Corporates expanding its business
- Success in gaining new clients
- More project finance deals
Hamburg/Kiel, November 7, 2007 - The Corporates segment has posted very good earnings for the first nine months. Adjusted for last year’s higher income from the sale of equity holdings, operating profit went up substantially. Net commission income grew at an exceptionally strong pace, with interest income putting on a good performance as well. At EUR 352 million, earnings on September 30, 2007 were at the pre-year level on an unadjusted basis
The Company enjoyed marked success in gaining new clients, despite the stiff competition. The tense liquidity situation on financial markets is currently having virtually no impact on the business plans of our customers. On the contrary, they are currently showing a pronounced willingness to invest.
We are seeing a very positive trend in project finance deals and, here particularly, in the area of renewable energies. The proportion of new business outside Germany is increasing. A development partly due to a more favorable subsidization in some regions.
Although there was a slight adjustment in the activity of the Mid-Cap segment of the Leveraged Finance division, this business stayed at a high level in Scandinavia.
We expect the uptrend in business to persist in the fourth quarter. Our aim is to exceed the figure budgeted for operating profit after risk provisioning over the year as a whole.
For 2008 we foresee a continuation of active demand from our corporate clients for customized structured finance solutions aimed at optimizing their capital structure, helping them to grow and limiting their financial risks.
In a setting characterized by strong competition, we will increase our share of the market by steadily extending the services we provide. In doing so, we are focusing on innovative finance products – including mezzanine, forfaiting and factoring solutions.
Further information as well as photographs of the members of the Management Board are available at www.hsh-nordbank.de
The information contained in this press release does not constitute an offer for the sale of any type of Hamburg Commercial Bank AG securities. Securities of Hamburg Commercial Bank AG may not be sold in the United States without registration pursuant to US securities legislation, unless such a sale takes place on the basis of relevant exceptional provisions.
This press information can contain forward-looking statements. These statements are based on our beliefs and assumptions, on information currently available to us which we consider reliable. Forward-looking statements include all statements which are not historical facts, including information concerning future growth prospects and future economic developments.
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