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10.06.2016 08:00:01
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DGAP-News: IKB Deutsche Industriebank AG
DGAP-News: IKB Deutsche Industriebank AG: Results for the 2015/16 financial year
- Common equity tier 1 ratio (CET 1) increases to 11.6% (CET 1 ratio fully loaded: 10.9%)
- High leverage ratio (8.2%)
- New business expands to EUR 3.7 billion
- Net risk provisioning declines to EUR 9 million
- Administrative expenses down by EUR 13 million
[Düsseldorf, 10 June 2016] IKB Deutsche Industriebank AG has generated a consolidated net profit of EUR 10 million in the 2015/16 financial year (1 April 2015 to 31 March 2016). The common equity tier 1 ratio (CET 1) for the Group was up on the previous year's figure of 10.9% at 11.6%; the figure for the CET 1 ratio fully loaded was 10.9% as at 31 March 2016. The leverage ratio was 8.2% and the liquidity coverage ratio was 283%.
The consolidated income statement for the 2015/16 financial year is as follows:
Table: IKB consolidated income statement in accordance with the German Commercial Code (HGB)
EUR million 1 Apr. 2015 1 Apr. 2014 Change to 31 Mar. 2016 to 31 Mar. 2015 Net interest and lease 284 290 -6 income Net fee and commission 30 42 -12 income Net trading income 6 8 -2 Administrative expenses -299 -312 13 Personnel expenses -183 -183 0 Other administrative -116 -129 13 expenses Net other income 1 161 -160 Net risk provisioning -9 -65 56 Tax expenses -1 -120 119 Consolidated net income 10 5 5
Some totals may be subject to discrepancies due to rounding differences.
With demand for credit on the market still muted and selective lending by IKB, the Group's new business volume increased by 16% year-on-year to EUR 3.7 billion in the 2015/16 financial year.
The Group's net interest and lease income was EUR 284 million in the reporting period, slightly below the prior-year figure of EUR 290 million; at 2% the decline was considerably less than the reduction in the lending volume, which fell by 11% in the reporting period.
At EUR 30 million, the Group's net fee and commission income was lower than the previous year's figure of EUR 42 million. The decline is due essentially to structuring and syndication income, which was reported more in net interest income and not net commission income.
The Group's administrative expenses were reduced by EUR 13 million to EUR 299 million. While personnel expenses for the Group remained at the previous year's level of EUR 183 million, other administrative expenses decreased by EUR 13 million to EUR 116 million. The reduction at Group level was due to the rental expense saved by buying back the building of IKB's headquarter in Düsseldorf and the absence of the expense incurred in the previous year for IKB's participation in the ECB's comprehensive assessment.
Net other income dropped down by EUR 160 million at EUR 1 million. The main factors influencing this were the lower income from the measurement and sale of long-term investments and the negative impact on earnings from the performance of the assets outsourced under contractual trust arrangements (CTA). EUR 7 million was appropriated to the fund for general banking risks in accordance with section 340g HGB in the reporting period (previous year: EUR 5 million) and recognised as an expense in net other income. The common equity tier 1 capital of IKB increased by a corresponding amount.
Net risk provisioning was reduced by EUR 56 million from EUR -65 million in the 2014/15 financial year to EUR -9 million. The decline reflects the Bank's active risk management coupled with a satisfactory overall economic situation.
Tax expenses amounted to EUR 1 million in the reporting period after EUR 120 million in the previous year, essentially on account of the absence of the high non-recurring effect in the 2014/15 financial year due to provisions for taxes for the 2008/09 financial year.
The Group's total assets declined by EUR 2.1 billion in the reporting period to EUR 19.6 billion at the reporting date. The IKB Group's CET 1 ratio as at 31 March 2016 was 11.6%. Thus, IKB exceeded the statutory minimum requirement (CRR) for the CET 1 ratio of 4.5% plus a capital conservation buffer of 0.625%. The figure for the CET 1 ratio fully loaded was 10.9% as at 31 March 2016.
