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Helaba: Good Start in 2014


News provided by

Helaba

27 May, 2014, 07:23 GMT

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FRANKFURT AM MAIN, Germany, May 27, 2014 /PRNewswire/ --

- Quarterly results, as expected, slightly below previous year

- Further growth in customer business and in net interest income 

- CET-1-Capital ratio at the end of March, 12.4 percent; total capital ratio 17.2 percent 

- Cross-reference: Pictures are available at http://ots.de/wwmhn -

In the financial year 2014, Helaba for the first time presents its accounts in line with the new consolidation requirements of IFRS 10. In principle, the resulting changes are to be applied retrospectively and therefore slightly affect the comparative figures of 2013.    

In the first quarter of 2014, Helaba Landesbank Hessen-Thüringen maintained its positive earnings trend and further expanded its position in customer business, despite an intensely competitive environment. Group earnings of EUR150m, before tax, are below the level of the previous year (EUR170m) as expected. After tax, group earnings amounted to EUR102m, compared with EUR114m in the same period of the year before.

Net interest income rose by EUR34m to EUR317m due to considerably higher customer contributions. This results from a higher volume of lending to customers and the profitability of new business. Risk provisioning in lending operations, at EUR53m, is at the level of the year before. Net commission interest at EUR75m is stable at the high level of the previous year and is mainly influenced by cash management/payment transactions, asset management and the securities and custodian business. The trading income, at EUR54m, is above the planned target for the period, but only about half of the extraordinarily high quarter results of the previous year (EUR119m). In that year, the financial markets were affected by considerably positive credit-spread developments. The result from hedge-derivatives and financial investments rose from a previously negative position by EUR24m to EUR19m. The other operating result amounts to EUR42m (previous year: EUR52m). General administrative expenses at EUR304m remained almost constant. Slightly higher personnel expenses are largely offset by reduced material expenses.                            

The balance sheet total of the Helaba Group was down by about 1 percent on the year before, to just under EUR 177bn. Business volume (including off-balance-sheet lending) fell by EUR 2bn to EUR198bn. On the asset side, loans and advances to banks and trading assets declined in all by around EUR3.7bn.

Loans and advances to customers rose by about EUR1.5bn to almost EUR93bn. Aggregate growth of the portfolio at EUR0.7bn was accounted for by the segments corporate and real estate customers, followed by private customers (EUR0.5bn) and public authorities (EUR0.3bn). Medium-term and long-term new business at EUR3.6bn was slightly above the corresponding quarter of the previous year.

The CET-1-Capital ratio of the Helaba Group at the end of March 2014 is 12.4 percent, and the total capital ratio amounts to 17.2 percent. Hans-Dieter Brenner, Helaba's CEO, says: "In regard to the ratios that are relevant for the ongoing balance sheet assessment by the ECB and the impending stress test, we feel well positioned on account of our conservative risk profile and the risk provisions we have built up."                    

Helaba's CEO expressed his satisfaction with the quarterly result: "We have made a strong start in the year 2014. I view it as a particular success that we remain on track with our earnings trend, thanks to customer business and despite the weakening - as expected - in the trading result. With EUR150m, we have already reached almost a third of the planned year's result in the first quarter of this year. However, to assume that such a result would continue in view of the numerous challenges that await us in the current year would not be appropriate. We stay with our cautious assessment. In view of the general circumstances for economic development - in spite of the persisting phase of low interest rates - we expect the operating result to remain at the last year's level. Implementation of the many regulatory measures will, however, continue to have a negative impact on the development of costs. Although the first quarter has turned out better than expected, our forecast result for 2014 remains unchanged."          

