Core Bank posted pre-tax profit of EUR 139 million after nine months

Banking, Finance, Shipfinance — By on November 29, 2013 at 8:44 PM

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  • Core Bank has thus been profitable for past five quarters
  • New business up nine percent to EUR 4.9 billion.
  • Restructuring Unit recorded a loss of EUR -271 million before taxes
  • As expected, the Group posted a loss of EUR -104 million
  • Core Tier 1 capital ratio further improved to a high level, i.e. 12.1 percent plus 4.6 percent buffer
  • Outlook reaffirmed: Loss in the three-digit million range projected for 2013 with a return to profit territory in 2014

HAMBURG/KIEL HSH Nordbank is establishing its ‘bank for entrepreneurs’ business model with sustained success and in the first nine months of 2013 above all increased the margins and new business. At the same time the wind-down of legacy portfolios in the Re- structuring Unit continued, perceptibly reducing HSH Nordbank’s risk positions. The capital ratios, which were significantly strengthened as a result of the replenished guarantee, improved again as at 30 September 2013

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20131129 PR Nine month results 2013

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