August 8, 2012
DVB Group posts improved first half 2012 results
DVB increased its consolidated net income before taxes (and excluding net result from financial instruments in accordance with IAS 39) by 36.6%, to €91.1m (H1 2011: €66.7m). At €183.9m, total income for the first six months of 2012 (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), was up by 19.6% year-on-year (H1 2011: €153.8m). Interest income rose by a marked 16.3%, from €419.5m to €487.8m. DVB maintained its business policy – one that is both risk-aware and committed. DVB originated 63 new transactions, with an aggregate volume of €2.2bn (H1 2011: 75 new transactions with a total volume of €2.4bn). The average interest margin on new business originated by the three Transport Finance divisions rose to 356 basis points (H1 2011: 327 basis points). Interest expenses rose by 22.1%, mainly on account of higher funding costs. At €112.5m, net interest income for the first half of 2012 increased slightly year-on-year (H1 2011: €112.2m). Allowance for credit losses amounted to €27.3m in the first half of 2012 (H1 2011: €18.4m). Net interest income after allowance for credit losses declined by 9.2%, from €93.8m to €85.2m. Consolidated net income before taxes was down 5.5% year-on-year, to €70.8m (H1 2011: €74.9 m), whilst consolidated net income after taxes was up 15.8%, to €65.3m (H1 2011: €56.4m).
