Continued success for DVB Group during the first quarter of 2011

DVB Group released that total 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 in companies accounted for using the equity method, and net other operating income/expenses), increased by 68.1%, to EUR 96.0 million during the first quarter of 2011 (Q1 2010: EUR 57.1 million). Net interest income after allowance for credit losses increased by 0.6%, to EUR 51.8 million. The increase reflected 32 new Transport Finance transactions, with an aggregate volume of EUR 1.0 billion (Q1 2010: 15 transactions with an aggregate volume of EUR 0.3 billion), and with an adequate risk-reward ratio: the average interest margin on new business of 323 basis points remained at similarly attractive levels to those seen in the previous year (Q1 2010: 329 basis points). Net income 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 income from investment securities) showed a marked turnaround to EUR 13.2 million (Q1 2010: EUR -11.4 million). This figure particularly reflects increased volatility on foreign exchange and interest rate markets.