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Annual Report 2019

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Annual Report 2019 ANNUAL REPORT 2019 DZ HYP AG Geschäftsbericht 2019 Rosenstraße 2 Sentmaringer Weg 1 20095 Hamburg 48151 Münster Tel.: +49 40 3334-0 Tel.: +49 251 4905-0 DZ HYP dzhyp.de dzhyp.de DZ HYP Annual Report 2019 Overview OVERVIEW ANNUAL REPORT 2019 € mn 2019 2018 DEVELOPMENT OF NEW BUSINESS Commercial Real Estate Investors 8,976 7,725 Housing Sector 898 1,013 Retail Customers/Private Investors 2,294 2,232 Public Sector 717 894 PORTFOLIO DEVELOPMENT 31 Dec 2019 31 Dec 2018 Total assets 79,437 75,891 Mortgage loans 50,151 45,289 Originated loans to local authorities 10,808 11,789 Local authority lending*) 11,917 12,608 Bank bonds 442 571 Mortgage-backed securities (MBS) 449 542 Pfandbriefe and other debt securities 49,833 49,995 Own funds 2,239 2,276 Total capital ratio (in %) 12.6 13.3 Common equity tier 1 ratio (in %) 8.4 9.0 PROFIT AND LOSS ACCOUNT 1 Jan to 31 Dec 2019 1 Jan to 31 Dec 2018 Net interest income 554 524 Net commission result -36 -27 Administrative expenses 251 294 Net other operating income/expenses 5 8 Risk provisioning -4 -69 Net financial result -3 38 Operating profit 265 180 Extraordinary result -17 0 Allocation to the fund for general banking risks 100 45 Partial profit transfer 16 16 Taxes 82 64 Profits transferred under a profit and loss transfer agreement 50 55 Cost-income ratio in % 50.2 60.0 Return on equity in % 13.2 11.5 NUMBER OF EMPLOYEES 31 Dec 2019 31 Dec 2018 Annual average 870 873 *) lending transactions with national governments and sub-sovereign entities as well as state-guaranteed corporate bonds dzhyp.de 2 DZ HYP Annual Report 2019 DZ HYP Annual Report 2019 3 Contents DZ HYP – PART OF A STRONG GROUP CONTENTS 4 DZ HYP as an Employer 20 Letter from the Management Board 22 DZ HYP 22 Partner for real estate financing and public-sector lending in the German cooperative financial network 24 Digitalisation 25 Sustainability 28 Management Report 28 Business Model 32 Economic Report 32 Economic Environment 34 Development of the Real Estate Markets 38 Business Development 38 Credit Business 40 Refinancing 41 Net Assets, Financial Position and Financial Performance 41 Net Assets 43 Financial Position 44 Financial Performance 49 Report on Opportunities, Risks and Expected Developments 49 Report on Opportunities 50 Risk Report 69 Report on Expected Developments DZ HYP is part of the DZ BANK Group and therefore part of the German Cooperative Financial Network, 72 Employees which comprises approximately 900 individual cooperative banks. In terms of total assets, it ranks among the largest financial services organisations in Germany. Within the Cooperative Financial Network, DZ BANK AG 75 Financial Statements acts as the central institution, tasked with supporting the local cooperative banks’ transactions as well as 76 Balance Sheet strengthening their competitive position. It operates as a commercial bank, and exercises the holding entity 78 Profit and Loss Account function for the DZ BANK Group. 79 Statement of Changes in Equity 80 Cash Flow Statement The DZ BANK Group includes Bausparkasse Schwäbisch Hall, DZ HYP, DZ PRIVATBANK, R+V Insurance, Team- 81 Notes to the Financial Statements Bank, Union Investment Group, VR Smart Finanz, and various other specialist financial services providers. 81 General Notes The various DZ BANK Group entities and its strong brands are the cornerstones of a comprehensive range of 85 Notes to the Balance Sheet financial services offered through the Cooperative Financial Network. The DZ BANK Group has organised its 96 Notes to the Profit and Loss Account strategy and range of services for the cooperative banks and their customers along the lines of four business 97 Coverage segments: Retail Banking, Corporate Banking, Capital Markets and Transaction Banking. 104 Other Information on the Annual Financial Statements Combining banking services with insurance products, home loan savings and a range of investment services 107 Responsibility Statement has a long tradition within the German cooperative banking sector. The specialist institutions within the DZ BANK Group each offer highly competitive and appropriately-priced products in their respective area of 108 Independent Auditor’s Report expertise. This allows Germany’s cooperative banks to offer their customers an end-to-end range of first- class financial services. 