The HSH Nordbank Group exceeded the previous year's results once again in the first nine months of 2006. Operating income improved by 2% to €1.6 billion, with net commission income increasing by a marked 51%. Loan loss provisions were down 26%. Operating profit after risk provisions was 28% higher at €679 million. The pre-tax return on equity reached 14.5% an increase of half a percentage point compared with December 31, 2005.
"HSH Nordbank remains very much on track. Evidence of this is provided not least by the excellent nine-month figures. We expect to achieve our target return on equity of 15% for the year as a whole," commented Alexander Stuhlmann, Chairman of the Management Board of HSH Nordbank, at the presentation of the Group's figures for the first nine months in Kiel.
Highlights:
Net Commission Income Shows Increase of More Than 50%
Loan Loss Provisions Reduced by Just Over a Quarter
Costs Under Control Moderate Increase of 1.4%
Operating Profit After Risk Provisions Up 28%
Source: HSH Nordbank
