Investor Relations release

27.10.2011 - comdirect: best nine-month result of EUR 78.6m - pre-tax profit target for full year 2011 raised to over EUR 95m

Quickborn/Frankfurt/Main. The comdirect group closed the first nine months of 2011 with pre-tax profit of EUR 78.6m. This outstripped the previous year's figure (EUR 63.0m) by 25% and is the best nine-month result in the comdirect group's history. "After a strong third quarter we remain on course for a record result for 2011. We are raising our profit target for this year to at least EUR 95m before tax," says Dr. Thorsten Reitmeyer, CEO of comdirect bank. The result is therefore set to surpass the existing record figure attained in 2007 of EUR €90.5m.

In the first nine months of the year, the comdirect group generated total income of EUR 248.8m (previous year: EUR 210.2m). This development was mainly due to increased trading activity on the part of customers in the first and third quarter, as well as higher money market interest rates compared with the previous year. Consequently, net interest income before provisions was up 51% on the previous year (EUR 72.8m) at EUR 110.2m. Net commission income also exceeded the previous year's figure (EUR 124.2m), rising by 13% to EUR 140.7m. In contrast, the rise in administrative expenses to EUR 170.1m (previous year: EUR 147.2m) was disproportionately low.

At the end of the first nine months, the total number of customers in the comdirect group stood at 2.52 million and total assets under custody amounted to EUR 39.40bn. In the B2C business line (comdirect bank AG) the number of customers has increased by 51 thousand to 1.61 million since the start of the year. At EUR 24.21bn at the end of September, total assets under custody were lower than at the end of 2010 (EUR 26.32bn). This was due to the decline in the portfolio volume as a result of price slides on the stock exchanges, particularly in the third quarter. 1.21 million customers had a Tagesgeld PLUS ("call money plus") account, which is a rise of 77 thousand in the first nine months. Over the same period, the number of current accounts increased by 98 thousand to 745 thousand and the number of custody accounts by 27 thousand to 775 thousand. Reitmeyer: "We are continuing to gain customers and deposits despite the crisis of confidence and uncertainty. Our customers are making targeted use of the opportunities offered by the strong volatility on the stock markets. This is reflected in our figures and shows: comdirect bank is a reliable and stable partner in turbulent times as well."

In the B2B business line (ebase GmbH), the number of customers serviced climbed 24% to 913 thousand compared with the end of 2010. The rise was mainly attributable to the inclusion of 195 thousand Commerzbank customers as of the second quarter. Total assets under custody recorded a price-related decline and stood at EUR 15.20bn (year-end 2010: EUR 16.22bn).

'000 EUR
9M/11 vs.
Net interest income before provisions 26,218 29,256 33,262 37,624 39,352 72,818 110,238 51.39%
Provisions for possible loan losses
-392 394 -148 -419 -474 -649 -1,041 60.40%
Net commission income
40,127 48,561 50,144 40,308 50,262 124,211 140,714 13.29%
Other income 3,338 2,483 324 374 -1,852 13,828 -1,154 -
48,025 62,794 58,724 52,322 59,092 147,234 170,138 15.56%
Pre-tax profit 21,266 17,900 24,858 25,565 28,196 62,974 78,619 24.84%
Net profit 15,371 13,454 18,235 18,856 20,458 46,180 57,549 24.62%

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