May 13, 2014

DVB starts into 2014 with stable results

DVB Bank generated relatively stable results during the first three months of 2014. New business developed positively during the first quarter of 2014: in Shipping Finance, Aviation Finance, Offshore Finance and Land Transport Finance, DVB originated 40 transactions with an aggregate volume of €1.1bn (Q1 2013: 29 transactions with an aggregate volume of €0.8bn). Total net income of €83.7m was only slightly lower than the previous year’s figure of €87.3m. Net interest income was down 16.7%, to €56.9m (Q1 2013: €68.3m). Allowance for credit losses of €2.2m was reversed – largely in Shipping Finance (Q1 2013: allowance recognised of €4.2m). Accordingly, net interest income after allowance for credit losses declined by 7.8%, to €59.1m (Q1 2013: €64.1m). Net fee and commission income, which primarily includes fees and commissions from new Transport Finance business, and asset management and advisory fees, amounted to €23.1m and was thus maintained close to the very good figure posted the year before (Q1 2013: €23.9m). Accordingly, consolidated net income before IAS 39 and taxes amounted to €38.9m (Q1 2013: €44.7m).

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