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DJ EANS-Adhoc: DVB Bank SE / DVB Group posts marked increases in net interest income, and net fee and commission income for 2008, in a challenging global market environment

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  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
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12.03.2009 

DVB Group (DVB) presented its financial statements for the 2008 business year.
Maintaining its consistent focus on the global Transport Finance business, the
Bank followed up on the record figures posted for 2007 with a very satisfactory
result, in spite of all the challenges brought about by the spreading crisis in
the financial markets and the resulting global economic crisis. 

Based on preliminary, unaudited figures, consolidated net profit was at EUR104.9
million, only slightly lower (down 3.9%) than the previous year´s figure of
EUR109.2 million. 

The 24.4% increase in net fee and commission income, to EUR105.5 million, was
particularly gratifying, since it affirms DVB´s strong position as an arranger
of complex financing solutions. Net interest income after allowance for credit
losses also showed a notable 4.2% rise, to EUR176.7 million. This increase was
attributable to the higher volume of new business originated (up 1.0%, to
EUR7.17 billion), and to a notably higher average interest margin (186 basis
points) generated on new business. Allowance for credit losses fell by 18.7%,
from EUR20.3 million to EUR16.5 million. 

Two non-recurring effects need to be taken into account when assessing the
slight decrease in consolidated net profit. Firstly, DVB recognised a EUR35.8
million write-down on a debt security issued by an Icelandic bank, which DVB had
acquired for the purposes of its liquidity reserves used to facilitate payments
via the ECB. The write-down caused DVB´s net income from investment securities
to fall significantly, to EUR-34.1 million. Secondly, DVB incurred additional
costs of approx. EUR29 million as a result of distortions in the money market.
Interest rates stipulated in loan agreements with the Bank´s clients are usually
linked to the London Interbank Offered Rate (LIBOR), a reference interest rate
determined daily by the British Bankers´ Association. Since last year, LIBOR no
longer reflects the reality in the interbank money market. DVB attempts to
counter this distortion by gradually shifting the interest rate reference to
interbank market rates. Some of DVB's competitors have meanwhile taken similar
steps. These non-recurring effects which occurred outside DVB´s core business
thus prevented the Bank from posting another record result. 

General administrative expenses rose by 6.2% to EUR156.5 million. Staff expenses
rose slightly by 3.8%, from EUR88.0 million to EUR91.3 million. The number of
active employees increased to 546 as at 31 December 2008 (up 13.5%). At EUR60.1
million, non-staff expenses were up 10.5% on the previous year (2007: EUR54.4
million). 

At EUR21.03 billion, the volume of business in 2008 was up by a significant
26.7% on the previous year (2007: EUR16.60 billion). DVB´s total assets of
EUR17.38 billion were also up strongly, rising 32.2% (31 Dec 2007: EUR13.15
billion). Reflecting DVB´s prospering new business, nominal customer lending
(the aggregate of loans and advances to customers, guarantees and indemnities,
and irrevocable loan commitments) rose by 28.6%, from EUR14.38 billion to
EUR18.49 billion. Since the US dollar strengthened versus the euro towards the
end of 2008, DVB´s customer lending in US dollar terms (+21.6%) showed a lower
growth rate than in euro terms. 

DVB has been reporting its capital ratios in accordance with the Basel II
framework since the beginning of the 2008 business year. Accordingly, the core
capital ratio was 13.9%, and the total capital ratio 18.2%. Based on the
previous regulatory framework (Basel I), the core capital ratio remained stable,
at 6.2% (31 Dec 2007: 6.4%), whilst the total capital ratio stood at 8.2%
(9.4%). 

The key strategic indicators which DVB uses to manage its business held up well
in an extremely challenging environment: return on equity was 13.1% (2007:
20.4%), and the cost/income ratio stood at 57.4% (2007: 51.2%). Based on German
GAAP (HGB), RoE was 17.7% (2007: 25.9%), and CIR was 43.9% (2007: 45.0%). 

The capital ratios and return on equity shown include the funds raised through
the capital increase successfully concluded in July 2008. 

The Board of Managing Directors and Supervisory Board will propose to DVB Bank
SE´s Annual General Meeting on 10 June 2009 to pay an increased dividend of
EUR0.60 per notional no-par value share for the 2008 business year (2007:
EUR0.50 per share). 

Frankfurt/Main, 12 March 2009 

DVB Bank SE 

THE BOARD OF MANAGING DIRECTORS 

Wolfgang F. Driese      Bertrand Grabowski      Dagfinn Lunde 

end of announcement                               euro adhoc
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March 12, 2009 05:04 ET (09:04 GMT)