DVB H1 results

DVB Bank increased consolidated net income before taxes for the first half of 2015 by 4.6% year-on-year, to €43.3 million (previous year: €41.4 million).

Ralf Bedranowsky, CEO and Chairman of DVB Bank SE's Board of Managing Directors, said: “We remain cautiously optimistic for the development of DVB's operating business in Transport Finance during the second half of the year. After all, experience shows that we are usually able to increase profit contributions from our financing and advisory business with the international transport sector during the second half of the year. Risk costs will remain at the levels seen in previous years for the time being, due to the prevailing difficult situation in some shipping segments.

In contrast to our previous guidance for consolidated net income to exceed the previous year's level, taking the burden by the non-recurring effect due to the write-down mentioned into account, the Bank's consolidated net income for 2015 might be lower year-on-year."

DVB’s interest income rose by 18.9%, from €434.7 million to €516.8 million. DVB's new business in Shipping Finance, Aviation Finance, Offshore Finance and Land Transport Finance during the first half of 2015 comprised 100 transactions with an aggregate volume of €3.6 billion (previous year: 78 transactions with an aggregate volume of €2.2 billion).