DVB Bank has generated relatively stable results during the first three months of 2014, despite the prevailing difficult environment in individual subsegments of international shipping.
Total net income of €83.7 million was only slightly lower than the previous year's figure of €87.3 million.
New business developed positively during the first quarter of 2014: in Shipping Finance, Aviation Finance, Offshore Finance and Land Transport Finance, DVB originated 40 transactions with an aggregate volume of EUR1.1 billion (Q1 2013: 29 transactions with an aggregate volume of EUR0.8 billion).
Wolfgang F. Driese, CEO and Chairman of the Board of Managing Directors of DVB Bank SE, commented on DVB's business development during the first three months:
"We are in the longest shipping crisis ever. This manifests itself in vessel values which have just recently stabilised on a very low level, for example. We are pleased that we have been able to present good results for the first quarter of 2014, not least against the background of a plethora of regulatory burdens.
We continue to anticipate a fully satisfactory business performance throughout 2014, and expect year-end results to be approximately on the previous year's level.