DVB Group publishes nine month results

Dino D'Amore
By Dino D'Amore November 14, 2013 18:25

DVB Group publishes nine month results

DVB Bank has reported consolidated net income before taxes of €96.2 million, down 7.8% on the previous year (9m 2012: €104.3 million) mainly caused by the sale of its stake in British aero engine specialist TES Holdings.

Wolfgang F. Driese, CEO and Chairman of the Board of Managing Directors of DVB Bank SE, commented on the Bank’s results for the first nine months of 2013 and provided an outlook on business developments during the remainder of the business year:

“Even though we see signs of vessel values and charter rates bottoming out in the troubled shipping sectors, the shipping finance business remains challenging in 2013, and will continue to do so into next year. Against this background, we are satisfied with the Bank’s results as at 30 September 2013. Excluding last year’s non-recurring effect, we anticipate being able to once again present a solid set of full-year results.”

Dino D'Amore
By Dino D'Amore November 14, 2013 18:25
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