Under the transitional provisions and applying the terms of Delegated Regulation EU 2015/62 of 17 January 2015, the leverage ratio of the IKB Group in accordance with Article 429 CRR was 8.2% as at 31 March 2016 (previous year: 8.5%), significantly higher than the established benchmark of 3.0%.
The liquidity coverage ratio was 283% as at 31 March 2016 (previous year: 273%), while the minimum requirement has been 70% since 1 January 2016.
Results of IKB AG and loss participation of hybrid securities
The net profit of IKB AG for 2015/16 amounts to EUR 0 (previous year: EUR 0).
The following financial instruments participate in the results of IKB AG by way of deferral of interest/distributions: ISIN DE0002731429, DE0002731569, DE0007490724, DE000A0AMCG6, DE0008592759, XS0194701487.
There was no change in the repayment amount of hybrid securities as a result of the results of IKB AG for the year under review.
Profit participation certificates of IKB AG
The table with the loss participation of profit participation certificates is available at https://www.ikb.de/en/press/news.
Silent partnership interests in the commercial enterprise of IKB AG securitised by way of securities issued by Capital Raising GmbH and Hybrid Raising GmbH
The table with the loss participation of silent partnership interests is available at https://www.ikb.de/en/press/news.
Under certain circumstances set out in the terms and conditions of the profit participation certificates and the silent partnership agreements, the reduced repayment claims of the profit participation certificates and the carrying amounts of the silent partnership interests can be replenished in future periods. If such a claim were to arise in a financial year, this would reduce the distributable profit for the financial year in question.
In addition, under certain conditions regulated in the terms and conditions of issue, bearers of profit participation certificates can be entitled to subsequent payment of deferred interest in future periods, which would then also reduce the distributable profit for the financial year in question. By contrast, the deferred interest is cancelled for the other securities named here.
Outlook
IKB again generated positive consolidated net income, thereby building on the satisfactory performance of recent financial years. In a competitive environment that remained intense, the Bank increased its new business volume compared to the same period of the previous year without compromising its standards for appropriate conditions or acceptable risk. The clear focus on the mid-market has proved successful, and IKB will stand by this strategic approach moving ahead.
The Bank has a solid equity base and is prepared for future regulatory measures.
IKB is forecasting positive net income after taxes and before additions to the fund for general banking risks (section 340g HGB) for the coming 2016/17 financial year. Net income is expected to be moderately higher than in the 2015/16 financial year. IKB intends to transfer the net income generated by IKB AG to the fund for general banking risks in accordance with section 340g HGB as at the end of the financial year.
Servicing the compensation agreements of a total amount of EUR 1,151.5 million and the value recovery rights of the hybrid investors means that IKB AG will probably not report any, or only minimal, profit for a long time to come, even if its results are positive. In addition, to the extent that net income can be reported in future, the reduction of net accumulated losses means that it will not be possible to distribute a dividend to the shareholders of IKB AG.
Further details on developments in the 2015/16 financial year can be found in the 2015/16 annual report at https://www.ikb.de/en/investor-relations/financial-reports.
Contact: Dr Jörg Chittka, Telephone: +49 211 8221-4349; Armin Baltzer, Telephone: +49 211 8221-6236, e-mail: presse@ikb.de
IKB Deutsche Industriebank AG supports medium-sized enterprises in Germany and Europe with loans, risk management, capital market services and advisory services.
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10.06.2016 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
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Language: English Company: IKB Deutsche Industriebank AG Wilhelm-Bötzkes-Straße 1 40474 Düsseldorf Germany Phone: +49 (0)211 8221-4511 Fax: +49 (0)211 8221-2511 E-mail: investor.relations@ikb.de Internet: www.ikb.de ISIN: DE0008063306 WKN: 806330 Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Stuttgart End of News DGAP News Service ---------------------------------------------------------------------------
470615 10.06.2016
DGAP-News: IKB Deutsche Industriebank AG / Key word(s): Final Results
IKB Deutsche Industriebank AG: Results for the 2015/16 financial year
10.06.2016 / 08:00
The issuer is solely responsible for the content of this announcement.
