Press release, Hanover, 11 November 2005
Deutsche Hypo presents nine-monthly figures
Deutsche Hypothekenbank (Actien-Gesellschaft), which is a part of the ING Group, is able to report that the first nine months of the current financial year have seen stable business performance and that a pre-tax result is higher than at the same time last year.
Development of new business in line with expectations
Deutsche Hypo maintained its selective policy with regard to new lending and managed to achieve satisfactory results in its new mortgage loan business:
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The volume of new business totalled € 672 million (previous year: € 598 million, not including acquisition of a portfolio to the value of € 244 million). |
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The increase of new mortgage loan commitments in our target markets overseas was also pleasing, rising by € 149 million to € 510 million. New business on the German market was € 75 million less than the directly acquired volume during the same period of the previous year. |
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The earning capacity of this business area was stable, and the risk profile remained moderate |
Improved capital market results, despite a decline in new capital market business:
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The volume of new business came to € 3.8 billion (- € 1.8 billion). |
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Sales of tailor-made, structured emissions continued to be successful and these made up more than 30% of our total issue volume of € 8 billion. |
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With the issue in September of its first Short Liquid Moneymarket Bond ("Slimbo"), with a term of 18 months and a volume of € 500 million, Deutsche Hypo was catering for the increasing demand for actively managed money market bonds. |
Pre-taxation results higher than previous year
Now that the third quarter is over, the Bank is now looking forward to positive profit performance.
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Net interest and commission income, at € 78.1 million, is 6.3% higher than in the previous year. |
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Administrative expenses rose, as expected, by 9% to € 24.4 million. |
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Risk provisioning, at € 18.6 million, lies at approximately the same level as last year (€ 18.3 million). |
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The result from normal business activity rose by 4.5 % to € 36.9 million. |
The future
The results of the previous three quarters confirm the Bank's expectation that at the end of the current financial year, it will be in a position to report that overall, the financial year has been a successful one.
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
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