German shipping lender DVB Group's net interest income and net fee and commission income for the first quarter of 2008 outperformed the levels achieved in the same quarter of the previous year.
Profit from ordinary activities before tax amounted to €31.5 million (US$48.9 million) for the first quarter of the current business year, down 7.6 per cent from 2007. The figure for the first quarter of the previous year however was influenced by the sale of a fund investment. "We experienced a strong development in our Transport Finance business during the first three months," noted Mr Wolfgang F. Driese, Chairman of the Board of Managing Directors of DVB Bank. "Typically, the focus during the first quarter is on preparing, rather than closing, transactions: this relationship tends to be reversed in the fourth quarter. "These are good signs for DVB's performance during the remainder of the current year, for which I do remain optimistic. Thanks to our business model, we are not directly affected by the financial markets crisis. The indirect impact, in the form of higher refinancing costs, is passed on in full when originating new business."
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