DVB Bank posts slightly lower consolidated net income in 2013

DVB Bank, which is focused on international transport finance, posted consolidated net income after taxes of €110.2m, down 11.8% year-on-year (2012: €124.9m). This decline was mainly due to a special effect which impacted on the previous year’s figure: net other operating income/expenses for 2012 included a significant non-recurring effect from the sale of a stake in aero engine specialist TES Holdings Ltd, Bridgend, Wales. This net item declined from €42.7m to €–4.1m. Net fee and commission income, which primarily includes fees and commissions from the lending business, as well as asset management and advisory fees, amounted to €128.7m and thus only slightly missed the previous year’s record of €130.7m.