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IKB Deutsche Industriebank: Results for the 2015/16 financial year
- Consolidated net profit up to EUR 10 million
- Common equity tier 1 ratio (CET 1) increases to 11.6% (CET 1 ratio fully loaded: 10.9%)
- High leverage ratio (8.2%)
- New business expands to EUR 3.7 billion
- Net risk provisioning declines to EUR 9 million
- Administrative expenses down by EUR 13 million
[Düsseldorf, 10 June 2016] IKB Deutsche Industriebank AG has generated a consolidated net profit of EUR 10 million in the 2015/16 financial year (1 April 2015 to 31 March 2016). The common equity tier 1 ratio (CET 1) for the Group was up on the previous year's figure of 10.9% at 11.6%; the figure for the CET 1 ratio fully loaded was 10.9% as at 31 March 2016. The leverage ratio was 8.2% and the liquidity coverage ratio was 283%.
The consolidated income statement for the 2015/16 financial year is as follows:
Table: IKB consolidated income statement in accordance with the German Commercial Code (HGB)
EUR million 1 Apr. 2015 1 Apr. 2014 Change to 31 Mar. 2016 to 31 Mar. 2015 Net interest and lease 284 290 -6 income Net fee and commission 30 42 -12 income Net trading income 6 8 -2 Administrative expenses -299 -312 13 Personnel expenses -183 -183 0 Other administrative -116 -129 13 expenses Net other income 1 161 -160 Net risk provisioning -9 -65 56 Tax expenses -1 -120 119 Consolidated net income 10 5 5
Some totals may be subject to discrepancies due to rounding differences.
With demand for credit on the market still muted and selective lending by IKB, the Group's new business volume increased by 16% year-on-year to EUR 3.7 billion in the 2015/16 financial year.
The Group's net interest and lease income was EUR 284 million in the reporting period, slightly below the prior-year figure of EUR 290 million; at 2% the decline was considerably less than the reduction in the lending volume, which fell by 11% in the reporting period.
At EUR 30 million, the Group's net fee and commission income was lower than the previous year's figure of EUR 42 million. The decline is due essentially to structuring and syndication income, which was reported more in net interest income and not net commission income.
The Group's administrative expenses were reduced by EUR 13 million to EUR 299 million. While personnel expenses for the Group remained at the previous year's level of EUR 183 million, other administrative expenses decreased by EUR 13 million to EUR 116 million. The reduction at Group level was due to the rental expense saved by buying back the building of IKB's headquarter in Düsseldorf and the absence of the expense incurred in the previous year for IKB's participation in the ECB's comprehensive assessment.
Net other income dropped down by EUR 160 million at EUR 1 million. The main factors influencing this were the lower income from the measurement and sale of long-term investments and the negative impact on earnings from the performance of the assets outsourced under contractual trust arrangements (CTA). EUR 7 million was appropriated to the fund for general banking risks in accordance with section 340g HGB in the reporting period (previous year: EUR 5 million) and recognised as an expense in net other income. The common equity tier 1 capital of IKB increased by a corresponding amount.
Net risk provisioning was reduced by EUR 56 million from EUR -65 million in the 2014/15 financial year to EUR -9 million. The decline reflects the Bank's active risk management coupled with a satisfactory overall economic situation.
Tax expenses amounted to EUR 1 million in the reporting period after EUR 120 million in the previous year, essentially on account of the absence of the high non-recurring effect in the 2014/15 financial year due to provisions for taxes for the 2008/09 financial year.
The Group's total assets declined by EUR 2.1 billion in the reporting period to EUR 19.6 billion at the reporting date. The IKB Group's CET 1 ratio as at 31 March 2016 was 11.6%. Thus, IKB exceeded the statutory minimum requirement (CRR) for the CET 1 ratio of 4.5% plus a capital conservation buffer of 0.625%. The figure for the CET 1 ratio fully loaded was 10.9% as at 31 March 2016.
