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Investor Relations release

23.07.2015 - comdirect: Very good pre-tax profit of €50.2m for the half-year

  • Record earnings: over €190m in the first half-year
  • Strongest trading half-year in the company’s history: 7.4 million B2C trades
  • Net fund inflows of €2bn
  • Profit target for the full-year 2015: more than €80m before tax

Quickborn. The comdirect group finished the first half of 2015 with a pre-tax profit of €50.2m, which was a 15% increase on the high level achieved in the previous year (€43.7m). “As a market leader in online brokerage, comdirect has benefited disproportionately from the current stock market environment and recorded a very good first half-year. We will therefore continue to further invest in growth throughout the rest of the year. We are also aiming to achieve a profit of more than €80m for the full-year – on par with the previous year’s level,” says Arno Walter, CEO of comdirect bank AG.

The comdirect group generated a total income of €190.3m in the first six months of the year. This is an increase of 9% on the previous year’s high income level (€175.3m). The reason for the record income was the very high number of trades with B2C customers, which were up 36% on the previous year at 7.4 million (5.4 million). “Our customers have never traded as much as in the last half-year,” says Walter. “All of our customer groups increased their trading activity significantly, especially the heavy traders.” Net commission income rose sharply as a result, by 22% to €116.1m (previous year: €95.4m). With market interest rates even weaker again, net interest income after provisions for possible loan losses was down 4% year-on-year at €69.0m (€71.8m). Administrative expenses amounted to €140.1m and exceeded the figure for the previous year (€131.5m) by 7%. The main reason behind the increase is the bank’s steady growth and its investment in brand recognition.

The number of customers in the B2C business line (comdirect bank AG) has increased by 35 thousand to 1.94 million since the start of the year. Over the same period, the number of custody accounts rose by 31 thousand to 910 thousand and the number of Tagesgeld PLUS (daily money PLUS) accounts increased by 30 thousand to 1.58 million. The strongest growth driver, increasing by 47 thousand to 1.21 million customers, is still the current account, which has offered a lifetime satisfaction guarantee for newly opened current accounts since March. Total assets under custody rose to €38.26bn in the first half-year, compared with €34.75bn at the end of 2014. In addition to price effects, net fund inflows of €1.8bn contributed to this. “Be it customers, accounts or assets, all of the relevant growth indicators are substantially positive,” explains Walter. “We are recording dynamic and sustainable growth. Our focus is on long-term customer relationships, and a high level of customer satisfaction is essential for this. We are achieving this with intelligent solutions that make our customers’ lives easier.” Walter cites the account unblocking facility via video chat on customers’ smartphones as an example. Previously, you used to require a signed letter or fax to unblock an account. This can now be done from any location in next to no time. He adds: “This is banking of the future, – the “Bank. Re-envisioned.” – just as we imagine it.”

Total assets under custody in the B2B business line (ebase GmbH) rose to €26.32bn (year-end: €24.19bn). The number of customers fell by seven thousand to 976 thousand in the first half-year. This drop was primarily in the first quarter, caused by seasonal effects and in particular by the termination of custody accounts for capitalbuilding payments (VL) upon expiry of VL contracts at the end of the year.

The comdirect group’s total number of customers increased to a record high of 2.92 million at the end of the first half-year and its total assets under custody rose to €64.57bn (year-end: €58.94bn). Net fund inflows in the group totalled €2.0bn.

Overview


in € thousand Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15
Net interest income after provisions 34,854 36,905 37,407 36,358 35,179 33,771
Net commission income 51,573 43,787 47,139 50,651 60,519 55,596
Other income 2,510 5,635 1,578 5,076 2,370 2,818
Administrative
expenses
64,808 66,728 64,908 74,408 73,973 66,079
Pre-tax profit 24,129 19,599 21,216 17,677 24,095 26,106
After-tax profit 17,875 14,494 15,448 18,473 17,606 19,160


in € thousand H1 14 H1 15 H1 15 vs. H1 14
Net interest income after provisions 71,759 68,950 -3.9 %
Net commission income 95,360 116,115 21.8 %
Other income 8,145 5,188 -36.3 %
Administrative
expenses
131,536 140,052 6.5 %
Pre-tax profit 43,728 50,201 14.8 %
After-tax profit 32,369 36,766 13.6 %

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