Investor Relations release
28.04.2015 - Strong start to the year for comdirect: pre-tax profit of 24.1 million euros in the first quarter
- Record earnings of 98.1 million euros
- Record high in customer trading activities: up 30% year-on-year
- Growth: current accounts up by 26 thousand, custody accounts by 17 thousand
Quickborn. The comdirect group finished the first quarter of 2015 with a pre-tax profit of 24.1 million euros, thereby matching the high level achieved in the same quarter in 2014 (24.1 million euros). “comdirect has got off to a very good start in 2015: we have grown and our customers traded more than ever before in the first quarter. This has pushed our earnings to a new record high and gives us the flexibility to make additional investments in new growth, products and services,” says Holger Hohrein, CFO of comdirect bank AG. “Our aim here is to make products and information directly and easily available around the clock, as this suits our customers’ lives perfectly. The smartphone is becoming the customer’s most important confident,” adds Hohrein. Because of this, it will soon also be possible for people to be legitimised on a smartphone in order to become a comdirect customer. The customer will not have to go to the post office, nor will they need to be at a computer. And customers with a new Apple Watch are able to quickly and easily view their account balance at comdirect.
Total income in the first three months amounted to 98.1 million euros. This is an increase of 10% on the previous year’s high income level (89.0 million euros). Strong securities business played an important part in the record earnings. In all, B2C customers effected 3.9 million trades, which is 30% more than last year (3.0 million). Net commission income accordingly enjoyed strong growth of 17% to 60.5 million euros (previous year: 51.6 million euros), making this a record high for a single quarter. Net interest income after provisions for possible loan losses was up slightly year-on-year at 35.2 million euros (34.9 million euros), in spite of market interest rates being even weaker again. This was primarily due to growth in deposits. The 14% increase in administrative expenses to 74.0 million euros (previous year: 64.8 million euros) is attributable to the bank’s steady growth and its investments in products and services.
The number of customers in the B2C business line (comdirect bank AG) has increased by 18 thousand to 1.93 million since the start of the year. Over the same period, the number of custody accounts rose by 17 thousand to 896 thousand and the number of Tagesgeld PLUS (daily money PLUS) accounts increased by 16 thousand to 1.57 million. Current account numbers posted the strongest growth, increasing by 26 thousand to 1.19 million customers. “We firmly believe that we can continue to impress the customers with our current account services. Which is why we are the only bank to have extended our satisfaction guarantee to make it a lifetime guarantee,” says Hohrein. Total assets under custody rose to 38.31 billion euros in the first quarter, compared with 34.75 billion euros at the end of 2014.
The number of customers in the B2B business line (ebase GmbH) fell by seven thousand to 976 thousand. This was a seasonal drop, caused in particular by the termination of custody accounts for capital-building payments (VL) upon expiry of VL contracts at the end of the year. Total assets under custody rose to 26.88 billion euros (year-end: 24.19 billion euros).
At the end of the first quarter, the comdirect group had a record total number of customers of 2.90 million – total assets under custody increased to 65.19 billion euros.
The comdirect shareholders can expect a dividend payment. Subject to the approval of the annual general meeting on 7 May 2015, 40 cents per share are to be paid for the financial year 2014.
|€ thousand||Q1/14||Q2/14||Q3/14||Q4/14||Q1/15||Q1/14 vs. Q1/15|
|Net interest income after provisions||34,854||36,905||37,407||36,358||35,179||0.9 %|
|Net commission income||51,573||
|Other income||2,510||5,635||1,578||5,076||2,370||-5.6 %|
|Administrative expenses||64,808||66,728||64,908||74,408||73,973||14.1 %|
|Pre-tax profit||24,129||19,599||21,216||17,677||24,095||-0.1 %|
|After-tax profit||17,875||14,494||15,448||18,473||17,606||-1.5 %|