    Income statement of the Helaba Group under IFRS at 31.03.2014
                                     01.01.-31.03.   01.01.-31.03.
                                              2014            2013             Change
                                           in EURm         in EURm     in EURm        in %
    Net interest income                        317             283          34        12.0
    Risk provisions in
    loans and advances                         -53             -52          -1         1.9
    Net interest income
    after risk provisions
    in loans and advances                      264             231          33        14.3
    Net commission income                       75              75           0         0.0
    Net trading income                          54             119         -65       -54,6
    Result from
    hedges/derivatives                          14               3          11      >100.0
    Result from financial
    investments (incl.
    result from companies
    using the equity
    accounting method)                           5              -8          13     >-100.0
    Other operating result                      42              52         -10       -19.2
    General administrative
    expenses                                  -304            -302          -2         0,7
    Group earnings before
    taxes                                      150             170         -20       -11.8
    Balance sheet (development) of the Helaba Group as of 31.03.2014 under IFRS
                                                                 31.03.2014      31.12.2013
                                                                    in EURm         in EURm
    Loans and advances to banks incl. cash reserve                   20,981          23,108
    Loans and advances to customers                                  92,561          91,032
    Impairments on receivables                                       -1,128          -1,117
    Assets held for trading                                          30,686          32,311
    Positive market value of derivatives not held for trading         5,062           4,690
    Financial investments (incl. result from companies using
    the equity accounting method)                                    24,433          24,196
    Other assets                                                      3,908           4,059
    Total assets                                                    176,503         178,279
    Liabilities due to banks                                         32,994          34,162
    Liabilities due to customers                                     44,915          43,939
    Securitized liabilities                                          47,937          48,371
    Trading liabilities                                              31,794          33,739
    Negative market value of derivatives not held for trading         3,668           3,471
    Provisions/other liabilities                                      2,741           2,291
    Subordinated capital                                              5,227           5,073
    Equity                                                            7,227           7,233
    Total liabilities                                               176,503         178,279

(table cont.)

    Balance sheet (development) of the Helaba Group as of 31.03.2014 under IFRS
                                                                             Change
                                                                    in EURm           in %
    Loans and advances to banks incl. cash reserve                   -2,127          -9.2
    Loans and advances to customers                                   1,529           1.7
    Impairments on receivables                                          -11          -1.0
    Assets held for trading                                          -1,625          -5.0
    Positive market value of derivatives not held for trading           372           7.9
    Financial investments (incl. result from companies using
    the equity accounting method)                                       237           1.0
    Other assets                                                       -151          -3.7
    Total assets                                                     -1,776          -1.0
    Liabilities due to banks                                         -1,168          -3.4
    Liabilities due to customers                                        976           2.2
    Securitized liabilities                                            -434          -0.9
    Trading liabilities                                              -1,945          -5.8
    Negative market value of derivatives not held for trading           197           5.7
    Provisions/other liabilities                                        450          19.6
    Subordinated capital                                                154           3.0
    Equity                                                               -6          -0.1
    Total liabilities                                                -1,776          -1.0
    Financial ratios
                                         31.03.2014    31.12.2013
                                           in %           in %
    Cost-Income Ratio                         59.9           61.6
    Return on equity (before tax)              8.3            7.4
    Total capital ratio                       17.2           17.4
    Core capital ratio                        13.2           13,3
    CET-1-Capital                             12.4           12,5
    Helaba's ratings
                                     Moody's Investors                   Standard & Poor's
                                     Service             FitchRatings          Corp.
    Long-term liabilities                   A2                A+*                A*
    Short-term liabilities                  P-1               F1+*               A-1*
    Public mortgage bonds
    (Public Pfandbriefe)                    Aaa               AAA                -
    Mortgage bonds                          -                 AAA                -
    Financial strength/viability rating     D+                a+*                -

    * Joint S-Group rating for the Sparkassen-Finanzgruppe Hessen-Thüringen

Press and Communication
MAIN TOWER
Neue Mainzer Strasse 52-58
60311 Frankfurt am Main
http://www.helaba.de
Tel: +49-(0)69 / 9132-2192

Wolfgang Kuss    
E-Mail: wolfgang.kuss@helaba.de

Ursula-Brita Krueck
E-Mail: ursula-brita.krueck@helaba.de

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