DVB posts consolidated net income before taxes of €147.7m

DVB concluded 184 new transactions with an aggregate volume of €5.6bn and a risk-adequate average interest margin of 313 basis points (2010: 140 new transactions, €4.4bn, 327 basis points). Thanks to the higher new business originated and due to the sale of container boxes by a shipping investment fund managed by DVB, net interest income rose by 33.8%, to €258.3m (2010: €193.0m); at €199.1m, net interest income after allowance for credit losses was up 41.2% year-on-year (2010: €141.0m). Net fee and commission income, which primarily includes fees and commissions from lending business, and asset management and advisory fees, remained at a high level of €116.2m (2010: €124.4mi). Net income from financial instruments in accordance with IAS 39 showed a marked decline of 85.4%, from €30.2m to €4.4m, reflecting market volatility in interest rates and currencies during the course of 2011. DVB’s total income (after allowance for credit losses) increased to €337.1m in 2011, up 9.7% year-on-year (2010: €307.3m). The Bank posted a consolidated net income before taxes of €147.7m, which exceeded the previous year’s record figure of €131.1m by 12.7%.