Ad-hoc release

13.05.2003 - comdirect bank AG with substantial quarterly profit

In a weak market environment, comdirect bank AG achieved a group after-tax profit of 2.4m euros in the first quarter, compared with -1.8 million euros in the same quarter of 2002. Its profit from ordinary activities rose from 0.3 million to 4.7 million euros, thus reaching after only three months the level for 2002 as a whole.
Thanks to tight cost management, comdirect was able to counter a 16.7% market-induced decline in overall earnings with a disproportionate strong reduction of 28.1% in its administrative expenses in a quarter-on-quarter comparison. Net commission income fell by 27.4% to 15.9 million euros. Net interest income before provisions sank from 16.7 million to 15.4 million euros.
While strict cost management is being systematically maintained, comdirect's transformation into a one-to-one bank for the modern investor is progressing according to plan. Once again in the first quarter, the bank invested on a selective basis to expand its product range and develop its special area of competence in financial advisory.
End of the release

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