Investor Relations release
25.04.2013 - comdirect: quarterly pre-tax result of EUR 22.9m
Quickborn/Frankfurt am Main. The comdirect group closed the first quarter of 2013 with pre-tax profit of EUR 22.9m (previous year: EUR 29.2m). "It has been a convincing start to the year: we have grown, invested in future growth and achieved a good result - in spite of historically low market interest rates," says Dr. Christian Diekmann, CFO of comdirect bank AG. "We intend to continue to invest this year and thus exploit the growth potential currently offered by the online banking market," adds Diekmann.
In the first three months of the year, the comdirect group generated total income of EUR 86.7m (previous year: EUR 88.5m). Despite the difficult framework conditions for deposit business, the decline was modest. This is also due to the substantial increase in other income to EUR 8.0m (previous year: EUR 2.7m). At EUR 33.4m net interest income after provisions was down 20% on the previous year's figure (EUR 41.7m) as a result of the continual fall in market interest rates last year. Net commission income climbed 2% to EUR 45.2m (previous year: EUR 44.2m). The increase in administrative expenses of 7% to EUR 63.8m (previous year: EUR 59.3m) reflects the growth initiatives.
At the end of the first quarter, the total number of customers in the comdirect group stood at 2.76 million and total assets under custody rose to EUR 50.82bn compared with EUR 48.85bn at the end of 2012. In addition to positive price effects, this was attributable to a net fund inflow of EUR 0.7bn.
In the B2C business line (comdirect bank AG) the number of customers has increased by 18 thousand to 1.74 million since the start of the year. In the first three months, assets under custody climbed to EUR 28.98bn compared with EUR 27.91bn at the end of 2012. 933 thousand customers had a current account, which is a rise of 32 thousand in the first three months. Over the same period, the number of Tagesgeld PLUS accounts increased by 23 thousand to 1.37 million and the number of custody accounts by 8 thousand to 814 thousand.
In the B2B business line (ebase GmbH), the number of customers serviced fell by 18 thousand to 1.02 million. The decrease results primarily from the cancellation of custody accounts for capital-building payments following expiry of VL contracts (capital-building contracts). Assets under custody rose to EUR 21.84bn (year-end 2012: EUR 20.95bn).
comdirect shareholders can again look forward to a dividend. After approval by the annual general meeting on 16 May 2013, a dividend of 44 cents per share is to be paid for financial year 2012.
|€'000||Q1/12||Q2/12||Q3/12||Q4/12||Q1/13||Q1/13 vs. Q1/12|
|Net interest income after provisions*||41,687||36,566||33,788||34,512||33,382||-19.9 %|
|Net commission income||44,171||39,355||41,730||41,160||45,243||2.4 %|
|Other income||2,680||958||4,423||7,140||8,025||199.4 %|
|Administrative Expenses*||59,321||53,029||60,229||63,332||63,751||7.5 %|
|Pre-tax profit*||29,217||23,850||19,712||19,480||22,899||-21.6 %|
|After-tax profit*||22,047||17,483||14,358||19,451||16,851||-23.6 %|
*Previous year adjusted due to application of amended IAS 19