Constantin von Oesterreich,
• New business almost doubled year on year to EUR 2.1 billion
• Loan loss provisioning expense down substantially
• Pre-tax profit of EUR 354 million
• Common equity Tier 1 capital ratio including buffer solid at 13.0
percent – capital protection clause working
• Outlook for fiscal 2014 reaffirmed: a profit before and after tax
HAMBURG/KIEL As expected, HSH Nordbank started into fiscal 2014 with a good first quarter, underpinned by operating successes in the Core Bank, progressing organisational improvements and reduced loan loss provisioning expense. The capital protection clause
exerted a crucially beneficial effect on earnings, which – after heavy charges of EUR -902 million arising from guarantee premiums in the 2013 financial statements – resulted, as expected, in a partial reversal with effect on profit and loss effective 31 March 2014…
Read the full report herebelow:
20140606 PR First Quarter 2014
