May 15, 2012

DVB’s consolidated net income down 6.3% year-on-year

DVB’s consolidated net income before IAS 39 and taxes declined slightly to €37.1m for the first quarter of 2012, down 6.3% year-on-year (Q1 2011: €39.6m). Total income (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, and net other operating income/expenses) of €82.0m for the first quarter of 2012 almost matched the previous year’s level (down 1.0% – Q1 2011: €82.8m). Net fee and commission income, which primarily includes fees and commissions from new Transport Finance business, and asset management and advisory fees, was down 9.9%, to €24.5m (Q1 2011: €27.2m). DVB reported total assets of €22.5bn as at 31 March 2012, up 2.3% from the 2011 year-end (31 December 2011: €22.0bn). 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 2.3%, to €21.2bn.

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