Investor Relations release
24.10.2012 - comdirect on course: nine-month pre-tax result of EUR 72.8m
Quickborn/Frankfurt/Main. The comdirect group closed the first nine months of 2012 with pre-tax profit of EUR 72.8m. This is a decline of 7.4% compared with the previous year's record figure (EUR 78.6m). "We have achieved a solid result, despite the challenging capital market environment and increased investment in growth in the third quarter," says Dr. Thorsten Reitmeyer, CEO of comdirect bank AG. "We have consistently maintained our growth course. We will continue to pursue this course in the next quarter and will consequently invest further in marketing," added Reitmeyer. The pre-tax profit target for 2012 of EUR 85m to EUR 90m announced with the half-year results remains unchanged.
At EUR 246.0m, the total income generated by the comdirect group in the first nine months of the year is on a par with the level in the previous year (EUR 248.8m). Although the markets were considerably weaker than last year, comdirect benefited on the earnings side from lag effects in net interest income. As a result, net interest income after provisions of EUR 112.7m was 3% higher than in the previous year (EUR 109.2m). Net commission income was down 11% on the previous year's figure (EUR 140.7m) to EUR 125.3m, primarily because of cautious trading on the part of customers. While development in earnings was largely stable overall, there was a marginal increase in administrative expenses of 2% to EUR 173.1m (previous year: EUR 170.1m).
At the end of the first nine months, the total number of customers in the comdirect group stood at 2.74 million and total assets under custody amounted to EUR 47.91bn. In the B2C business line (comdirect bank AG) the number of customers has increased by 61 thousand to 1.69 million since the start of the year. In the first nine months of the year, assets under custody climbed to EUR 27.29bn compared with EUR 24.90bn at the end of 2011. 870 thousand customers had a current account, which is a rise of 95 thousand in the first nine months. Over the same period, the number of Tagesgeld PLUS ("call money plus") accounts increased by 80 thousand to 1.32 million and the number of custody accounts by 16 thousand to 800 thousand.
In the B2B business line (ebase GmbH), the number of customers serviced climbed by around 52 thousand to 1.05 million. Assets under custody rose to EUR 20.62bn (year-end 2011: EUR 16.69bn).
|Net interest income after provisions||38,878||40,319||41,892||36,770||33,993|
|Net commission income||50,262||41,871||44,171||39,355||41,730|
9M/12 vs. 9M/11
|Net interest income after provisions||109,197||112,655||3.2 %|
|Net commission income||140,714||125,256||-11.0 %|
|Administrative Expenses||170,138||173,133||1.8 %|
|Pre-tax profit||78,619||72,839||-7.4 %|
|After-tax profit||57,549||53,932||-6.3 %|
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