EANS-News: Nine-month results 2009: DVB posts solid consolidated net income before taxes

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quarterly report

Frankfurt am Main (euro adhoc) - DVB posted good results, with
consolidated net income before taxes of EUR77.9 million (-22.3%), in
an international Transport Finance environment that remains
challenging.

Wolfgang F. Driese, CEO and Chairman of the Board of Managing
Directors, assessed DVB´s consolidated results:

"Considering the prevailing difficulties on financial markets and the
continuing recession burdening international transport markets, we
are satisfied with the consolidated net income before taxes posted.
Our focus on international Transport Finance has proven to be
sustainable during times of crisis.

A market environment characterised by less pronounced competition
allowed us to enter into numerous new exposures where returns once
again adequately reflect the risk involved. Moreover, we managed to
continuously reduce the burden of the significant money market
distortions on our results considerably during the course of the
year.

Due to the continued global economic troubles, we needed to recognise
EUR17.2 million in allowance for credit losses during the period
under review. Looking towards the year 2009 as a whole, we anticipate
allowance for credit losses to be at a higher, yet clearly manageable
level."

The individual components of the nine-month results developed as
follows:

Total income (comprising net interest income after allowance for
credit losses, net fee and commission income, net income from
financial instruments in accordance with IAS 39, results from equity
interests accounted for using the equity method, and net other
operating income/expenses) declined by 7.1%, from EUR208.5 million to
EUR193.8 million.

Net interest income (which is generated predominantly in DVB Group´s
Transport Finance business) decreased to EUR126.4 million (down
9.5%), and net interest income after allowance for credit losses fell
by 29.1%, from EUR154.1 million to EUR109.2 million. With new
business volumes at EUR2.02 billion (Q3 2008: EUR5.12 billion), the
average interest margin on new Transport Finance business showed a
marked increase from 178 bp to 335 bp. DVB succeeded in further
mitigating the impact of money market distortions, reducing the
additional cost burden resulting from turbulence on global financial
markets to a mere EUR1.0 million in the third quarter of 2009,
following EUR17.3 million in the first quarter and EUR2.3 million in
the second. The aggregate impact for the first nine months was
EUR20.6 million. The reduction was achieved by transferring loan
agreements to quarterly interest rate fixings, and basing them on
current interbank rates instead of the LIBOR reference rate, which
has been distorted.

Against the background of continued global economic troubles, DVB
recognised EUR17.2 million in allowance for credit losses (Q3 2008:
release of EUR14.4 million).

Net fee and commission income showed a welcome 3.6% increase, from
EUR66.5 million to EUR68.9 million, mainly attributable to higher
lending fees generated from structured financings, and advisory fees.

General administrative expenses were up 7.0%, to EUR115.9 million.
Staff expenses increased by 6.7%, to EUR67.2 million, while non-staff
expenses were up by 7.5%, to EUR48.7 million.

DVB reported total assets of EUR17.44 billion, slightly up by 0.3%
year-on-year. DVB´s nominal customer lending comprises the aggregate
of loans and advances to customers, guarantees and indemnities, and
irrevocable loan commitments; it is determined through consolidation
in line with applicable regulatory provisions. In euro terms, nominal
customer lending amounted to EUR17.50 billion, down 5.4% compared to
the year-end 2008 that was mainly attributable to a decline in credit
commitments. In US dollar terms, customer lending volume decreased
only slightly, by 0.5%, to USD25.62 billion. The diverging portfolio
growth rates were due to fluctuations in the euro/US dollar exchange
rate: since the end of 2008, the euro has strengthened against the US
dollar, from USD1.39 to USD1.46 as at the reporting date. Hence, the
decline in customer lending was more pronounced in euro terms.

DVB's key financial indicators developed as follows (in accordance
with IFRS): the return on equity before tax was down 6.7 percentage
points, to 11.4% (Q3 2008: 18.1%), mainly due to the impact of money
market distortions. The cost/income ratio fell by one percentage
point, to 54.9% (Q3 2008: 55.9%).

DVB's tier 1 ratio rose to 15.4% (31 December 2008: 13.9%), and the
total capital ratio increased to 19.8% (31 December 2008: 18.2%).

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:

Contact for this press release:

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