DVB Bank suffered a loss in its international transport finance
business during the nine months to 30 September 2011, with
consolidated net income down 13.7% from €98m to €84.6m.
Total income came down 1.8% from €241.6m to €237.3m, and return
on equity was 11% – down 2.9% from the last 9 months. Chief
executive of DVB, Wolfgang F. Driese, attributed the changes to the
level of volatility on foreign exchange and interest rate
markets.
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However, after allowance for credit losses, net interest income
increased by 21.2% to €162.1 million, and DVB’s total assets rose
by 7.3%, from €19.3 billion to €20.7 billion. New transport finance
business totalled 109 transactions as of 30 September 2011, up from
93 in 2010, their aggregate volume increasing from €3bn to
€3.3bn.
Driese said: “Compared to the turmoil caused by the sovereign
debt crisis, the impact of volatility on the transport markets and
of the increasing divergence between transport asset supply and
demand almost take a step back – even though these two factors are
more important for our business. In these extreme adversities,
DVB’s business model proves its strength.”
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