EANS-News: DVB Bank SE / Results for the first half of 2009: DVB posts good consolidated net profit before taxes, in a challenging environment and despite negative special effects

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Frankfurt am Main (euro adhoc) - Consolidated net profit before tax declined to
EUR 61.3 million for the first half of 2009, down 28.0% year-on-year. Excluding
additional expenses of EUR 19.6 million resulting from money market distortions,
the year-on-year decline would only have amounted to a single-figure percentage.

Wolfgang F. Driese, CEO and Chairman of the Board of Managing Directors,
commented on DVB´s consolidated results for the first half of 2009:

"Even though our results are down compared to the same period of the previous
year, we are satisfied with these figures, considering the current economic
environment. The consequences of the ongoing severe crisis affecting financial
markets and the global recession only became evident during the second half of
2008. Accordingly, the financial statements for the first half of 2008 were
still unburdened by the evolving global economic crisis - in contrast, the
global transport sector has been in the firm grip of recession since the first
half of 2009.

Through extensive efforts, DVB managed to steadily - albeit not completely -
mitigate the impact on its results of the serious money market distortions.
Since the outbreak of the financial markets crisis in the autumn of 2008, market
distortions have created increasing burdens on existing loan agreements -
primarily caused by the divergence of the LIBOR reference rate from current
interbank interest rates, and also due to increased demand amongst clients for
loans revolving on a one-month basis. To a considerable extent, DVB was able to
adjust the interest conditions of client agreements, amending the calculation
base from distorted LIBOR reference rates to current interbank rates. In
addition, we were able to reset most exposures with a one-month rollover to a
quarterly frequency, in line with usual market practice.

Our new business is strong - and given the withdrawal of some competitors, I am
optimistic that we will be able to further expand our market position."

At EUR 138.3 million, total income for the first half of 2009 was down 11.9%
year-on-year.

Net interest income of EUR 86.7 million for the first half of 2009 only fell
short of the previous year's level of EUR 90.8 million by 4.5%, a marked
slowdown of the decline which had stood at -28.7% for the first quarter of 2009.
Continued global economic troubles, which have increasingly burdened the
transport sector in 2009, required a net EUR 10.7 million increase in allowance
for credit losses (H1 2008: net release of EUR 11.7 million). Net interest
income after allowance for credit losses declined by 25.9%, from EUR 102.5
million to EUR 76.0 million.

DVB´s fee and commission-based business generates loan commissions from new
Transport Finance exposures, as well as advisory fees. The net fee and
commission income generated continued to show strong momentum, increasing by
44.2%, to EUR 50.9 million (H1 2008: EUR 35.3 million) - once again
demonstrating DVB's strong position in structuring complex Transport Finance
projects.

Net income from financial instruments in accordance with IAS 39 (comprising net
trading income, the hedge result, the result from the application of the fair
value option, the result from derivatives entered into without intention to
trade, and net income from investment securities) rose from EUR 3.2 million to
EUR 4.4 million. Against the background of the financial markets crisis, the
figure particularly reflects increased volatility on foreign exchange and
interest rate markets. Net income from investment securities includes a further
partial write-down of EUR 7.4 million on a bond issued by an Icelandic bank,
which DVB originally held as a liquidity reserve for payments.

General administrative expenses rose by 7.2% to EUR 77.0 million. Staff expenses
increased by 7.2%, to EUR 44.6 million, while non-staff expenses were up by
10.5%, to EUR 30.5 million.

DVB reported total assets of EUR 17.89 billion as at 30 June 2009, showing a
slight increase of 3.0% (31 Dec 2008: EUR 17.38 billion). DVB´s nominal customer
lending comprises the aggregate of loans and advances to customers, guarantees
and indemnities, and irrevocable loan commitments. In euro terms, nominal
customer lending declined by 1.0%, from EUR 18.49 billion to EUR 18.31 billion.
In US dollar terms, customer lending volume in fact increased by 0.6%, to USD
25.89 billion. The diverging portfolio growth rates were due to slight
fluctuations in the euro/US dollar exchange rate: since the end of 2008, the
euro has strengthened against the US dollar, from USD 1.39 to USD 1.41 as at the
reporting date.

DVB's two strategic indicators, return on equity (RoE) before taxes and the
cost/income ratio (CIR) developed as follows: RoE before taxes was down 12.1
percentage points, to 13.2% (H1 2008: 25.3%), due to the impact of money market
distortions. The CIR rose by 2.2 percentage points to 51.7%, (H1 2008: 49.5%).

Calculated in accordance with Basel II, DVB's tier 1 ratio rose to 14.4% (31
December 2008: 13.9%), and the total capital ratio increased to 19.0% (31
December 2008: 18.2%).

You will find more detailed information in our Group Half-Yearly Financial
Report as of 30 June 2009 on our homepage www.dvbbank.com in the Investor
Relations section.

Note to Editors:
DVB Bank SE, headquartered in Frankfurt/Main, Germany, is the leading specialist
in the international Transport Finance business. The Bank offers integrated
financing solutions and advisory services in respect of Shipping Finance,
Aviation Finance, and Land Transport Finance. The Bank operates out of offices
in Frankfurt/Main, Hamburg, London, Cardiff, Rotterdam, Bergen/Oslo, Piraeus,
Zurich, Singapore, Tokyo, New York and Curaçao. DVB Bank SE is listed at the
Frankfurt Stock Exchange (ISIN: DE0008045501).

Further inquiry note:
Elisabeth Winter, Manager Investor Relations
Phone +49 69 9750-4329
[email protected]

end of announcement euro adhoc
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emitter: DVB Bank SE
Platz der Republik 6
D-60325 Frankfurt am Main
phone: +49 (0)69 9750-40
FAX: +49 (0)69 9750-4444
mail: [email protected]
WWW: http://www.dvbbank.com
sector: Banking
ISIN: DE0008045501
indexes:
stockmarkets: free trade: Stuttgart, Düsseldorf, regulated dealing/general
standard: Frankfurt
language: English

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