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.
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