EANS-News: DVB Bank SE /

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6-month report/Half-Yearly Financial Report 2011

Frankfurt am Main (euro adhoc) - DVB Group posts a marked increase to
consolidated net income before taxes for the first half of 2011

DVB Bank remained on course during the first half of 2011, boosting
its consolidated net income before taxes to EUR74.9 million, up 26.9%
(H1 2010: EUR59.0 million).

Wolfgang F. Driese, CEO and Chairman of the Board of Managing
Directors, commented on DVB´s consolidated results for the first half
of 2011:

"We maintained the momentum seen during the record year 2010 during
the first six months of 2011.

New business has developed very favourably indeed, in terms of
volumes, margins, and particularly regarding commission income. We
anticipate a similar trend for the second half of the year, even
though we are faced with manifold political and economic
uncertainties around the world.

As we expected, charter rates have come under pressure due to excess
capacity pushing into the markets - particularly for tankers, bulk
freighters and container carriers. Furthermore, the coming months
will require our full attention and expertise. We are certainly
prepared."

DVB's income (comprising net interest income after allowance for
credit losses, net fee and commission income, net income from
financial instruments in accordance with IAS 39, results from
investments accounted for using the equity method, and net other
operating income/expenses) totalled EUR162.0 million, an increase of
15.8% over the results for the first half of 2010 (EUR139.9 million).

At EUR112.2 million, net interest income increased by 2.5%
year-on-year (H1 2010: EUR109.5 million). Even though new
international Transport Finance business continued to increase,
reflecting growth in global transport volumes, DVB maintained its
business policy - one that is both risk-aware and committed. DVB
originated 75 new transactions, with an aggregate volume of EUR2.4
billion (H1 2010: 54 new transactions with a total volume of EUR1.6
billion). The average interest margin on new business of 327 basis
points remained at attractive levels (H1 2010: 349 basis points). Due
to higher interest expenses (up 7.1% year-on-year) and allowance for
credit losses of EUR18.4 million (H1 2010: EUR0.5 million), net
interest income after allowance for credit losses declined by 13.9%,
from EUR109.0 million to EUR93.8 million.

Net fee and commission income, which primarily includes fees and
commissions from new Transport Finance business, and - to an
increasing extent - asset management and advisory fees, once again
rose strongly to EUR53.5 million, up 29.5% year-on-year (H1 2010:
EUR41.3 million).

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) particularly reflects increased volatility on
foreign exchange and interest rate markets: during the first half of
2011 the net figure was positive, at EUR8.2 million, after a negative
result of EUR14.4 million during the same period of 2010.

General administrative expenses rose by 7.7% to EUR87.1 million.
Whilst staff expenses declined by 1.2%, to EUR47.5 million, non-staff
expenses (including depreciation, amortisation, impairment and
write-ups) were up 20.7%, to EUR39.6 million. This increase was due
to higher contributions and fees (specifically involving the bank
levy and the contributions to BVR), higher costs for consultancy
services as well as removal costs incurred at a branch office.

DVB reported a slight decrease in total assets by 1.6% to EUR19.0
billion on the reporting date of 30 June 2011 (31 Dec 2010: EUR19.3
billion). The nominal volume of customer lending (the aggregate of
loans and advances to customers, guarantees and indemnities,
irrevocable loan commitments, and derivatives) decreased by 4.2%, to
EUR18.4 billion. Due to the fact that 85.5% of customer lending is
denominated in US dollars, a year-on-year comparison in US dollar
terms (up 3.9% to US$26.6 billion) reflects business developments
more accurately. In US dollar terms, all lending divisions posted
increases in their respective business areas.

Calculated in accordance with Basel II, DVB's tier 1 ratio rose to
20.1% (31 December 2010: 18.9%), and the total capital ratio
increased to 23.3% (31 December 2010: 22.4%).

DVB's successful business performance is also reflected in its key
financial indicators. These developed as follows: return on equity
(before taxes) was 14.4% - up 1.6 percentage points (H1 2010: 12.8%)
and the cost/income ratio fell by 9.3 percentage points, to 48.3% (H1
2010: 57.6%).

You can find an extensive video commentary on DVB´s half-yearly
financial results by Wolfgang F. Driese, CEO and Chairman of the
Board of Managing Directors of DVB Bank SE, on our website:
www.dvbbank.com.

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).

Further inquiry note:
Elisabeth Winter
Investor Relations
Tel: +49 (0)69-97504-329
E-Mail: elisabeth.winter@dvbbank.com

end of announcement euro adhoc
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company: DVB Bank SE
Platz der Republik 6
D-60325 Frankfurt am Main
phone: +49 (0)69 9750-40
FAX: +49 (0)69 9750-4444
mail: info@dvbbank.com
WWW: http://www.dvbbank.com
sector: Banking
ISIN: DE0008045501
indexes:
stockmarkets: free trade: Stuttgart, Düsseldorf, regulated dealing/general
standard: Frankfurt
language: English