LATEST NORD/LB NEWS
NORD/LB Norddeutsche Landesbank AöR will be paying its guarantors a dividend of 7 percent on the equity capital, with interest being paid in full to the Bank’s silent participations as before. At the same time the Bank will be transferring around EUR 121 million to its reserves, thus further boosting its capital assets even in these times of financial crisis. Fiscal 2008 saw the core capital quota improve to 8.1 percent as against the previous year's level of 7.0 percent. This emerges from the Financial Statement of NORD/LB AöR – the parent company of the NORD/LB Group – as drawn up according to the requirements of the German Commercial Code (HGB).
The report shows NORD/LB to have generated an operating result of EUR 206 million (previous year: EUR 385 million) after risk provisions and evaluations. This figure already takes account of the aforementioned boosting of the Bank's general reserves by EUR 121 million. The interest payments to the silent participations will be made from this result, amounting to around EUR 115 million (previous year: EUR 114 million). This means that NORD/LB can register a net income for the year of approximately EUR 100 million (previous year: EUR 219 million). In addition to that, around EUR 76 million are set to be paid out in dividends to the federal states of Lower Saxony and Saxony-Anhalt as well as the savings banks in Lower Saxony, Saxony-Anhalt and Mecklenburg-Western Pomerania as NORD/LB’s guarantors.
“The figures reflect the Bank's continuing stable position, which in turn is an endorsement of our customer-aligned and real-economy-oriented business model”, commented Dr. Gunter Dunkel, Chairman of the NORD/LB Board of Management. “We are pleased that, by way of the dividend payout and the payment of interest to the silent participations, we can give our guarantors and investors a share in the good operating result we have succeeded in achieving in spite of the difficult market situation. Their support and trust provide a solid foundation for the further development of the NORD/LB Group in the years to come.”
NORD/LB will be announcing its IFRS-compliant Financial Statement on 29 April. In spite of a difficult macroeconomic framework, in particular in the fourth quarter, the Bank is nevertheless proceeding on the assumption of a slightly positive operating result for fiscal 2008.
