doubled compared to the same quarter of the previous year (Q1 2005: EUR 14.5 million).

Mr. Wolfgang F. Driese, Chairman of the Board of Managing Directors of DVB Bank AG, summarised the Bank's results: "The first quarter results represent the continuation of DVB's success story over the last two years. In particular, the two strategic financial indicators we use to manage the Bank's business – return on equity and cost/income ratio – remained within the defined target ranges. I envisage new business generation to remain strong during the course of the year. Interest margins are expected to be high – albeit declining slightly – and commission income is set to continue increasing."

Individual operating result items developed as follows: net interest income after loan losses totalled EUR 36.3 million, up 47.6% on the previous year's figure of EUR 24.6 million. Net fee and commission income rose by 13.1% to EUR 17.1 million. This includes loan commissions from new Transport Finance commitments arranged, as well as advisory fees generated by the Bank's Corporate Finance activities. General administrative expenditure declined slightly, by 1.1%, to EUR 25.8 million.

DVB Bank AG reported total assets of EUR 11.0 billion (Q1 2005: EUR 10.9 billion). The 1.2% increase 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 11.06 billion – up 2.6% from the year-end 2005 (31 Dec 2005: EUR 10.78 billion).

The core capital ratio fell slightly, to 6.6% (31 Dec 2005: 6.8%), whilst the total capital ratio rose to 10.6% (10.2%).

The key financial indicators used in the strategic management of the DVB Group developed in a particularly favourable manner: according to IFRS, return on equity (before taxes) was 23.2% – up 7.5 percentage points (Q1 2005: 15.7% according to IFRS). The cost/income ratio according to IFRS fell by 13.2 percentage points, to 45.5% (Q1 2005: 58.7 % according to IFRS). Based on German GAAP, return on equity for the first quarter increased to 23.3% (Q1 2005: 17.8%), whilst the cost/income ratio improved to 46.5% (54.7%).

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, Land Transport and Transport Infrastructure. The Bank operates out of offices in Frankfurt/Main, London, New York, Rotterdam, Hamburg, Bergen, Piraeus, Hong Kong, Singapore, Tokyo and Curaçao. DVB Bank AG is listed at the Frankfurt Stock Exchange (ISIN: DE0008045501).


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