Investor Relations release

19.02.2014 - comdirect: pre-tax profit of EUR 80.0m - 2.83 million customers – dividend proposal of 36 cents per share

Quickborn/Frankfurt/Main. The comdirect group has outperformed its profit target for 2013 that was raised to EUR 75m in October by 7%. Pre-tax profit stands at EUR 80.0m (previous year: EUR 93.5m). "2013 stands for our consistent strategic progress, a very good result and strong growth," says Dr. Thorsten Reitmeyer, CEO of comdirect bank AG. "2014 is set to build on this and we intend to inspire and convince even more customers to take control of their own financial decisions, with comdirect as the ideal partner," adds Reitmeyer.

The comdirect group generated total income of EUR 339.9m in financial year 2013. This is a rise of 3% on the previous year's high figure (EUR 329.5m) and is primarily due to greater activity on the part of customers in securities trading. The corresponding sharp increase in net commission income of 12% to EUR 188.3m (previous year: EUR 167.7m) more than compensated for the market-related decrease in net interest income. Net interest income after provisions fell by 6% to EUR 137.2m (previous year: EUR 146.6m). The rise in administrative expenses of 10% to EUR 259.9m (previous year: EUR 235.9m) reflects the comdirect group's spending on growth.

The shareholders are set to participate appropriately in comdirect's positive development: a dividend of 36 cents per share (previous year: 44 cents) will be proposed to the annual general meeting. The total distribution therefore stands at EUR 50.8m. This corresponds to a dividend payout ratio of 84%. EUR 9.7m is to be transferred to retained earnings in order to strengthen equity with a view to further growth.

The total number of customers in the comdirect group increased last year to 2.83 million and total assets under management climbed to a new record level of EUR 55.05bn (year-end 2012: EUR 48.85bn) over the same period. In addition to price effects, customer net fund inflows of EUR 2.4bn contributed to this growth.

In the B2C business line (comdirect bank AG) the number of customers increased in 2013 by 107 thousand to 1.82 million. Assets under management rose from EUR 27.91bn to EUR 31.89bn. Up by 142 thousand, the number of current account customers exceeded the one million mark and climbed to 1.04 million. The number of Tagesgeld PLUS ("daily money plus") accounts increased by 117 thousand to 1.46 million and the number of custody accounts by 34 thousand to 840 thousand.

In the B2B business line (ebase GmbH), the number of customers serviced at the end of last year stood at 1.00 million (year-end 2012: 1.04 million). Assets under management rose to EUR 23.16bn (year-end 2012: EUR 20.95bn).

The full annual report will be published on 26 March 2014. The figures in this press release have not yet been audited.

Overview* Q4/12
Net interest income after provisions 34,512 33,382 33,792 36,032 34,006
Net commission income 41,761 46,013 46,764 46,503 49,050
Other income 7,140 8,025 2,299 724 3,308
63,332 63,751 63,565 60,197 72,353
Pre-tax profit 20,081 23,669 19,290 23,062 14,011
After-tax profit 19,895 17,354 14,476 16,760 11,944
Overview* 2012
2012 vs. 2013
Net interest income after provisions 146,553 137,212 -6.4 %
Net commission income 167,699 188,330 12.3 %
Other income 15,201 14,356 -5.6 %
235,911 259,866 10.2 %
Pre-tax profit 93,542 80,032 -14.4 %
After-tax profit 74,280 60,534 -18.5 %
*Figures for prior periods were adjusted due to restatements

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