HSH Nordbank's Real Estate division records higher earnings in 2006
In 2006, HSH Nordbank’s Real Estate division raised its operating profit after risk provisioning by 12 percent to EUR 260 million year on year. Combined net interest income and net commission income increased to EUR 478 million (previous year EUR 470 million). Net interest income grew from EUR 337 million to EUR 340 million, while net commission income was up from EUR 133 million to EUR 138 million. The pre-tax return on equity came to 19.6 percent (previous year: 21.3 percent).
HSH Nordbank achieves targets for 2006
According to its preliminary figures for 2006, HSH Nordbank has once again exceeded the good result achieved in the previous year. The pre-tax return on equity reached 15.0% – an increase of 0.9 percentage points on the 2005 figure. Operating income improved by 2.5% to just under EUR 2.2 billion, with net commission income increasing by an impressive 35%. In spite of the expansion of business and a deliberately conservative risk provisioning policy, loan loss provisions remained at the previous year’s level. Net income rose 15% to EUR 460 million.
HSH Nordbank reported strong gains in its corporates business
HSH Nordbank AG continues on its profitable growth course in the corporate-customer business. On the basis of the figures reported for the 2006 fiscal year, operating profit after risk provisions improved substantially to EUR 399 million (previous year: EUR 261 million). The increase in net interest income to EUR 365 million (previous year: EUR 357 million) benefited from a perceptible rise in capital spending. The growth in net commission income to EUR 181 million (previous year: EUR 127 million) was attributable to strong demand for structured finance in Germany and in Northern Europe. Operating earnings were additionally boosted by the sale of an equity holding, which resulted in a positive risk provisions/evaluation item. The pre-tax return on equity improved from 24.4 percent to 32.5 percent.
HSH Nordbank steers a clear course in the shipping business
In 2006, HSH Nordbank generated an operating profit after risk provisions of EUR 248 million in the shipping business (previous year EUR 261 million). Despite sustained pressure on margins, net interest income increased to EUR 297 million (previous year: EUR 290 million). Net commission income came to EUR 98 million and thus matched the previous year's good result thanks to a number of major transactions. Risk provisions were increased, but they are still at a low level. The pre-tax return on equity came to 17.5 percent (previous year 20.1 percent).
HSH Nordbank strengthens its presence on the North American shipping market
HSH Nordbank AG has appointed Hugh Baker as Senior Relationship Manager (39) for the North American shipping market. Having recruited Baker, the Bank has succeeded in gaining an experienced specialist. Baker joins HSH Nordbank from ING Bank. There he was also responsible for the North American shipping market.
HSH Nordbank successfully issues its first public-sector jumbo Pfandbrief / EUR 1 billion subscribed by institutional investors
HSH Nordbank AG has successfully placed its first public-sector jumbo Pfandbrief with a face value of one billion euros among institutional investors. The Pfandbrief has a two-year term, maturing on February 19, 2009, and comes with a 4% coupon. The issue price stands at 99.791%, with the re-offer yield set at 4.11%. The spread is 8.5 of a basis point below the mid-swap rate and 17.5 basis points above the 3.75% German government bonds maturing in January 2009.
Jochen Friedrich new member of the Management Board of HSH Nordbank responsible for the capital markets
Jochen Friedrich (43) is to join the Management Board of HSH Nordbank AG. In this capacity he will be responsible for the Bank’s capital-market activities.
HSH Nordbank: Subordinated bond successfully placed in Europe
HSH Nordbank AG has placed a subordinated bond with a volume of EUR 1.75 million among institutional investors in Europe. The bond consists of two tranches: EUR 1 billion with a floating rate and EUR 750 million with a fixed rate coupon. The issue was lead managed by Deutsche Bank, HSH Nordbank and UBS, and was more than twice oversubscribed.
HSH Nordbank has a new General Manager for ship finance in Italy
HSH Nordbank has appointed Mario Pascarella (42) as General Manager and Relationship Manager of the Norship Italia joint venture effective February 1, 2007. In this role, he will expand the Bank’s business relationships with customers in the Italian shipping industry. Mario Pascarella will succeed Anna-Francesca Lange, who established Norship Italia in the Italian shipping market. She will return to head office in Hamburg.
HSH Nordbank blue race 2007 - the challenge to sailors
On board an ocean-going yacht across the Atlantic – many a sailor’s dream. The HSH Nordbank blue race provides an opportunity to do just that. The big, international transatlantic regatta for offshore yachts from Newport, Rhode Island to Hamburg sets off on June 16. More than 20 yachts have already signed up so far.
HSH Nordbank reduces stake in IVG
Due to the market’s strong interest in IVG stock, HSH Nordbank has decided to increase the free float further and to reduce its holding, which is medium term in nature, from 5.1% to approx. 2.5%. Simultaneously HSH Nordbank enters into a hedging transaction on the remainder, pursuant to which HSH Nordbank will retain limited exposure to movements in the IVG share price.
HSH Nordbank appoints Thomas Ignatzi as General Manager of its Hong Kong branch
HSH Nordbank has appointed Dr. Thomas Ignatzi (41) as Head of “Corporate Banking Asia” effective January 1, 2007. At the same time he will take over the position of General Manager of our Hong Kong branch. Dr. Ignatzi has many years of experience in the corporate customer business and headed the corresponding business unit in Hamburg over the past four years.