Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 2

[gionmorg]

http://www.axa.com/lib/en/uploads/pr/group/2013/AXA_PR_20130221.pdf

 

[Joe Silver]

Finanza & Pittura

Se intendevi questo ,,, è Watteau.

Grazie Sean sì, questa è una delle versioni dello stesso soggetto.....certo che la mia insegnante di storia dell'arte al liceo (la mitica prof. Gengaro...che Dio l'abbia in gloria nel Paradiso degli Artisti) sarebbe rimasta allibita di fronte alla mia incertezza sull'autore....
Ciao

 

[Joe Silver]

grazie, interessanti consigli da valutare con occhio attento e critico,

Grazie del report, Discipline

 

[capt.harlock]

ask operativo ikb 2016 70,25

 

[ono]

DZ Bank

Non conosco molto bene DZ Bank,
qualcuno mi può informare se ha ricevuto aiuti,
se ha sempre pagato i coupon,
o altre info sulla sua solidità.
Grazie

 

[wagenbach]

coe al solito nei momenti incerti niente di piu facile che andare long il BUND

 

[NoWay]

Non conosco molto bene DZ Bank,
qualcuno mi può informare se ha ricevuto aiuti,
se ha sempre pagato i coupon,
o altre info sulla sua solidità.
Grazie

Dati un po' vecchiotti, ma magari utili...

H1 2012: DZ BANK Group reports profit before taxes of EUR 515 million print this article
– Good operating performance despite sovereign debt crisis – successful cooperation within the cooperative financial network
– The DZ BANK Group’s profit before taxes reaches EUR 515 million
– Earnings already take account of temporary impairments of around EUR 500 million on bonds issued by the eurozone’s periphery states
– Net profit driven by the very good earnings before tax of EUR 736 million reported at DZ BANK AG
– Tier 1 capital ratio rises significantly to 12.2 per cent
– EBA tier 1 capital ratio of 9.0 per cent as at 30 June 2012 clearly exceeded
– Wolfgang Kirsch: “We continue to strive for a full-year result above one billion euros.”

The DZ BANK Group made a robust showing in the first half of the current financial year despite the on-going sovereign debt crisis and the slackening economy. It reported a profit before taxes of EUR 515 million for the first half of 2012. This takes account of temporary impairments of around EUR 500 million in its exit portfolio of government bonds issued by eurozone periphery states. The profit before taxes in the year-earlier period, which was not negatively affected to the same extent by the repercussions of the sovereign debt crisis, was EUR 638 million. DZ BANK AG reported earnings before tax according to IFRS of EUR 736 million in the first half of 2012 and thus made a substantial contribution to the net profit.

“The European sovereign debt crisis also maintained its firm grip on the financial sector in the first half of 2012. In this difficult environment the DZ BANK Group’s business model gave renewed proof of its sustainable operating strength and profitability. This reflects our close and good cooperation with the cooperative banks,” said Wolfgang Kirsch, Chief Executive Officer of DZ BANK AG. “The uncertainty in the markets and the concern about the stability of the eurozone have admittedly also had an appreciable negative impact on our earnings. Nevertheless, thanks to the sustained and successful performance in the customer business the first half of financial year 2012 has been more than satisfactory for us. As part of the cooperative financial network we remain much appreciated by our customers,” Kirsch added.


DZ BANK Group: (IFRS) earnings as at 30 June 2012

DZ BANK Group’s net interest income improved by 11.1 per cent to EUR 1,657 million (H1 2011: EUR 1,491 million). The positive trend seen in the previous year also continued in the review period, especially with regard to DZ BANK’s lending business with corporate customers. Funding in the joint credit business with the local cooperative banks in the renewables segment, a fast-growing market of the future, was particularly important here. After a successful year in 2011 this segment again reported significant growth in the first half of 2012. In addition, the operating net interest income increased significantly especially at TeamBank and Bausparkasse Schwäbisch Hall.

Allowances for losses on loans and advances increased at a low level, up from
-EUR 135 million to -EUR 208 million.

Net fee and commission income was down by 9.7 per cent to EUR 445 million (H1 2011: EUR 493 million). Most of this decline was due to the falling performance fee in the investment fund business at Union Investment and the increased fee and commission expenses at TeamBank resulting from its positive business performance.

Gains and losses on trading activities increased from EUR 362 million in the first half of 2011 to EUR 496 million. This was due to increased customer business with money- and capital-market products and market-induced spread tightenings in the first quarter of 2012 with respect to bond positions held within the framework of the capital market business.

Gains and losses on investments improved from -EUR 231 million to -EUR 185 million.

Other gains and losses on valuation of financial instruments amounted to -EUR 540 million after -EUR 135 million in the year-earlier period. This position consists mainly of impairment losses in DG HYP’s exit portfolio of government bonds issued by eurozone periphery states.

Net income from insurance activities almost doubled to EUR 193 million (H1 2011: EUR 100 million). The increase was driven by premium growth in all business segments, especially in health insurance, where premium growth outperformed the sector trend. In addition, the reinsurance segment reported a significantly lower claims ratio and gains and losses on investments improved.

Administrative expenses increased by 4.6 per cent to EUR 1.38bn.

The cost-income ratio in the DZ BANK Group was 65.6 per cent (H1 2011: 63.0 per cent).

