Ad-hoc release

30.01.2003 - comdirect: first figures for 2002 financial year

comdirect on course with its com one programme for the future:
first figures for 2002 financial year

Quickborn, 30 January, 2003

At end-2002, comdirect bank Aktiengesellschaft (WKN 542 800) was looking after 622,000 customers (2001: 649,000) at group level, 595,000 of them direct-brokerage customers. The number of orders executed by the group in 2002 was 5.7 million, compared with 6.6 million in 2001. Total assets under custody, consisting of a deposit volume of €1.9bn (€2.3bn) and a portfolio volume of €5.1bn (€6.7bn), reached €7.0bn (€9.0bn) on 31.12.2002.

With its com one programme for the future, launched last September, comdirect has already achieved major results:

Incisive restructuring measures have led to a sustained reduction in personnel and other administrative expenses. comdirect has realised the necessary staff cuts more rapidly than planned. The targets defined for this purpose in com one were achieved within the four months up to January 2003 ? two months earlier than projected. Agreement has already been reached with 300 full-time personnel as regards the termination of their employment contracts and the redundancies will become effective until June, 30th 2003. At the same time, the company?s organisation and the structuring of its operations have been streamlined; the call centre in Kiel was closed down on 31.12.2002.

The com one programme for the future is designed to ensure profitability even in unfavourable market phases. comdirect has made considerable progress in this respect. The bank will publish its full annual financial statements for 2002 on 13 March, 2003.

comdirect bank AG
Investor Relations
Gregor Sparfeld
Tel. 04106 704 1966
Fax 04106 704 1969

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