EANS-News: DVB Group posts a marked increase in consolidated net income before IAS 39 and taxes for the first half of 2012

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6-month report

Frankfurt am Main (euro adhoc) - DVB increased its consolidated net
income before taxes (and excluding net result from financial
instruments in accordance with IAS 39) by 36.6%, to EUR91.1 million
(H1 2011: EUR66.7 million).

Wolfgang F. Driese, CEO and Chairman of the Board of Managing
Directors, commented on DVB's consolidated results for the first half
of 2012:

"We have picked up speed nicely during the second quarter, bringing
the various items of our income statement (excluding net income from
financial instruments in accordance with IAS 39) into our target
range for the first half of the year.

The general risk situation remains a challenge, as existing excess
capacity and the high number of new deliveries coincide with falling
demand in some transport sectors. The absence of any convincing and
sustainable political measures to tackle the sovereign debt crisis is
a major burden to the economic environment.

We are very satisfied with DVB's achievements. The six-month
financial statements show that we are straight on course for reaching
our target of generating results that are comparable to the previous
year."

At EUR183.9 million, total income for the first six months of 2012
(comprising net interest income after allowance for credit losses,
net fee and commission income, results from investments in companies
accounted for using the equity method, and net other operating
income/expenses), was up by 19.6% year-on-year (H1 2011: EUR153.8
million).

Interest income rose by a marked 16.3%, from EUR419.5 million to
EUR487.8 million. DVB maintained its business policy - one that is
both risk-aware and committed. DVB originated 63 new transactions,
with an aggregate volume of EUR2.2 billion (H1 2011: 75 new
transactions with a total volume of EUR2.4 billion). The average
interest margin on new business originated by the three Transport
Finance divisions rose to 356 basis points (H1 2011: 327 basis
points). Interest expenses rose by 22.1%, mainly on account of higher
funding costs. At EUR112.5 million, net interest income for the first
half of 2012 increased slightly year-on-year (H1 2011: EUR112.2
million). Allowance for credit losses amounted to EUR27.3 million in
the first half of 2012 (H1 2011: EUR18.4 million). Net interest
income after allowance for credit losses declined by 9.2%, from
EUR93.8 million to EUR85.2 million.

Net fee and commission income, which primarily includes fees and
commissions from new Transport Finance business, and asset management
as well as advisory fees, grew to EUR54.6 million, up 2.1%
year-on-year (H1 2011: EUR53.5 million).

Net other operating income/expenses rose from EUR6.2 million to
EUR43.9 million. Specifically, this figure also includes the proceeds
from the sale of shareholdings. On 14 June 2012, the Bank sold a 60%
stake in TES Holdings Ltd, the British aero engine specialist
headquartered in Bridgend, Wales, to two Japanese investors. The two
new partners - Mitsubishi Corporation, and Development Bank of Japan,
Inc. - acquired 35% and 25%, respectively. DVB remains the largest
shareholder, with 40%.

General administrative expenses rose by 6.5% to EUR92.8 million.
Major expense items included a 10.1% increase in staff expenses, to
EUR 52.3 million. Higher bank levy charges and contributions to the
deposit insurance scheme, meant that non-staff expenses (including
depreciation, amortisation and write-downs) increased slightly by
EUR0.9 million, to EUR40.5 million.

Net result 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 result from
investment securities) once again especially reflected the high
volatility levels on foreign exchange and interest rate markets:
during the first half of 2012, the net figure was negative, at
EUR20.3 million, after a positive balance of EUR8.2 million during
the same period of 2011.

Consolidated net income before taxes was down 5.5% year-on-year, to
EUR70.8 million (H1 2011: EUR74.9 million), whilst consolidated net
income after taxes was up 15.8%, to EUR65.3 million (H1 2011: EUR56.4
million).

DVB reported a 10.0% increase in total assets to EUR24.2 billion on
the reporting date of 30 June 2012 (31 Dec 2011: EUR22.0 billion).
The nominal volume of customer lending (the aggregate of loans and
advances to customers, guarantees and indemnities, irrevocable loan
commitments, and derivatives) increased by 4.6%, to EUR22.7 billion.
In US dollar terms, customer lending was up by 1.4%, to US$28.5
billion. As at 30 June 2012, 96.0% of DVB's assets were backed by
long-term funding.

DVB's key financial indicators developed as follows:

Return on equity before taxes was 12.8% - down 1.6 percentage points
(H1 2011: 14.4%). Accordingly, the cost/income ratio rose by 0.3
percentage points, to 48.6% (H1 2011: 48.3%).

Calculated in accordance with Basel II, DVB's tier 1 ratio declined
slightly, to 18.8% (31 December 2011: 19.7%), due to the stronger US
dollar exchange rate. Reflecting the issue of subordinated funds, the
total capital ratio in accordance with Basel II increased to 22.3%
(31 December 2011: 21.8%).

You can find a video commentary on the six-month results by Wolfgang
F. Driese, CEO and Chairman of the Board of Managing Directors of DVB
Bank SE, on our website: www.dvbbank.com

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. DVB is present at key international
financial centres and transport hubs: at its Frankfurt/Main head
office, as well as various European locations (Athens, Bergen,
Hamburg, London, Oslo, Rotterdam and Zurich), plus offices in the
Americas (New York City and Curaçao) and in Asia (Singapore and
Tokyo). DVB Bank SE is listed at the Frankfurt Stock Exchange (ISIN:
DE0008045501). www.dvbbank.com

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Further inquiry note:
Elisabeth Winter
Head of Investor Relations
Tel: +49 (0)69-97504-329
E-Mail: elisabeth.winter@dvbbank.com

end of announcement euro adhoc
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company: DVB Bank SE
Platz der Republik 6
D-60325 Frankfurt am Main
phone: +49 (0)69 9750-40
FAX: +49 (0)69 9750-4444
mail: info@dvbbank.com
WWW: http://www.dvbbank.com
sector: Banking
ISIN: DE0008045501
indexes:
stockmarkets: free trade: Düsseldorf, Stuttgart, regulated dealing/general
standard: Frankfurt
language: English