Ad-hoc release

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

Information and explanations regarding the ad hoc notification:

% H1
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
Other income 4,432 1,943 3,313 7,057 5,256 -25.5
Administrative expenses 25,319 26,136 29,009 49,983 55,145 10.3
Pre-tax profit 12,028 13,042 11,444 32,927 24,486 -25.6
After-tax profit 9,067 8,289 7,330 22,535 15,619 -30.7
* excluding P&L contributions of comdirect ltd
The latest figures for orders, customer numbers and assets under custody can be found on our website under Facts and figures/Monthly figures.

End of ad hoc notification


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