- Core Bank generating operating profit – new business up 45 per cent
- Margins improved with attractive risk/return profiles
- Earnings before restructuring at EUR 160 million
- Heavy charges from special items and loan loss provisioning for ship finance – consolidated loss of EUR -124 million
- Core Tier 1 ratio reaches 9.9 per cent
- Chairman of the Management Board Constantin von Oesterreich: “We are catching up in terms of client business and thereby gain- ing the strength we need to cope with the forthcoming chal- lenges.”
HAMBURG/KIEL – In fiscal 2012 HSH Nordbank successfully advanced its transition to a “Bank for Entrepreneurs”. The Bank significantly increased its business in spite of difficult conditions in major sub-markets. With good margins and attractive risk/return profiles the Bank increased the amount of new business in the Core Bank by 45 per cent to EUR 6.8 billion (previous year: EUR 4.7 billion). Cross-selling income also grew by a substantial amount in the course of the year. Furthermore, the result for fiscal 2012 includes non-recurring income from the buyback of subordinated bonds and the valuation of hybrid financial instruments. However, this in- come was more than offset by a number of negative special items. These include expenditure resulting from the cash discounting of expected future payments for the base and additional premiums on the second loss guarantee, charges from the revaluation of the Bank‟s own liabilities, writedowns in connection with the wind-down of equity holdings as well as meas- urement effects on interest-rate and currency derivatives.
Read more by logging on here: 20130411 PR Group Financial Statement 2012