DVB starts into 2014 with stable results

DVB Bank generated relatively stable results during the first three months of 2014. 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 €1.1bn (Q1 2013: 29 transactions with an aggregate volume of €0.8bn). Total net income of €83.7m was only slightly lower than the previous year’s figure of €87.3m. Net interest income was down 16.7%, to €56.9m (Q1 2013: €68.3m). Allowance for credit losses of €2.2m was reversed – largely in Shipping Finance (Q1 2013: allowance recognised of €4.2m). Accordingly, net interest income after allowance for credit losses declined by 7.8%, to €59.1m (Q1 2013: €64.1m). Net fee and commission income, which primarily includes fees and commissions from new Transport Finance business, and asset management and advisory fees, amounted to €23.1m and was thus maintained close to the very good figure posted the year before (Q1 2013: €23.9m). Accordingly, consolidated net income before IAS 39 and taxes amounted to €38.9m (Q1 2013: €44.7m).