Investor Relations release

27.01.2015 - Strong business at comdirect - pre-tax profit of €82.6 million

  • Record income: Profit target exceeded
  • Best trading year ever: 11 million trades
  • Proposed dividend: 40 cents a share

Quickborn/Frankfurt am Main. The comdirect group finished financial year 2014 with a pre-tax profit of €82.6m (previous year: €80.0m) and therefore significantly exceeded its target of €75m.

Total income amounted to €353.5m. This was €13.6m more than the previous year’s high income level of €339.9m. One of the reasons for these record earnings was higher trade figures with B2C customers. “Our customers traded more in 2014 than ever before,” says Holger Hohrein, member of the Board of Managing Directors of comdirect. A total of 11.1 million orders were executed (previous year: 10.0 million). This led to a €4.9m increase in net commission income to €193.2m (previous year: €188.3m). Net interest income after provisions for possible loan losses likewise increased, improving by €8.3m to €145.5m (previous year: €137.2m). Key factors in this development were the growth in deposits, in particular in current accounts, and the revised customer conditions. Administrative expenses were up €11.0m year-on-year to €270.9m (previous year: €259.9m) due to the bank’s growth, investments in the product and service portfolio, and higher regulatory costs.

In the B2C business line (comdirect bank AG), total assets under custody increased from €31.89bn to €34.75bn in 2014. This was above all due to net fund inflows of a good €2bn. The number of customers rose by 86 thousand to a new high of 1.91 million. The number of Tagesgeld PLUS (daily money PLUS) accounts increased by 92 thousand to 1.55 million, while the number of custody accounts rose by 40 thousand to 879 thousand. The most sizeable increase was seen in the number of current account customers, which rose by 115 thousand to 1.16 million. “Current accounts allow us to establish stable, long-term customer relationships. And with VideoIdent it’s now possible for someone to become a customer simply and from the comfort of their own home,” says Hohrein. “It’s also just as easy to put money away – with a chance at getting a return for it. Investing in securities isn’t wizardry. It can be done in a way that is understandable and transparent – for everyone. Far too many people are still leaving their money in their savings account or call money account, where it becomes less and less each day,” Hohrein continued, adding that the product “Bessere Geldanlage” (“Better Investment”) provides customers with a tailored and easy-to-understand investment proposal in just a few steps. Focusing on affordable ETFs also increases the chances of returns, says Hohrein.

The B2B business line (ebase GmbH) had a total of 983 thousand customers (year-end 2013: 1.00 million). Total assets under custody increased to €24.19bn (year-end 2013: €23.16bn).

The proposed dividend is 40 cents per share (previous year: 36 cents). In total, €56.5m (previous year: €50.8m) are to be distributed. The shareholders will therefore benefit from the increase in earnings after taxes totalling €66.3m (previous year: €60.5m). This increase stems from an exceptional effect caused by the reversal of a provision relating to a tax audit. €9.8m are to be allocated to retained earnings to strengthen the equity base for continued growth.

“Business is booming at comdirect. We are growing, we are profitable and we are re-envisioning banks,” Hohrein summarised the financial year 2014. He added “These days, people make decisions about their finances wherever they are and whenever they want, be that at the top of a mountain or on a beach. Today’s bank fits in your pocket.”

The full annual report will be published on 25 March 2015. The figures stated in this press release are as yet unaudited.

Compact figures Q4/13
Net interest income after provisions 34,006 34,854 36,905 37,407 36,358
Net commission income 49,050 51,573 43,787 47,139 50,651
Other income 3,308 2,510 5,635 1,578 5,076
72,353 64,808 66,728 64,908 74,408
Pre-tax profit 14,011 24,129 19,599 21,216 17,677
After-tax profit 11,944 17,875 14,494 15,448 18,473
Compact figures 2013
2013 vs. 2014
Net interest income after provisions 137,212 145,524 6.1 %
Net commission income 188,330 193,150 2.6 %
Other income 14,356 14,799 3.1 %
259,866 270,852 4.2 %
Pre-tax profit 80,032 82,621 3.2 %
After-tax profit 60,534 66,290 9.5 %

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