EANS-News: DVB Bank SE / Results for the first half of 2009: DVB posts good consolidated net profit before taxes, in a challenging environment and despite negative special effects

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Financial Figures/Balance Sheet

Frankfurt am Main (euro adhoc) - Consolidated net profit before tax
declined to EUR 61.3 million for the first half of 2009, down 28.0%
year-on-year. Excluding additional expenses of EUR 19.6 million
resulting from money market distortions, the year-on-year decline
would only have amounted to a single-figure percentage.

Wolfgang F. Driese, CEO and Chairman of the Board of Managing
Directors, commented on DVB´s consolidated results for the first half
of 2009:

"Even though our results are down compared to the same period of the
previous year, we are satisfied with these figures, considering the
current economic environment. The consequences of the ongoing severe
crisis affecting financial markets and the global recession only
became evident during the second half of 2008. Accordingly, the
financial statements for the first half of 2008 were still unburdened
by the evolving global economic crisis - in contrast, the global
transport sector has been in the firm grip of recession since the
first half of 2009.

Through extensive efforts, DVB managed to steadily - albeit not
completely - mitigate the impact on its results of the serious money
market distortions. Since the outbreak of the financial markets
crisis in the autumn of 2008, market distortions have created
increasing burdens on existing loan agreements - primarily caused by
the divergence of the LIBOR reference rate from current interbank
interest rates, and also due to increased demand amongst clients for
loans revolving on a one-month basis. To a considerable extent, DVB
was able to adjust the interest conditions of client agreements,
amending the calculation base from distorted LIBOR reference rates to
current interbank rates. In addition, we were able to reset most
exposures with a one-month rollover to a quarterly frequency, in line
with usual market practice.

Our new business is strong - and given the withdrawal of some
competitors, I am optimistic that we will be able to further expand
our market position."

At EUR 138.3 million, total income for the first half of 2009 was
down 11.9% year-on-year.

Net interest income of EUR 86.7 million for the first half of 2009
only fell short of the previous year's level of EUR 90.8 million by
4.5%, a marked slowdown of the decline which had stood at -28.7% for
the first quarter of 2009. Continued global economic troubles, which
have increasingly burdened the transport sector in 2009, required a
net EUR 10.7 million increase in allowance for credit losses (H1
2008: net release of EUR 11.7 million). Net interest income after
allowance for credit losses declined by 25.9%, from EUR 102.5 million
to EUR 76.0 million.

DVB´s fee and commission-based business generates loan commissions
from new Transport Finance exposures, as well as advisory fees. The
net fee and commission income generated continued to show strong
momentum, increasing by 44.2%, to EUR 50.9 million (H1 2008: EUR 35.3
million) - once again demonstrating DVB's strong position in
structuring complex Transport Finance projects.

Net income from financial instruments in accordance with IAS 39
(comprising net trading income, the hedge result, the result from the
application of the fair value option, the result from derivatives
entered into without intention to trade, and net income from
investment securities) rose from EUR 3.2 million to EUR 4.4 million.
Against the background of the financial markets crisis, the figure
particularly reflects increased volatility on foreign exchange and
interest rate markets. Net income from investment securities includes
a further partial write-down of EUR 7.4 million on a bond issued by
an Icelandic bank, which DVB originally held as a liquidity reserve
for payments.

General administrative expenses rose by 7.2% to EUR 77.0 million.
Staff expenses increased by 7.2%, to EUR 44.6 million, while
non-staff expenses were up by 10.5%, to EUR 30.5 million.

DVB reported total assets of EUR 17.89 billion as at 30 June 2009,
showing a slight increase of 3.0% (31 Dec 2008: EUR 17.38 billion).
DVB´s nominal customer lending comprises the aggregate of loans and
advances to customers, guarantees and indemnities, and irrevocable
loan commitments. In euro terms, nominal customer lending declined by
1.0%, from EUR 18.49 billion to EUR 18.31 billion. In US dollar
terms, customer lending volume in fact increased by 0.6%, to USD
25.89 billion. The diverging portfolio growth rates were due to
slight fluctuations in the euro/US dollar exchange rate: since the
end of 2008, the euro has strengthened against the US dollar, from
USD 1.39 to USD 1.41 as at the reporting date.

DVB's two strategic indicators, return on equity (RoE) before taxes
and the cost/income ratio (CIR) developed as follows: RoE before
taxes was down 12.1 percentage points, to 13.2% (H1 2008: 25.3%), due
to the impact of money market distortions. The CIR rose by 2.2
percentage points to 51.7%, (H1 2008: 49.5%).

Calculated in accordance with Basel II, DVB's tier 1 ratio rose to
14.4% (31 December 2008: 13.9%), and the total capital ratio
increased to 19.0% (31 December 2008: 18.2%).

You will find more detailed information in our Group Half-Yearly
Financial Report as of 30 June 2009 on our homepage www.dvbbank.com
in the Investor Relations section.

Note to Editors: DVB Bank SE, headquartered in Frankfurt/Main,
Germany, is the leading specialist in the international Transport
Finance business. The Bank offers integrated financing solutions and
advisory services in respect of Shipping Finance, Aviation Finance,
and Land Transport Finance. The Bank operates out of offices in
Frankfurt/Main, Hamburg, London, Cardiff, Rotterdam, Bergen/Oslo,
Piraeus, Zurich, Singapore, Tokyo, New York and Curaçao. DVB Bank SE
is listed at the Frankfurt Stock Exchange (ISIN: DE0008045501).

end of announcement euro adhoc
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ots Originaltext: DVB Bank SE
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Elisabeth Winter, Manager Investor Relations

Phone +49 69 9750-4329

Elisabeth.winter@dvbbank.com

Branche: Banking
ISIN: DE0008045501
WKN: 804550
Börsen: Stuttgart / free trade
Düsseldorf / free trade
Frankfurt / regulated dealing/general standard