DVB Bank remained on course during the first half of 2011, boosting its consolidated net income before taxes to €74.9 million, up 26.9% (H1 2010: €59.0 million).
DVB’s 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 investments accounted for using the equity method, and net other operating income/expenses) totalled €162.0 million, an increase of 15.8% over the results for the first half of 2010 (€139.9 million).
At €112.2 million, net interest income increased by 2.5% year-on-year (H1 2010: €109.5 million). DVB originated 75 new transactions, with an aggregate volume of €2.4 billion (H1 2010: 54 new transactions with a total volume of €1.6 billion). The average interest margin on new business of 327 basis points remained at attractive levels (H1 2010: 349 basis points). Due to higher interest expenses (up 7.1% year-on-year) and allowance for credit losses of €18.4 million (H1 2010: €0.5 million), net interest income after allowance for credit losses declined by 13.9%, from €109.0 million to €93.8 million.
Net fee and commission income, which primarily includes fees and commissions from new Transport Finance business, and – to an increasing extent – asset management and advisory fees, once again rose strongly to €53.5 million, up 29.5% year-on-year (H1 2010: €41.3 million).