DVB Bank AG, a specialist in transport finance said net profit for
the first quarter ended March fell 12.5 per cent to €26.7m as
investment gains inflated profit figures in the same quarter last
year.
DVB said interest income and net fee and commission income in
the first quarter outperformed the levels achieved last year which
resulted in €31.5m in profit from ordinary activities.
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“We experienced a strong development in our Transport Finance
business during the first three months. Typically, the focus during
the first quarter is on preparing – rather than closing –
transactions: this relationship tends to be reversed in the fourth
quarter. These are good signs for DVB’s performance during the
remainder of the current year, for which I do remain optimistic.
Thanks to our business model, we are not directly affected by the
financial markets crisis. The indirect impact – in the form of
higher refinancing costs – is passed on in full when originating
new business,” chairman, Wolfgang F Criese said in statement.
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