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Press release, Hanover, 15 May 2003 Deutsche Hypo dividend unchanged At their General Meeting held today in Hanover, the shareholders of Deutsche Hypothekenbank (Actien-Gesellschaft), Hanover/Berlin, which is a member of ING BHF-BANK Group, approved the proposed profit distribution submitted by the Board of Managing Directors and the Supervisory Board. EUR 18.3 million (previous year: EUR 20 million) of the net income for the financial year 2002 was allocated to retained earnings, the allocation of EUR 8.4 million thereof being resolved upon at today's meeting. As in the previous year, Deutsche Hypo will pay a dividend of EUR 10 per share, the total amount to be distributed standing at EUR 10.1 million (previous year: EUR 10.1 million). Measured against the present share price of EUR 222, this dividend is equivalent to a current interest rate of 4.5 per cent. Deutsche Hypo expects satisfactory business year As at 30 April 2003, the bank was able to record new mortgage loan commitments in the amount of EUR 267 million (previous year: EUR 421 million). Due to what re-mains a very uneven trend on the domestic and international real estate markets, Deutsche Hypo expects this year's new business volume to fall well short of the top level achieved in the previous year. In public sector business, on the other hand, new business was substantially higher than in the year before, standing at EUR 2.1 billion (2002: EUR 0.7 billion). Net interest and commission income increased by 12.4 % to EUR 34.5 million. At EUR 11.5 million, administrative expenses including depreciation were approx. 11.8 % higher than the previous year's level. The increase in administrative expenses was, in particular, due to project costs related to the implementation of Basle II and international accounting standards (IAS) as well as expenses incurred in connection with the capital increase carried out in late 2002/early 2003. Net provisions for risk amount to EUR 4.1 million (- 6 %) and take account of all discernible risks. Despite the rise in administrative expenses, the operating result before tax increased by EUR 1.2 million to EUR 16.2 million. The difficult economic environment notwithstanding, the bank expects to achieve a satisfactory result for the business year 2003 that will match 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 |
