Deutsche Hypo: 2004 financial year positive overall (DE)

At the General Meeting of the Deutsche Hypothekenbank (Actien-Gesellschaft), Hanover/Berlin, which forms part of the ING-Group, the proposal for the appropriation of profits submitted by the Board of Managing Directors and Supervisory Board was approved.

The result for the 2004 financial year was used to allocate an amount of €15.7 mln to the reserves, with €5.7 mln thereof being approved by the General Meeting. The remaining €14.8 mln was used by Deutsche Hypo in order to pay a dividend of €11 per unit share, the same level as last year.

The increase in the Bank's share price, which had risen by more than 18% during the course of 2004, was pleasing and enabled shareholders to achieve considerable portfolio growth.

Election of the Supervisory Board
The Annual General Meeting also saw the election of members to the Supervisory Board. From today, the Supervisory Board is made up of the following members:

  • Sytse A. Andringa, Speaker (retired) of the Board of Managing Directors of ING Bank Deutschland AG
  • Wolfgang Hollender, Member (retired) of the Board of Managing Directors of Deutsche Hypothekenbank (Actien-Gesellschaft)
  • Paul Koopmans, Speaker of the Board of Managing Directors of ING Bank Deutschland AG
  • Klaus Maier, Member of the Board of Managing Directors of ING Bank Deutschland AG
  • Ben Tellings, Chairman of the Board of Managing Directors of the Allgemeine Deutsche Direktbank Aktiengesellschaft
  • Ignace Henri Joseph Marie van Waesberghe, Executive Vice President and Manager of the Central and Eastern Europe division, ING Corporate Banking Services, ING Bank N.V.

Mr Wolfgang Hollender was elected to the position of Chairman of the Supervisory Board, whilst Mr. Sytse Adriaan Andringa became Deputy Chairman.

A positive start to the 2005 financial year
During the first four months of the year, new mortgage business made positive progress. Compared to the same period of the previous year, new mortgage commitments were up 17% at €291.8 mln. When these are broken down according to region, approximately 80% of lending related to real estate properties located outside Germany. Due to this development we are confident that we once again will achieve the acquisition volume reached in 2004.

New capital market business, at €2.2 bln, lies only just below the level achieved last year, a figure of €2.6 bln of new capital market business having been posted on 30 April 2004.

Income development is currently in accordance with our projections. Compared to the pro rata figures from last year, the net interest and commissioning income of €35.1 mln, administrative expenses of €10.9 mln and operating result of €16.6 mln as at the end of April all were higher than the results from last year.

We are therefore optimistic that as the year progresses, we will be in a position to report further satisfactory results.

Source: Deutsche Hypo

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