DVB sees a tough year even with TES sale on the books

Victoria
By Victoria March 7, 2013 12:16

DVB sees a tough year even with TES sale on the books

DVB has posted revenue of €341.2m for the past full year, down from €391.9m the year before, this comes as a result of allowances for credit losses of €70.7m.
DVB concluded 158 new Transport Finance transactions with an aggregate volume of €4.6bn and an improved average interest margin of 352 basis points from 184 new transactions, with an aggregate volume of €5.6bn, with an average 313 basis point margin for the year before (2011).
Net interest income after allowance for credit losses declined by 20.0%, to €159.3m from €199.1m on the back of higher risk allowances of €70.7m from €59.2m the year before.
There was good news from the figures for net fee and commission income which grew by 12.5%, from €116.2m to €130.7m.
Net operating income was up at €42.7m from €17.3m on the back of the sale of a 60% stake in TES Holdings Ltd.
Consolidated net income before IAS 39 and taxes rose by 9.7%, from EUR143.3 million to EUR157.2 million. IAS 39 dragged consolidated net income before taxes down 4.3% to €141.4 million from €147.7 m. Consolidated net income after taxes totalled €124.9m, an increase of 13.1% from €110.4m.
Return on equity before taxes was 12.9% down from 14.0% last year, and the cost/income ratio was improved to 46.5% from 47.8%. DVB’s total assets rose by 8.2%, from €22.0bn to €3.8bn. DVB’s capital ratios remain steady with the tier 1 ratio at 20.3% from 19.7% and the total capital ratio at 23.6% from 21.8%. The board propose a dividend of .60 per notional no-par value share or 2.47%, flat on last year.

Victoria
By Victoria March 7, 2013 12:16
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