DVB Bank concluded 158 new transport finance transactions in 2012 with an aggregate volume of €4.6 billion ($6.05 billion) with an improved average interest margin of 352 basis points. This compares with 184 new transactions with a €5.6 billion volume in 2011 with an average interest margin of 313 basis points.
Net fee and commission income generated a record high €130.7 million in 2012, up 12.5% from the previous year.
General administrative expenses were down 2.9%, to €184 million, mainly due to the deconsolidation of TES Holdings. In June 2012, DVB sold a 60% stake in TES Holdings to Mitsubishi and Development Bank of Japan, which acquired 35% and 25%, respectively, in the aero engine specialist.
Net interest income at the bank, after allowances for credit losses, declined by 20%, to €159.3 million due to higher risk costs. Consolidated net income after taxes reached €124.9 million, up 13% from €110.4 million in 2011.
"Once again, DVB posted a very good result, in testing times - a confirmation of our business model, our market position, and the expertise of our staff. 85% of the financings on our books are performing satisfactorily," says chief executive officer and chairman of the board of managing directors Wolfgang Driese.