The DZ BANK Group’s profit before taxes reached EUR 515 million after EUR 638 million in the year-earlier half year.

The tier 1 capital ratio as at 30 June 2012 stood at 12.2 per cent and was thus 2.1 percentage points higher than at the end of 2011.

Thanks to its good internal profitability and thus its ability to accumulate funds, the DZ BANK Group was able to improve its tier 1 capital ratio from 10.1 (as at 31.12.2011) to 12.2 per cent – despite the fact that the requirements have already been increased under current rules (“Basel 2.5”). In addition, measures were also taken in the equity investment segment and in the exit portfolios of the DZ BANK Group. As a result, at the end of the first half of 2012 it was possible to more than offset the capital adequacy requirement of EUR 350 million determined for the DZ BANK Group in the European Banking Authority’s last “flash stress test.” The minimum requirement of 9.0 per cent for the “hard tier 1 capital ratio” defined by the EBA was clearly exceeded as at 30 June 2012. “We nevertheless still need to compensate for our future capital requirements, which are still uncertain in many points but which will at all events be greater, and we need to do so as far as possible by careful management of our risk weighted assets, by keeping the focus of our business activities on the cooperative financial network and by retaining profits. In light of the significant progress already made, we believe we are on the right path,” said Kirsch.


Outlook

Besides the uncertainty about the future shape of the regulatory requirements, the challenges in the macroeconomic environment will not diminish in the second half of 2012: while the debt crisis in the eurozone still awaits a solution that is sustainable in the long term, the economic trend in the major economic areas is weakening. The strains on the German economy have also increased. “With the economy only slightly weaker and given a stabilisation of the eurozone we continue to strive for a result in the DZ BANK Group for full year 2012 that is above one billion euros,” said Kirsch. “We are confident that we are on the right road with our market position and the topics that we are working on jointly with the local cooperative banks.” Growth initiatives in the private and corporate banking business as well as in transaction banking are paying off. In the long term, these will lead to a sustainable increase in market shares.


DZ BANK Group’s financial results for the six months to June 30, 2012 and 2011 (IFRS)

€ millionJan. 1 – Jun. 30, 2012Jan. 1 – Jun. 30, 2011Change (%)Net interest income1,6571,49111.1Allowances for losses on loans and advances-208-13554.1Net fee and commission income445493-9.7Gains and losses on trading activities49636237.0Gains and losses on investments-185-231-19.9Other gains and losses on valuation of financial instruments-540-135>100.0Net income from insurance activities19310093.0Administrative expenses-1,376-1,3154.6Other net operating income338>100.0Profit before taxes515638-19.3Cost-income ratio65.663.02.6%

 

[NoWay]

in EUR m01.01. - 30.06.201201.01. - 30.06.2011 ChangeInterest net income1,6571,49111.1%Impairment losses on loans and advances-208-13554.1%Fee and commission net income445493-9.7%Net trading income49636237.0%Net income on investments-185-231-19.9%Other gains and losses on measurement of financial instruments-540-135>100.0%Gains and losses from insurance business19310093.0%Administration costs-1,376-1,3154.6%Other operating net income338>100.0%Results before taxes515638-19.3%Cost-Income-ratio65.6% 63.0%2.6pp 30.06.2012 31.12.2011 Balance sheet total (in EUR bn)407 4060.0%Tier1 ratio12.2 10.12.1ppTotal capital ratio12.2 11.50.7pp
in EUR m01.01. - 30.06.201201.01. - 30.06.2011 ChangeInterest net income1,6571,49111.1%Impairment losses on loans and advances-208-13554.1%Fee and commission net income445493-9.7%Net trading income49636237.0%Net income on investments-185-231-19.9%Other gains and losses on measurement of financial instruments-540-135>100.0%Gains and losses from insurance business19310093.0%Administration costs-1,376-1,3154.6%Other operating net income338>100.0%Results before taxes515638-19.3%Cost-Income-ratio65.6% 63.0%2.6pp 30.06.2012 31.12.2011 Balance sheet total (in EUR bn)407 4060.0%Tier1 ratio12.2 10.12.1ppTotal capital ratio12.2 11.50.7pp
Sempre su DZ:
Tier 1 ratio al 30/06/2012 12.2
Rating S&P a Novembre 2012 su Secured Debt Instruments AAA

 

[negusneg]

Dove collochereste
DZ Bank ??

Non conosco molto bene DZ Bank,
qualcuno mi può informare se ha ricevuto aiuti,
se ha sempre pagato i coupon,
o altre info sulla sua solidità.
Grazie

Ciao ono,

personalmente la considero fra i buoni e gli ottimi, la metto nei buoni solo perchè non la seguo più di tanto (ha solo emissioni indicizzate all'euribor con spread bassi, quasi tutte già in post call ).

Che mi risulti non ha avuto aiuti, è l'istituto centrale delle banche cooperative e delle casse di risparmio tedesche.

 

[NoWay]

Ciao ono,

personalmente la considero fra i buoni e gli ottimi, la metto nei buoni solo perchè non la seguo più di tanto (ha solo emissioni indicizzate all'euribor con spread bassi, quasi tutte già in post call ).

Che mi risulti non ha avuto aiuti, è l'istituto centrale delle banche cooperative e delle casse di risparmio tedesche.

Forse non male questa DE0009078337, no?