Ad-hoc release

13.03.2003 - comdirect's operating profit in the black - new perspectives after turnaround

The group's profit from ordinary activities was EUR 4.7m in 2002, as against EUR -52.3m a year earlier. Thanks to strict cost management, comdirect lowered its group administrative expenses by a substantial 38 percent, from EUR 224.3m to EUR 138.1m. While personnel costs were reduced from their 2001 level of EUR 51.4m to EUR 38.7m, other administrative expenses sank at a disproportionately strong rate, from EUR 144.2m in 2001 to EUR 76.2m in 2002. In a weak market environment, overall group earnings were down by 17 percent, from EUR 172.0m in 2001 to EUR 142.8m in 2002. The extraordinary result in the past financial year amounted to EUR -23.3m, which included non-recurring expenses of EUR -32m from the com one programme for the future. In the previous year, the extraordinary result had been EUR -98.3m. Accordingly, the net loss for the year of EUR 160.7m in 2001 was reduced to EUR 9.8m.
After the turnaround in its operating profits, the bank is repositioning itself in three areas of competence: online investment, direct banking and also financial advisory. As from 2004, customers of comdirect bank will be looked after by personal advisers in the areas of asset accumulation and provision for old age.
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