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21.09.2016 15:03:07
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DGAP-Ad hoc: DVB Bank SE
DGAP-Adhoc: DVB Bank SE: Adjustment of forecast for 2016
21.09.2016 15:03
Disclosure of an inside information according to Article 17 MAR, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.
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Frankfurt/Main, 21 September 2016
DVB Bank SE (DVB) has adjusted its forecast for the business performance in 2016:
The Bank no longer anticipates that it can achieve consolidated net income for the 2016 financial year that approaches net income of the previous year, as originally forecast. The current further escalation of the shipping markets crisis results in higher allowances for credit losses on exposures in Shipping Finance and Offshore Finance, as well as on a legacy exposure that does no longer belong to the Bank's core business. From today's perspective, aggregate loan loss provisioning will exceed the previous year's level. Hence, DVB now expects a consolidated net loss for 2016 that is predicted to be in a double-digit million euro range. Furthermore, DVB no longer anticipates being able to achieve the financial management indicators - return on equity (before taxes), cost/income ratio, and Economic Value Added - as forecast for the 2016 financial year. However, DVB's tier one and total capital ratios in accordance with the CRR will remain adequate.
Contact for this ad-hoc disclosure: Elisabeth Winter Head of Group Corporate Communications Managing Director Phone: +49 69 9750 4329 E-mail: elisabeth.winter@dvbbank.com
21.09.2016 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
--------------------------------------------------------------------------- Language: English Company: DVB Bank SE Platz der Republik 6 60325 Frankfurt am Main Germany Phone: 069-97504-329 Fax: 069-97504-850 E-mail: info@dvbbank.com Internet: www.dvbbank.com ISIN: DE0008045501 WKN: 804550 Listed: Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Dusseldorf, Stuttgart End of Announcement DGAP News-Service ---------------------------------------------------------------------------
DVB Bank SE / Key word(s): Change in Forecast
21.09.2016 15:03
Disclosure of an inside information according to Article 17 MAR, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Frankfurt/Main, 21 September 2016
DVB Bank SE (DVB) has adjusted its forecast for the business performance in 2016:
The Bank no longer anticipates that it can achieve consolidated net income for the 2016 financial year that approaches net income of the previous year, as originally forecast. The current further escalation of the shipping markets crisis results in higher allowances for credit losses on exposures in Shipping Finance and Offshore Finance, as well as on a legacy exposure that does no longer belong to the Bank's core business. From today's perspective, aggregate loan loss provisioning will exceed the previous year's level. Hence, DVB now expects a consolidated net loss for 2016 that is predicted to be in a double-digit million euro range. Furthermore, DVB no longer anticipates being able to achieve the financial management indicators - return on equity (before taxes), cost/income ratio, and Economic Value Added - as forecast for the 2016 financial year. However, DVB's tier one and total capital ratios in accordance with the CRR will remain adequate.
Contact for this ad-hoc disclosure: Elisabeth Winter Head of Group Corporate Communications Managing Director Phone: +49 69 9750 4329 E-mail: elisabeth.winter@dvbbank.com
21.09.2016 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
--------------------------------------------------------------------------- Language: English Company: DVB Bank SE Platz der Republik 6 60325 Frankfurt am Main Germany Phone: 069-97504-329 Fax: 069-97504-850 E-mail: info@dvbbank.com Internet: www.dvbbank.com ISIN: DE0008045501 WKN: 804550 Listed: Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Dusseldorf, Stuttgart End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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