12.02.2004 - comdirect bank achieves record profit
In the 2003 financial year, comdirect bank (ISIN DE0005428007) achieved a consolidated pre-tax profit of 39.1m euros - by far the largest profit since the bank was formed in 1994. This represents a year-on-year improvement of 57.7m euros (year-ago pre-tax profit: -18.6m euros).
The number of executed securities orders was 11.8% higher in 2003 than in 2002, at 6.4m. The portfolio volume (incl. funds) expanded by 50.4% to 7.6bn euros from its end-2002 level. Commission income was 22.4% stronger than a year earlier in 2003, reaching 96.7m euros. Net commission income rose by 7.7% to 83.1m euros (previous year: 77.1m euros). A special effect should be noted here, namely that third-party costs for handling orders were shown for the first time as commission expenses.
The volume of deposits expanded by 41.5% to 2.8bn euros. Net interest income before provisions fell by 10.5% to 57.2m euros. This was mainly due to the fact that the interest expenses caused by ZinsPLUS, a special interest-rate campaign for gaining new customers, have already been recognised in full.
comdirect brought its administrative expenses down to 112.5m euros in 2003 - a decline of 18.6% on 2002. In a year-on-year comparison, personnel costs receded by 18.2% to 31.7m euros; other administrative expenses were reduced by 15.6% to 64.3m euros. Depreciation was 29% lower at 16.5m euros.
The cost/income ratio improved in the past financial year to 74.2 % - down from 96.2% a year earlier.
The results achieved enable comdirect to make its first dividend payment. The management board will propose a distribution to shareholders of 0.16 euro per share.
For the 2004 financial year, comdirect bank is aiming for a further improvement in the pre-tax profit of more than 15% to at least 45m euros.
If you have questions, please contact: Daniel Fard-Yazdani, Investor Relations, comdirect bank AG, Pascalkehre 15, D-25451 Quickborn, phone +49(0)4106-704-1966, fax +49(0)4106-704-1969, e-mail email@example.com
Information and explanatory notes on this ad hoc release:
All the figures are unaudited; the full annual report will be published on 12 March, 2004.
|End of the ad hoc release €
Net interest income
|Provision for possible loan||-1,574||0||652||-2,037||35||-|
|Net comission income||18,232||24,268||21,911||77,142||83,107||7.7|
|Profit from ordinary activities||349||16,821||7,217||4,695||39,102||732.8|