EANS-News: DVB Bank SE / DVB Group posts a solid start to 2009 - Interest margin hits all-time high

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Frankfurt am Main (euro adhoc) - Wolfgang F. Driese, CEO and Chairman
of the Board of Managing Directors, commented on DVB Group's results
for the first quarter of 2009: "DVB has held its course, despite the
challenging situation on financial markets and the impact of
recession on the international transport sector. DVB's integration in
the German Cooperative Financial Services Network, led by DZ BANK,
provides us with access to so-called 'retail liquidity' generated by
German cooperative banks. DVB can continue to rely on this solid
funding base. The Bank sustained the momentum in its new business; we
thus managed to follow up on our successful track record of recent
years with a profitable start to 2009. Whilst we are very satisfied
with this result, the difficult environment makes it impossible to
issue any forecast regarding the performance for the remainder of the
2009 business year."

Total income remained stable during the first quarter of 2009, at
EUR63.3 million (down 0.6%).

New Transport Finance business totalled EUR1.12 billion during the
first quarter (Q1 2008: EUR1.17 billion), with 39 new transactions.
The average interest margin on new business reached an all-time high
of 344 basispoints (Q1 2008: 161 basispoints). Even though this was a
very positive development, it could not fully compensate for higher
funding costs and, in particular, the significant impact of
distortions on the money market, as a result of which DVB incurred
additional expenses of EUR17.3 million. Due to these factors, net
interest income declined by a marked 28.7%, to EUR30.1 million (Q1
2008: EUR42.2 million). Allowance for credit losses showed a net
EUR0.4 million release (Q1 2008: net release of EUR7.4 million).
Accordingly, net interest income after allowance for credit losses
fell to EUR30.5 million, down 38.5%.

DVB's fee and commission-based business generates loan commissions
from new Transport Finance exposures, as well as advisory fees. The
net fee and commission income nearly tripled, from EUR13.5 million in
the first quarter of 2008, to EUR32.9 million. This underlines the
strong position held by DVB in structuring complex financing projects
for its international clients, and in advising them.

Net income from financial instruments in accordance with IAS 39
(comprising net trading income, the hedge result, the result from the
application of the fair value option, the result from derivatives
entered into without intention to trade, and net income from
investment securities) showed a deficit that widened to EUR5.3
million (Q1 2008 saw a EUR0.9 million deficit). Against the
background of the financial markets crisis, the figure especially
reflects increased volatility on foreign exchange and interest rate
markets.

General administrative expenses rose by 12.4% to EUR36.2 million.
Staff expenses were up 16.7%, to EUR21.7 million, particularly due to
the hiring of 45 additional Transport Finance/Investment Management
professionals for the Bank's worldwide offices. In this way, DVB
expanded its resources in good time to provide even closer support to
its clients during this challenging market phase. At EUR14.5 million,
non-staff expenses remained virtually unchanged (EUR+0.8 million).

The result from operating activities before tax declined by 14.0%
during the first quarter, to EUR27.1 million.

DVB reported total assets of EUR17.86 billion, up 2.8% as at 31 March
2009 (31 Dec 2008: EUR17.38 billion). The Bank's nominal customer
lending (the aggregate of loans and advances to customers, guarantees
and indemnities, and irrevocable loan commitments) totalled EUR19.56
billion - up 5.8% from the year-end 2008. In US dollar terms,
customer lending volume only increased by 1.1%, to US$26.03 billion.
Once again, the different portfolio growth rates were due to
fluctuations in the euro/US dollar exchange rate: since the end of
2008, the euro has weakened against the US dollar, from US$1.39 to
US$1.33 as at the reporting date. Hence, the growth in customer
lending was more pronounced in euro terms.

DVB's two strategic indicators, return on equity (RoE) before tax and
the cost/income ratio (CIR) developed as follows: RoE before tax
declined by 6.8 percentage points, to 11.9% (Q1 2008: 18.7%). The CIR
rose by 0.3 percentage points to 57.6%, (Q1 2008: 57.3%).

Calculated in accordance with Basel II, DVB's tier 1 ratio rose to
15.3% (31 December 2008: 13.9%), and the total capital ratio
increased to 20.3% (31 December 2008: 18.2%).

Note to Editors: DVB Bank SE, headquartered in Frankfurt/Main,
Germany, is the leading specialist in the international Transport
Finance business. The Bank offers integrated financing solutions and
advisory services in respect of Shipping Finance, Aviation Finance,
and Land Transport Finance. The Bank operates out of offices in
Frankfurt/Main, Hamburg, London, Cardiff, Rotterdam, Bergen/Oslo,
Piraeus, Zurich, Singapore, Tokyo, New York and Curaçao. DVB Bank SE
is listed at the Frankfurt Stock Exchange (ISIN: DE0008045501).

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

Further inquiry note:

Contact for this press release:

Elisabeth Winter, Manager Investor Relations

Phone +49 69 97 50-43 29

Email: elisabeth.winter@dvbbank.com

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