114 Report of the Supervisory Board 118 Service 118 Corporate Bodies and Committees, Executives 123 DZ HYP Addresses 4 4 DZ HYP Annual Report 2019 5 5 45% 55% 13.4 3.0 GENDER ALLOCATION AVERAGE LENGTH OF COMPANY NUMBER OF TRAINING DAYS SERVICE, IN YEARS PER EMPLOYEE More than 800 staff members work at hierarchies. We extend trust and encourage DZ HYP, an award-winning employer deeply our employees to act and work independently. rooted – historically and culturally – in the Cooperative Financial Network. We are a Our employees do a great job, and we believe bank with a personal touch, and live by the it is our job to make this possible. It is our Group’s creed that we are strong together. Our understanding that people can only perform particular strength lies in our technical, regional well when professional and private interests and personal proximity to our clients, and it is are aligned. In keeping with our corporate this proximity that also sets DZ HYP apart as culture, we also extend trust to our employees an employer. We know one another and work and allow for a proper work-life balance. together in a partnership structure with flat INVITING PROSPECTS: DZ HYP AS AN EMPLOYER Company party at the Port of Hamburg in 2019 DZ HYP was awarded the title of the strongest banking brand in real estate for the fourth time in 2019 6 6 DZ HYP Annual Report 2019 7 7 I WAS LOOKING FOR EXCITING EDUCATIONAL CONTENT AND VARIETY OF ACTIVITY FOR MY TRAINING. DZ HYP WAS A GOOD MATCH FOR THIS, ESPECIALLY AS IT HAS RECEIVED SEVERAL AWARDS FOR ITS TRAINING ACTIVITIES. Linus Philipp Scholz, apprentice DZ HYP apprentices DZ HYP CERTIFICATIONS DZ HYP offers various career goals and paths. Traditionally, we regularly train bank officers – also as part of the dual study programme. Our training is defined by a high level of practical application and by fostering an independent approach to learning. Apprentices gain an insight into many areas across the Bank – specifically, they are being trained in the lending and securities businesses, as well as in payments and accounting. We also offer graduates 18-month trainee programmes in the Commercial Real Estate Finance Business, in credit WE TRAIN QUALIFIED risk, in information management, or in the Legal Depart- ment. In these programmes, they undergo first-class training in the real estate business and strengthen their YOUNG PROFESSIONALS professional profile. Trainees are seen as fully-fledged team members from the DZ HYP trainees very outset. Joint activities, together with professional and comprehensive support, contribute decisively to a success- ful start to an individual’s career. 8 8 DZ HYP Annual Report 2019 9 9 LOAN APPLICATIONS IN OUR CORPORATE CLIENTS DZ HYP’s core business is providing financing solutions BUSINESS GENERALLY TEND TO BE VERY COMPLEX. for real estate projects. This means we operate in a demanding WE USE THE STRATEGIES AND PARAMETERS SET BY environment offering both challenging and varied tasks. This applies in equal measures to retail customers and to our coope- THE BANK FOR OUR ANALYSES. AT THE SAME TIME, ration with our corporate customers. The latter are primarily WE EXAMINE EACH CASE INDIVIDUALLY AND IN CLOSE medium-sized and institutional investors, real estate developers, COOPERATION WITH OUR COLLEAGUES IN THE FRONT project developers and housing sector companies. The division OFFICE UNIT. THIS COLLABORATIVE AND MOTIVATING is highly individual and entails intensive communication with our TEAMWORK IS CERTAINLY NOT TO BE TAKEN FOR customers, as well as requiring our real estate experts to have GRANTED – IT’S WHAT MAKES DZ HYP STAND OUT excellent knowledge of the market. FOR ME. Angelika Pohlmann-Bartels, Credit Analyst Commercial Real Estate Investors, Hamburg Regional Centre © Phillip Kistner © Fotografie H.-B. Wiederhold © Bauverein der Elbgemeinden Float, Düsseldorf Die Welle, Frankfurt Neue Mitte Altona, Hamburg EVERY FINANCING SOLUTION IN THE BUSINESS WITH CORPORATE CUSTOMERS IS UNIQUE. THAT MAKES MY JOB SO APPEALING. EACH CUSTOMER HAS DIFFERENT NEEDS, EACH PROPERTY HAS DIFFE- RENT FEATURES. THIS MEANS THAT I NEVER KNOW WHAT AWAITS ME ON THE NEXT WORKING DAY. OUR CORPORATE CLIENTS OUR CONTRIBUTION TO URBAN DEVELOPMENT IS EXCITING TOO. REAL ESTATE DEVELOPMENTS SUCH BUSINESS: HIGHLY INDIVIDUAL AS THE KÖ-BOGEN OR THE DREISCHEIBENHAUS SHAPE THE URBAN AESTHETICS HERE IN DÜSSELDORF. I AM VERY PROUD OF THE SIGNIFICANT ROLE PLAYED AND MULTIFACETED BY DZ HYP AS A FINANCING PARTNER FOR SUCH FLAGSHIP PROJECTS. Sebastian Diehl, Regional Director Commercial Real Estate Investors – SMEs & Cooperative Financial Network, Düsseldorf Regional Centre 1010 DZ HYP Annual Report 2019 1111 DZ HYP’s information technology needs extensive IT governance and IT security skills that go beyond traditional disciplines. In doing so, we not only meet the growing requirements of the banking supervisory authority, but we are also arming ourselves with a modern and secure IT framework for a successful future. Clear guidelines for all processes and consistent quality management of all information technology procedures are of key importance for the entire Bank. An example of this is authorisation management: em- ployees and external partners need to have access to data relevant to them – no more, and no less. Behind this access lies a complex structure of authorisations and roles, as well as refined processes for granting and withdrawing authorisations. The focus is also on ‘hard’ security issues such as security information and event management (SIEM): it is a case here of analysing billions of events and tracking down potential security incidents.
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