21.10.2004 - comdirect bank: nine-month profit figures up by 33%
comdirect bank (ISIN DE0005428007) increased its pre-tax profit to EUR 42.4m in the first nine months of the year, up 33.1% in a year-on-year comparison (EUR 31.9m). In the third quarter of 2004, the bank achieved pre-tax profit of EUR 9.4m.
Net commission income rose from EUR 61.2m for the first nine months of 2003 to EUR 67.4m as of 30 September 2004, an increase of 10.2%. At EUR 42.8m, net interest income before provisions was down 6.7% on the comparative figure of EUR 45.8m in the previous year.
Administrative expenses fell by 3.8% compared with the figure for the previous year (EUR 81.0m) to stand at EUR 77.9m. Personnel costs declined by 7.3% to EUR 21.2m. Other administrative expenses rose by 3.3% to EUR 47.7m due to increased costs relating to the acquisition of new customers. Depreciation reduced by 24.6% to EUR 9.0m.
The cost/income ratio improved to 64.6%, compared to 71.4% for the first nine months of 2003.
The bank's profit target, which was revised upwards in the spring, remains unchanged at EUR 50m before tax for the year as a whole.
For further information please contact: Daniel Fard-Yazdani, Investor Relations, comdirect bank AG, Pascalkehre 15, D-25451 Quickborn, Tel.: +49(0)4106-704-1966, Fax: +49(0)4106-704-1969, e-mail email@example.com