DEPFA BANK's Profits Up 51% in the First Quarter 2004.Business Editors DUBLIN, Ireland & FRANKFURT, Germany--(BUSINESS WIRE)--May 5, 2004 Today DEPFA DEPFA Deutsche Pfandbriefanstalt (German bonds Institution) BANK plc (FWB (Fixed Wireless Broadband) See fixed wireless. :DEPF) released its first quarter 2004 results. Net profit reached EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 125 million, a 51% increase year-on-year and a new record quarterly result. This corresponds to a return on equity after tax of 34%, thereby sustaining the very high level of profitability recorded in 2003. DEPFA BANK is reaffirming its guidance for net profit for the year of more than EUR 400 million. Total revenues exceeded the comparable figure for 2003 by 34%, to reach EUR 193 million in the first quarter 2004. Total net interest income rose by 34% to EUR 107 million. Interest revenue has been driven by continued strong margin growth. New business in the first quarter was EUR 12 bn. DEPFA's continuing success owes to an acute sense of awareness that it must keep on taking the initiative to maintain and build on its market leadership position. The sale of its German subsidiary Deutsche Pfandbriefbank will further streamline the bank's operations and lead Pfandbriefbank into a more meaningful corporate environment. The transaction does not mark a retreat from the German market. DEPFA will actually strengthen its German coverage out of Frankfurt. DEPFA is in addition targeting the US as one of its major growth markets. DEPFA expects a total of ca. EUR 20 billion in US business by the end of the year and to gain the green light for its municipal bond and insurance business in the second half of 2004. Sources of future growth are by no means confined con·fine v. con·fined, con·fin·ing, con·fines v.tr. 1. To keep within bounds; restrict: Please confine your remarks to the issues at hand. See Synonyms at limit. to the US. DEPFA is continuing to build up its range of investment banking businesses. A privatisation Noun 1. privatisation - changing something from state to private ownership or control denationalisation, denationalization, privatization social control - control exerted (actively or passively) by group action and advisory unit has recently been established to provide the existing customer base with a further range of options to alleviate pressure on public finances. Company profile: DEPFA BANK plc is a leading provider of global financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. to the public sector clients worldwide. It is a Dublin-based public limited company, incorporated under Irish law, with a network of subsidiaries and branch offices across Europe, as well as in the US, Japan and Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. . DEPFA's products and services cover the entire range of the public sector's financing needs, from budget financing to the funding of public infrastructure projects and investment banking solutions for public-sector authorities. DEPFA BANK is listed on the Frankfurt stock exchange Frankfurt Stock Exchange The largest of Germany's eight securities exchanges, operated by Deutsche Borse AS. as the biggest company in the mid-cap index M-DAX. |
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