Profit target exceeded: EUR 77.8m before tax - complus programme for the future launched

Quickborn, 17.02.2009

Quickborn / Frankfurt/Main. comdirect bank achieved pre-tax
profit of EUR 77.8m in financial year 2008 (previous year: EUR 90.5m),
considerably exceeding its target of EUR 70m. At EUR 57.7m after tax, the profit
matches the previous year's figure. "We have never achieved such strong growth
as in 2008 and have done so in this adverse market environment. We have
invested more than in the previous year, generated a good result and outstripped
our profit target by more than 10%," said Michael Mandel, CEO of comdirect bank.
Shareholders are set to benefit from this success, with a dividend of 41 cents per
share being proposed to the annual general meeting. This corresponds to the
same level of dividend as in the previous year.

By the end of 2008, the number of customers had increased by 348,575, or 35%,
to 1,349,297. Assets under custody at comdirect bank totalled EUR 20.3bn at the
end of December, on a par with the level in the previous year (EUR 20.4bn). This
figure reflects price-related changes as well as the 36% rise in customer deposits,
which stood at EUR 10.47bn at the end of 2008. At the year-end, 814,516
customers had a Tagesgeld PLUS ("call money plus") account, an increase of
103%. Over the same period, the number of current accounts rose by 26% to
425,149 and the number of custody accounts by 8% to 697,806. In advice,
subsidiary comdirect private finance serviced 46,585 customers, 43% more than at
the close of 2007. The mortgage offering launched in January 2008 outperformed
expectations, placing financing of around EUR 200bn.

In financial year 2008, comdirect generated total earnings of EUR 286.5m,
3% more than in the previous year. This was due to higher net interest income,
in particular. Before provisions, the figure rose by 28% to EUR 162.4m
(previous year: EUR 127.2m) as a result of growth in customer deposits as well as
higher interest rates on money market investments. At EUR 138.4m, net
commission income recorded a market-related decline of 9% on the previous year
(EUR 152.7m). The highest growth expenditure to date of EUR 70m in 2008 led to
a rise in administrative expenses of 11% to EUR 208.7m.

"We invested more in growth in 2008 than ever before. Consequently, we
achieved our targets a good year ahead of schedule and have completed the
comvalue programme. The final target has now been exceeded with 450,000
current accounts in February. We are therefore superbly positioned for the next
stage in the expansion of comdirect bank," explained Mandel.

A key element in the further expansion of comdirect bank is the complus
programme for the future. Through complus, the direct bank is developing new,
attractive and clear products and services. Moreover, the bank intends to further
improve customer satisfaction levels and consequently product penetration
through targeted and direct customer contact. The basis for this is comdirect's
effective banking platform, with further optimisation measures set to increase
productivity and efficiency and generate additional economies of scale.
Furthermore, new direct bank-type advisory models will be developed for building
finance, investments and provisioning. Mandel: "Through complus we intend to
continue to grow and become even more profitable. Our aim is to double the size
of comdirect over the next five years and become the bank for the future."

By 2013, comdirect bank aims to achieve pre-tax profit of between EUR 150m and
EUR 160m. At the same time, the bank intends to increase the number of
customers by 1 million to 2.3 million, with assets under custody of more than EUR

The full annual report will be published on 20 March 2009. The figures indicated in
this press release are unaudited.

EUR thousand
2008 vs 2007
Interest income
before provisions
127,164 41,530 40,463 42,179 38,200 162,372 27.7 %
Provisions for
possible loan
-1,947 -116 -279 -961 184 -1,172 -
Net commission
152,724 36,324 29,324 31,338 41,455 138,441 -9.4 %
Other income
-24 -207 -3,231 -1,006 -8,689 -13,133 -
187,437 50,040 53,520 50,955 54,233 208,748 11.4 %
Pre-tax profit
90,480 27,491 12,757 20,595 16,917 77,760 -14.1 %
After-tax profit
57,697 20,407 9,625 14,878 12,782 57,692 0.0 %
Press contact:
Johannes Friedemann, comdirect bank AG,
Tel.: +49 4106-704-1340, e-mail:

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