Investor Relations release

24.07.2013 - comdirect: half-year pre-tax result of EUR 41.9m

Quickborn/Frankfurt/Main. The comdirect group achieved pre-tax profit of EUR 41.9m (previous year: EUR 53.1m) in the first half of 2013. "We have increased our investment in growth and achieved a respectable result at the same time, in spite of historically low market interest rates," says Dr. Thorsten Reitmeyer, CEO of comdirect bank AG. "We will keep up the pace in the second half of the year as well, which means we will invest in our products, the banking platform and marketing. For the year as a whole, we are aiming for pre-tax profit of over EUR 65m," adds Reitmeyer.

In the first six months of the year, the comdirect group generated total income of EUR 169.2m. This is a slight rise on the previous year's high figure (EUR 165.4m), despite the difficult framework conditions for deposit business. While net interest income after provisions of EUR 67.2m was thus 14% lower than the previous year (EUR 78.3m), net commission income climbed 10% to EUR 91.7m (previous year: EUR 83.5m) as a result of the increased number of trades in particular. At EUR 10.3m, other income also recorded a significant rise on the previous year (EUR 3.6m). The increase in administrative expenses of 13% to EUR 127.3m (previous year: EUR 112.4m) is predominantly due to growth initiatives.

At the end of the first half of the year, the total number of customers in the comdirect group stood at 2.77 million and total assets under custody rose to EUR 50.75bn (year-end 2012: EUR 48.85bn). In addition to price effects, net fund inflows of EUR 1.4bn contributed to this growth.

In the B2C business line (comdirect bank AG) the number of customers has increased by 39 thousand to 1.76 million since the start of the year. In the first six months, assets under custody climbed to EUR 29.30bn (year-end 2012: EUR 27.91bn). 961 thousand customers had a current account, which is a rise of 60 thousand in the first six months. Over the same period, the number of Tagesgeld PLUS accounts increased by 47 thousand to 1.39 million and the number of custody accounts by 14 thousand to 820 thousand.

In the B2B business line (ebase GmbH), the number of customers serviced at the end of the first six months stood at 1.01 million (year-end 2012: 1.04 million). Assets under custody rose from EUR 20.95bn at the end of 2012 to EUR 21.45bn.

€'000 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13
Net interest income after provisions* 41,687 36,566 33,788 34,512 33,382 33,792
Net commission income 44,171 39,355 41,730 41,160 45,243 46,503
Other income 2,680 958 4,423 7,140 8,025 2,299
Administrative expenses* 59,321 53,029 60,229 63,332 63,751 63,565
Pre-tax profit* 29,217 23,850 19,712 19,480 22,899 19,029
After-tax profit* 22,047 17,483 14,358 19,451 16,851 14,286
€'000 H1/12 H1/13 H1/13 vs. H1/12
Net interest income after provisions* 78,253 67,174 -14.2 %
Net commission income 83,526 91,746 9.8 %
Other income 3,638 10,324 183.8 %
Administrative expenses* 112,350 127,316 13.3 %
Pre-tax profit* 53,067 41,928 -21.0 %
After-tax profit* 39,530 31,137 -21.2 %

*Previous year adjusted due to application of amended IAS 19

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