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Press release, Hanover, 16 May 2002 Deutsche Hypo increases dividend Deutsche Hypo achieved net income of € 30 million in the financial year 2001, which represents the second-highest result in the company's history. This gratifying result was mainly attributable to the 27.7% rise in new mortgage business and the 45% increase in new business on the capital markets. Mortgage business grew sharply in France, Great Britain and the Benelux countries. At today's Annual General Meeting, the shareholders of Deutsche Hypo have therefore resolved that the dividend is to be increased by € 1 to € 10 per share. Based upon the current share price of € 285, this represents a dividend yield of 3.5 percent. The Deutsche Hypo share has provided long-term investors with an annual performance of 18% over the past five years. No merger fears In its address to the Annual General Meeting, the Board of Managing Directors also commented in detail on the competitiveness of Deutsche Hypo in the face of the major mergers in the mortgage bank sector. With the bank's cost/income ratio already at a favourable level of between 30% and 35%, and in view of its conservative risk policy, its above-average rating as well as its membership of the major financial group BHF-BANK AG and ING Group, the Board of Managing Directors is confident that Deutsche Hypo will remain independent and successful in future. Deutsche Hypo expects a satisfactory year As expected, Deutsche Hypo was unable to continue the previous year's excellent results in new mortgage business in the first four months of 2002. At € 421 million, new business was around 30% below last year's figure, with foreign business accounting for € 258 million (down 42%) of this amount. In capital market transactions, new business amounted to € 740 million, some 41% lower than in the previous year. Accordingly, net interest and commission income fell by 5% to € 30.6 million. The operating result before taxes amounted to € 15 million, matching the previous year's figure. Deutsche Hypo expects a satisfactory result for the financial year 2002 at the previous year's level. For further information please contact: Markus Nitsche Head of Marketing and Sales Georgsplatz 8 30159 Hannover Telefon: +49 511 3045-580 Telefax: +49 511 3045-589 E-Mail: Markus.Nitsche@Deutsche-Hypo.de |
