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Ad-hoc release

14.02.2005 - comdirect bank achieves record results in 2004 and announces programme for growth and value added

comdirect bank (ISIN DE0005428007) achieved new record results again in financial year 2004 with pre-tax profit at group level of EUR 51.1m. Year-on-year this is a rise of 30.7% (previous year: EUR 39.1m). Growth in net profit was even higher, rising 45.4% to EUR 34.0m.

Net commission income increased by 4.8% to EUR 87.1m (previous year: EUR 83.1m). At EUR 57.0m, net interest income before provisions was virtually unchanged on the previous year (EUR 57.2m).

comdirect further reduced administrative expenses. At EUR 103.6m, costs were down 7.9% on the previous year. Personnel costs fell by 9.1% to EUR 28.8m, while other administrative expenses remained stable at EUR 63.2m (previous year: EUR 64.3m). Depreciation dropped by 30.3% to EUR 11.5m.

The cost/income ratio improved during the financial year to 66.8%, down from 74.2% in 2003.

The Board of Managing Directors is seeking to distribute a dividend of EUR 0.24 per share to shareholders, 50% more than in the previous year.

For financial years 2005 to 2007, the bank is planning to implement a programme for increased growth. The plans to attract increased numbers of customers involve a higher level of expenses. As a result, the bank is expecting pre-tax profit of EUR 35m for financial year 2005.

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 investorrelations@comdirect.de

Information and explanations regarding the ad hoc notification:

All figures are unaudited, the full Annual Report will be published on 15 March 2005.

Q4/03
Q3/04
Q4/04
2003
2004
%
2003/2004
EUR '000
Net interest income
before provisions
11,384 13,334 14,201 57,207 56,952 -0.4
Provision for possible loan losses 652 -184 -91 35 -290 -
Net comission income 21,911 16,764 19,673 83,107 87,093 4.8
Other income 4,763 3,323 514 11,247 10,894 3.1
Administrative expenses 31,493 23,800 25,645 112,494 103,559 -7,9
Profit from ordinary activities 7,217 9,437 8,652 39,102 51,090 30.7
Pre-tax profit 7,217 9,437 8,652 39,102 51,090 30.7
After-tax profit 4,008 6,024 5,336 23,361 33,969 45.4

 

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