Ad-hoc release

21.07.2004 - comdirect bank: half-year profit doubled

comdirect bank (ISIN DE0005428007) achieved pre-tax profit of EUR33.0m in the first six months of 2004, thereby more than doubling its profit in a year-on-year comparison (EUR15.1m).

The number of executed securities orders in the German market rose 25.3% to 3.4m, up from 2.7m in the previous year. The second quarter failed to match the exceptional figure achieved in the first three months, but the downturn of less than 22% was considerably lower than on the German stock markets overall (-27.6%). Compared to the 2003 year-end (EUR6.8bn), the portfolio volume (including funds volume) in Germany increased by 10.2% to EUR7.5bn. comdirect increased net commission income by 37.2% year-on-year, up from EUR36.9m (of which comdirect ltd EUR2.6m) to EUR50.7m (of which comdirect ltd EUR3.1m).

Compared with the record level as of 31 December 2003 of EUR2.6bn, the volume of deposits fell by 6.9% to EUR2.4bn. Net interest income before provisions came in at EUR29.4m (of which EUR1.2m comdirect ltd); last year it amounted to EUR31.0m (of which EUR1.3m comdirect ltd).

The number of comdirect bank customers in Germany rose by 6.8% since the beginning of the year to reach a new record level of 630,927.

At EUR54.1m (of which EUR4.1m comdirect ltd), administrative expenses were down 3.9% on the first half of 2003. Personnel costs fell by 12.3% to EUR14.1m. Other operating expenses rose year-on-year by 3.6% to EUR33.7m. Depreciation reduced by 18% to EUR6.3m.

The cost/income ratio improved as a result of the strong earnings performance in the first quarter and stable costs overall to 62.1%, down from 78.2% in the first half of 2003.

The sale of comdirect ltd lead to a profit contribution of EUR2.4m in the second quarter. comdirect ltd was deconsolidated as of 31 March 2004.

For the year as a whole, the bank's profit target remains unchanged at at least EUR50m before tax.

Informationen und Erläuterungen zu dieser Ad-hoc-Mitteilung:

% H1
EUR thousand
Net interest income before provisions
15,641 16,236 13,181 31,011 29,417 -5.1
Provision for possible loan losses -247 45 -60 -617 -15 -97.6
Net commission income 21,001 30,862 19,794 36,928 50,656 37.2
Other income 2,322 2,625 4,432 4,054 7,057 74.1
Administrative expenses 28,351 28,795 25,319 56,312 54,114 -3.9
Profit from ordinary activities 10,366 20,973 12,028 15,064 33,001 119.1
Pre-tax profit 10,366 20,973 12,028 15,064 33,001 119.1
After-tax profit 6,202 13,542 9,067 8,625 22,609 162.1


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