EANS-Adhoc: DVB Bank SE / DVB Group posts marked increases in net interest income, and net fee and commission income for 2008, in a challenging global market environment

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12.03.2009

DVB Group (DVB) presented its financial statements for the 2008
business year. Maintaining its consistent focus on the global
Transport Finance business, the Bank followed up on the record
figures posted for 2007 with a very satisfactory result, in spite of
all the challenges brought about by the spreading crisis in the
financial markets and the resulting global economic crisis.

Based on preliminary, unaudited figures, consolidated net profit was
at EUR104.9 million, only slightly lower (down 3.9%) than the
previous year´s figure of EUR109.2 million.

The 24.4% increase in net fee and commission income, to EUR105.5
million, was particularly gratifying, since it affirms DVB´s strong
position as an arranger of complex financing solutions. Net interest
income after allowance for credit losses also showed a notable 4.2%
rise, to EUR176.7 million. This increase was attributable to the
higher volume of new business originated (up 1.0%, to EUR7.17
billion), and to a notably higher average interest margin (186 basis
points) generated on new business. Allowance for credit losses fell
by 18.7%, from EUR20.3 million to EUR16.5 million.

Two non-recurring effects need to be taken into account when
assessing the slight decrease in consolidated net profit. Firstly,
DVB recognised a EUR35.8 million write-down on a debt security issued
by an Icelandic bank, which DVB had acquired for the purposes of its
liquidity reserves used to facilitate payments via the ECB. The
write-down caused DVB´s net income from investment securities to fall
significantly, to EUR-34.1 million. Secondly, DVB incurred additional
costs of approx. EUR29 million as a result of distortions in the
money market. Interest rates stipulated in loan agreements with the
Bank´s clients are usually linked to the London Interbank Offered
Rate (LIBOR), a reference interest rate determined daily by the
British Bankers´ Association. Since last year, LIBOR no longer
reflects the reality in the interbank money market. DVB attempts to
counter this distortion by gradually shifting the interest rate
reference to interbank market rates. Some of DVB's competitors have
meanwhile taken similar steps. These non-recurring effects which
occurred outside DVB´s core business thus prevented the Bank from
posting another record result.

General administrative expenses rose by 6.2% to EUR156.5 million.
Staff expenses rose slightly by 3.8%, from EUR88.0 million to EUR91.3
million. The number of active employees increased to 546 as at 31
December 2008 (up 13.5%). At EUR60.1 million, non-staff expenses were
up 10.5% on the previous year (2007: EUR54.4 million).

At EUR21.03 billion, the volume of business in 2008 was up by a
significant 26.7% on the previous year (2007: EUR16.60 billion).
DVB´s total assets of EUR17.38 billion were also up strongly, rising
32.2% (31 Dec 2007: EUR13.15 billion). Reflecting DVB´s prospering
new business, nominal customer lending (the aggregate of loans and
advances to customers, guarantees and indemnities, and irrevocable
loan commitments) rose by 28.6%, from EUR14.38 billion to EUR18.49
billion. Since the US dollar strengthened versus the euro towards the
end of 2008, DVB´s customer lending in US dollar terms (+21.6%)
showed a lower growth rate than in euro terms.

DVB has been reporting its capital ratios in accordance with the
Basel II framework since the beginning of the 2008 business year.
Accordingly, the core capital ratio was 13.9%, and the total capital
ratio 18.2%. Based on the previous regulatory framework (Basel I),
the core capital ratio remained stable, at 6.2% (31 Dec 2007: 6.4%),
whilst the total capital ratio stood at 8.2% (9.4%).

The key strategic indicators which DVB uses to manage its business
held up well in an extremely challenging environment: return on
equity was 13.1% (2007: 20.4%), and the cost/income ratio stood at
57.4% (2007: 51.2%). Based on German GAAP (HGB), RoE was 17.7% (2007:
25.9%), and CIR was 43.9% (2007: 45.0%).

The capital ratios and return on equity shown include the funds
raised through the capital increase successfully concluded in July
2008.

The Board of Managing Directors and Supervisory Board will propose to
DVB Bank SE´s Annual General Meeting on 10 June 2009 to pay an
increased dividend of EUR0.60 per notional no-par value share for the
2008 business year (2007: EUR0.50 per share).

Frankfurt/Main, 12 March 2009

DVB Bank SE

THE BOARD OF MANAGING DIRECTORS

Wolfgang F. Driese Bertrand Grabowski Dagfinn Lunde

end of announcement euro adhoc
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ots Originaltext: DVB Bank SE
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Elisabeth Winter

Investor Relations

Tel: +49 (0)69-97504-329

E-Mail: elisabeth.winter@dvbbank.com

Branche: Banking
ISIN: DE0008045501
WKN: 804550
Börsen: Börse Stuttgart / free trade
Börse Düsseldorf / free trade
Börse Frankfurt / regulated dealing/general standard