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Ad-hoc release

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 investorrelations@comdirect.de



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.

Q4/02
Q3/03
Q4/03
2002
2003
%
2002/2003
End of the ad hoc release €
Net interest income
before provisions
15,444 14,812 11,384 63,896 57,207 10.5
Provision for possible loan -1,574 0 652 -2,037 35 -
Comission income 18,847 28,085 25,673 79,024 96,686 22.4
Comission expenses 615 3,817 3,762 1,882 13,579 621.5
Net comission income 18,232 24,268 21,911 77,142 83,107 7.7
Other income 814 2,430 4,763 3,832 11,247 193.5
Administrative expenses 32,567 24,689 31,493 138,138 112,494 -18.6
Profit from ordinary activities 349 16,821 7,217 4,695 39,102 732.8
Pre-tax profit/loss 9,021 16,821 7,217 -18,600 39,102 -
After-tax profit/loss 10,199 10,728 4,008 -9,764 23,361 -

 

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