Ad-hoc release

12.08.2003 - comdirect bank AG achieves its best quarterly result since its IPO

In the first half of 2003, comdirect bank AG achieved a six-fold increase in its profit over the year-earlier level. The consolidated pre-tax profit was 15.1m euros (first half 2002: 2.5m euros). In the second quarter of 2003, comdirect bank registered its best three-month result since going public: its pre-tax profit of 10.4m euros was more than double that in the first quarter (4.7m euros).

The number of securities orders that were executed rose to 2.9m in the first half of the year, 9.2% higher than a year previously. In the second quarter, the number of orders exceeded that in the first three months by 22.6%. In a year-on-year comparison, commission income was 5.8 % stronger in the first half of 2003 at 42.9m euros. Net interest income before provisioning fell 7.0% to 31.0m euros. Since end-2002, portfolio volume expanded by 22.0 % to 6.2bn euros.

comdirect bank reduced its administrative expenses by 22.2% to 56.3m euros from their level in the first half of 2002. Personnel costs were down by 22.8%, while other administrative expenses and depreciation were cut by 18.9% and 32.5%, respectively.

The half-year results provide support for the goal of achieving a decidedly positive operating profit for 2003 as a whole. The management board of comdirect bank have confirmed their intention of making a dividend payment to shareholders for 2003.

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