21.07.2005 - comdirect bank: half-year pre-tax profit of EUR 24.5m
comdirect bank (ISIN DE0005428007) achieved pre-tax profit of EUR 24.5m in the first six months of 2005. Due to the very favourable stock market environment, the previous year's figure stood at EUR 33.0m (EUR 32.9m excluding comdirect ltd).
Net commission income amounted to EUR 43.8m (first six months 2004: EUR 47.6m excluding comdirect ltd) for the first six months and net interest income before provisions stood at EUR 31.2m (first six months 2004: EUR 28.3m excluding comdirect ltd).
Administrative expenses rose year-on-year from EUR 50.0m (excluding comdirect ltd) to EUR 55.1m. One of the main causes for this was the rise in other administrative expenses from EUR 31.4m (excluding comdirect ltd) to EUR 36.6m as a result of the implementation of the growth and value added programme, comvalue. Personnel costs increased from EUR 12.8m (excluding comdirect ltd) to EUR 13.7m. Depreciation fell from EUR 5.8m (excluding comdirect ltd) to EUR 4.8m.
The cost/income ratio stood at 68.7% compared to 60.3% in the first six months of 2004 (excluding comdirect ltd).
The bank will continue to progress its growth and value added programme, comvalue, in the second half of the year. Despite the associated additional expenses, the bank is set to meet or exceed its pre-tax profit target of EUR 35m.
For further information please contact: Daniel Fard-Yazdani, Investor Relations, comdirect bank AG, Pascalkehre 15, D-25451 Quickborn, Tel. +49 4106-704-1966, Fax +49 4106-704-1969, e-mail firstname.lastname@example.org
Information and explanations regarding the ad hoc notification:<
|Net interest income before provisions||13,181||15,222||15,997||28,262||31,219||10.5|
|Provision for possible loan losses||-60||-221||-378||-15||-599||-|
|Net commission income||19,794||22,234||21,521||47,606||43,755||-8.1|
End of ad hoc notification