Investor Relations release

24.04.2014 - Strong first quarter for comdirect: pre-tax result of EUR 24.1m

  • Record earnings due to strongest trading quarter
  • Growth in current account as focal product
  • New trading platform: ProTrader offers maximum flexibility in real time
  • Better financial investments for everyone in Q2: online tool takes investors through the asset accumulation process

Quickborn. The comdirect group closed the first quarter of 2014 with pre-tax profit of EUR 24.1m (previous year: EUR 23.7m). "It has been a strong start to the year: we have achieved a record level of earnings as our customers have traded more securities than ever before," says Dr. Thorsten Reitmeyer, CEO of comdirect bank AG. "Brokerage has been our core competence from the outset and in mid-March we set a new standard with ProTrader. The new trading platform offers maximum flexibility in real time at an attractive price," continues Reitmeyer. Furthermore, by expanding its ETF offensive, comdirect has extended discounted trading in exchange traded funds (ETFs) from 50 to 75 ETFs. One particular advantage of ETFs, which directly track an index, is that they already have a very favourable cost structure.

Over the course of the year, comdirect will invest in improved products and services as well as in brand awareness. A new solution for securities investment is planned for the second quarter. An online tool is set to enable everyone - including novice investors - to make their own financial decisions. "This is because investing doesn't have to be daunting. It can also be straightforward, transparent and reasonably priced," explains Reitmeyer. Based on their individual details, investors should find a suitable investment mix in just a few steps.

In the first three months of the year, the comdirect group generated total income of EUR 88.9m (previous year: EUR 87.4m). The record level of earnings is primarily due to extraordinarily strong trading activity on the part of B2C customers (3.0 million trades, up 25% on the previous year). This led to a 12% rise in net commission income to EUR 51.6m (previous year: EUR 46.0m), the highest figure for one quarter since 2000. Against the backdrop of persistently low market interest rates, net interest income after provisions stood at EUR 34.9m. The small increase of 4% versus the previous year (EUR 33.4m) stems from the adjustment we made to our terms and conditions in 2013. At EUR 64.8m, administrative expenses are up 2% on the previous year (EUR 63.8m). The marginal rise is attributable to growth.

In the B2C business line (comdirect bank AG) the number of customers has increased by 3 thousand to 1.83 million since the start of the year. Assets under custody climbed to EUR 32.55bn compared with EUR 31.89bn at the end of 2013. With a rise of 17 thousand to 1.06 million customers, growth was strongest in the number of current accounts. Over the same period, the number of Tagesgeld PLUS ("daily money plus") accounts increased by 7 thousand to 1.47 million and the number of custody accounts by 4 thousand to 844 thousand.

In the B2B business line (ebase GmbH), the number of customers serviced fell by 13 thousand to 989 thousand. The decrease results primarily from the cancellation of custody accounts for capital-building payments (VL) following expiry of the VL contracts at the year-end. Assets under custody declined marginally to EUR 22.70bn (year-end: EUR 23.16bn).

At the end of the first quarter, the total number of customers in the comdirect group stood at 2.82 million and total assets under custody climbed slightly to EUR 55.25bn.


€'000 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q1/14 vs. Q1/13
Net interest income after provisions* 33,382 33,792 36,032 34,006 34,854 4.4%
Net commission income 46,013 46,764 46,503 49,050 51,573 12.1 %
Other income Administrative 8,025 2,299 724 3,308 2,510 -58.8%
expenses* 63,751 63,565 60,197 72,353 64,808 1.7%
Pre-tax profit* 23,669 19,290 23,062 14,011 24,129 1.9%
After-tax profit* 17,354 14,476 16,760 11,944 17,875 3.0%

*Figures for prior periods were adjusted due to restatements

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