Press release, Hanover, 01 November 2006
Deutsche Hypo records significant growth in new business
After the first nine months of the current financial year, Deutsche Hypo is content with the volume of new business recorded. In both business areas, results compare favourably with the previous year’s values, with mortgage lending business achieving the most significant improvements:
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Compared with the previous year, the volume of new mortgage loan commitments rose by around 150% to approximately € 1.67 billion. Deutsche Hypo achieved around two thirds of its new business in target markets abroad. Domestic business picked up considerably in comparison with the previous year and at € 512 million recorded an improvement of over 210% in the result for new business. The mortgage portfolio increased by € 542 million to over € 8.4 billion. |
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With € 3.9 billion, new capital market business surpassed the previous year’s level by 4.5%, enabling the portfolio to rise by € 2.6 billion. |
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Against a background of unchanged, stable demand for securities in Deutsche Hypo, the total issue volume, at € 7.1 billion, was in line with our expectations. |
Further improvement in the Bank’s profits
Deutsche Hypo’s profits were characterised by a strong upturn in new business.
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Net interest income and net commission income after the first nine business months amounted to € 81 million, this being a good € 2 million more than in the same period last year and corresponding to an increase of almost 4%. |
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The rise in administration costs, of 5.3% to € 25.7 million, was primarily due to increased personnel costs in mortgage lending business. |
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The conservative approach to risk provisioning, at € 18.6 million, was comparable to the previous year’s level. |
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The result for normal business activity achieved a pleasing increase of 3% to € 38 million. |
Outlook
On the basis of our stable, positive growth in terms of business and income, as at 30 September 2006, the Bank is anticipating an improved operating result for the 2006 business year as a whole when compared to the previous year.
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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