During the first half of 2014, the performance of DVB Bank SE in providing financing solutions and advisory services to its clients in the international transport sector was lower than in the same period of the previous year. Consolidated net income before taxes was down 37.7%, to €41.4m (H1 2013: €66.4m). At EUR105.0 million, net interest income decreased by 9.6% year-on-year (H1 2013: €116.2m). Income from the lending business was down 1.6%, to €381.1m (H1 2013: €387.3m). DVB originated 78 new Transport Finance transactions in the period, with an aggregate volume of €2.2bn (H1 2013: 71 new transactions with a total volume of €1.8bn). Interest income from finance leases totalled €8.2m (H1 2013: €12.7m), whilst current income from operating leases decreased 40.1%, to €41.1m (H1 2013: €68.6m). Given the reasons set out above, total interest income thus declined by 7.9%, from €471.9m to €434.7m. Interest expenses also fell, by 7.3%, to €329.7m (H1 2013: €355.7m), given the massive additional liquidity supply on the capital markets and the resulting lower funding costs. However, this effect did not offset the decline in interest income. Consolidated net income before taxes reduced by 37.7%, to €41.4m (H1 2013: €66.4m). Consolidated net income after taxes was down 45.3%, to €31.7m (H1 2013: €57.9m).