Based on preliminary, still unaudited figures, DVB Bank SE posted record consolidated net income before taxes of EUR 131.1 million, a 51.4% increase over the previous year’s figure of EUR 86.6 million. Consolidated net fee and commission income, which primarily includes fees and commissions from lending business, and – to an increasing extent – asset management and advisory fees, rose to EUR 124.4 million, up 27.2% year-on-year (2009: EUR 97.8 million). Attractive new Transport Finance business was also the main contributor here.
Net income from financial instruments in accordance with IAS 39 showed a significant 68.7% increase, from EUR 17.9 million to EUR 30.2 million, reflecting market volatility in interest rates and currencies during the course of 2010. The comparable figures for 2008 and 2009 had burdened the IAS 39 result by the impairment of a bank bond; no further write-downs were required in 2010.
At EUR21.2 billion, the volume of business in 2010 was up 11.0% on the previous year (2009: EUR 19.1 billion). DVB’s total assets also increased, to EUR 19.3 billion on the reporting date (2009: EUR 17.3 billion). The Bank’s nominal customer lending for regulatory purposes (the aggregate of loans and advances to customers, guarantees and indemnities, derivatives, and irrevocable loan commitments) increased by 11.0%, to EUR 19.2 billion (2009: EUR 17.3 billion).