Under the transitional provisions and applying the terms of Delegated Regulation EU 2015/62 of 17 January 2015, the leverage ratio of the IKB Group in accordance with Article 429 CRR was 8.2% as at 31 March 2016 (previous year: 8.5%), significantly higher than the established benchmark of 3.0%.
The liquidity coverage ratio was 283% as at 31 March 2016 (previous year: 273%), while the minimum requirement has been 70% since 1 January 2016.
Results of IKB AG and loss participation of hybrid securities
The net profit of IKB AG for 2015/16 amounts to EUR 0 (previous year: EUR 0).
The following financial instruments participate in the results of IKB AG by way of deferral of interest/distributions: ISIN DE0002731429, DE0002731569, DE0007490724, DE000A0AMCG6, DE0008592759, XS0194701487.
There was no change in the repayment amount of hybrid securities as a result of the results of IKB AG for the year under review.
Profit participation certificates of IKB AG
The table with the loss participation of profit participation certificates is available at https://www.ikb.de/en/press/news.
Silent partnership interests in the commercial enterprise of IKB AG securitised by way of securities issued by Capital Raising GmbH and Hybrid Raising GmbH
The table with the loss participation of silent partnership interests is available at https://www.ikb.de/en/press/news.
Under certain circumstances set out in the terms and conditions of the profit participation certificates and the silent partnership agreements, the reduced repayment claims of the profit participation certificates and the carrying amounts of the silent partnership interests can be replenished in future periods. If such a claim were to arise in a financial year, this would reduce the distributable profit for the financial year in question.
In addition, under certain conditions regulated in the terms and conditions of issue, bearers of profit participation certificates can be entitled to subsequent payment of deferred interest in future periods, which would then also reduce the distributable profit for the financial year in question. By contrast, the deferred interest is cancelled for the other securities named here.
Outlook
IKB again generated positive consolidated net income, thereby building on the satisfactory performance of recent financial years. In a competitive environment that remained intense, the Bank increased its new business volume compared to the same period of the previous year without compromising its standards for appropriate conditions or acceptable risk. The clear focus on the mid-market has proved successful, and IKB will stand by this strategic approach moving ahead.
The Bank has a solid equity base and is prepared for future regulatory measures.
IKB is forecasting positive net income after taxes and before additions to the fund for general banking risks (section 340g HGB) for the coming 2016/17 financial year. Net income is expected to be moderately higher than in the 2015/16 financial year. IKB intends to transfer the net income generated by IKB AG to the fund for general banking risks in accordance with section 340g HGB as at the end of the financial year.
Servicing the compensation agreements of a total amount of EUR 1,151.5 million and the value recovery rights of the hybrid investors means that IKB AG will probably not report any, or only minimal, profit for a long time to come, even if its results are positive. In addition, to the extent that net income can be reported in future, the reduction of net accumulated losses means that it will not be possible to distribute a dividend to the shareholders of IKB AG.
Further details on developments in the 2015/16 financial year can be found in the 2015/16 annual report at https://www.ikb.de/en/investor-relations/financial-reports.
Contact: Dr Jörg Chittka, Telephone: +49 211 8221-4349; Armin Baltzer, Telephone: +49 211 8221-6236, e-mail: presse@ikb.de
IKB Deutsche Industriebank AG supports medium-sized enterprises in Germany and Europe with loans, risk management, capital market services and advisory services.
---------------------------------------------------------------------------
10.06.2016 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
---------------------------------------------------------------------------
Language: English Company: IKB Deutsche Industriebank AG Wilhelm-Bötzkes-Straße 1 40474 Düsseldorf Germany Phone: +49 (0)211 8221-4511 Fax: +49 (0)211 8221-2511 E-mail: investor.relations@ikb.de Internet: www.ikb.de ISIN: DE0008063306 WKN: 806330 Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Stuttgart End of News DGAP News Service ---------------------------------------------------------------------------
470615 10.06.2016
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