DVB Bank posts reasonable consolidated net income before taxes for first quarter of 2016

During the first three months of 2016, DVB Bank generated consolidated net income before taxes of €25.9m compared to €84.3m in the first quarter 2015. DVB originated 27 new transactions in its core Transport Finance business, with an aggregate volume of €1.2bn (Q1 2015: 51 new transactions with a total volume of €1.7bn). Whilst the Bank adopted a cautious lending policy in the persistently difficult segments of the shipping industry, it very successfully originated new business in Aviation Finance with aircraft financings, and in Land Transport Finance, where it finances rail rolling stock and rail-related vehicles. DVB Bank was also successful in the advisory business where net fee and commission income rose by 3.1%, to €27.0m.