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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).

Overview

€’000
Q3/11
Q4/11
Q1/12
Q2/12
Q3/12
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
Other income -1,852 9,203 2,680 958 4,423
Administrative Expenses 59,092 61,936 59,506 53,214 60,413
Pre-tax profit 28,196 29,457 29,237 23,869 19,733
After-tax profit 20,458 54,214 22,062 17,496 14,374

€’000
9M/11
9M/12
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 %
Other income -1,154 8,061 -
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 %
Press information:
All press releases are available at http://www.comdirect.de/presse.
If you no longer wish to receive this information, please send an e-mail to presse@comdirect.de.

Press contact:
comdirect bank AG, Pascalkehre 15, D-25451 Quickborn
Johannes Friedemann, Annette Siragusano, e-mail presse@comdirect.de.
Tel. +49 (0) 41 06/704-1340, fax +49 (0) 41 06/704-3402


 

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