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Pre-tax profit of EUR 41.5m - 2.1 million customers - Target profit for 2009: over EUR 70m

Quickborn, 23.07.2009

Quickborn. The comdirect group (www.comdirect.de) closed the first half of 2009 with pre-tax profit of EUR 41.5m (previous year: EUR 40.2m excluding ebase). The number of customers stands at 2,140,162, a rise of 59% since the start of the year through organic growth in the B2C business line and the acquisition of ebase. At the same time, the number of custody accounts has more than doubled at 1,421,078. Assets under custody increased by 57% to EUR 31.86bn. "Due to the growth in the first half of the year, the comdirect group has expanded considerably. As the market leader in brokerage, with more than 2 million customers we are now playing in a different league," says Michael Mandel, CEO of comdirect bank.

In the first half of the year, the comdirect group generated income of EUR 143.0m, down on the figure for the same period in the previous year (EUR 143.8m excluding ebase). This was due in particular to considerably lower market interest rates and restrained order activity on the stock exchanges. Consequently, net interest income after provisions for the first six months amounted to EUR 59.8m (previous year: EUR 81.6m excluding ebase). At EUR 71.1m, net commission income was up 8% on the previous year (EUR 65.6m excluding ebase) as a result of the acquisition of ebase in particular. This was countered by a reduction in administrative expenses. Through consistent cost management, at EUR 101.4m these expenses were around 2% lower than the previous year (EUR 103.6m excluding ebase).

In the B2C business line, the number of comdirect bank customers has increased by 82,533 to 1,431,830 since the start of the year. At EUR 20.3bn as of the end of June, assets under custody were on a par with the level at the end of 2008. 925,787 customers had a call money account, a rise of 14% in the first half of the year. The number of current accounts also increased by 16% to 492,900 and the number of custody accounts by 2% to 712,746. Advisory subsidiary, comdirect private finance, serviced 50,999 customers, 9% more than at the end of 2008.

In the B2B business line, the number of custody accounts at ebase stood at 708,332 at the end of the first six months, down 3% on the figure at the start of the year. This was due in particular to seasonal effects in January and February resulting from savings plans maturing. Assets under custody increased by around 9% to EUR 11.51bn due to price rises and new business.

After a good start for the new complus programme, the growth course in the B2C business line is set to continue. Furthermore, in the B2B business line, the strategic framework for the next phase of expansion for ebase is now in place. Mandel: "Through complus we intend to continue to achieve strong growth in our B2C business line. In our B2B business line, we will expand ebase to become the leading B2B direct bank." Pre-tax profit should exceed EUR 70m for the full financial year 2009.

comdirect group: overview
EUR thousand
Q1/08*
Q2/08*
Q1/09
Q2/09
H1/08*
H1/09
H1/09 vs.
H1/08*
Net interest income before provisions 41,530 40,463 32,648 27,565 81,993 60,213 -21,780
Provisions for
possible loan
losses
-116 -279 -477 25 -395 -452 -57
Net commission
income
36,324 29,324 34,477 36,576 65,648 71,053 5,405
Other income
 
-207 -3,231 -3,866 8,294 -3,438 12,160 15,598
Administrative
expenses
50,040 53,520 52,738 48,689 103,560 101,427 -2,133
Pre-tax profit
 
27,491 12,757 17,776 23,771 40,248 41,547 1,299
After-tax profit
 
20,407 9,625 12,729 18,229 30,032 30,958 926
*Previous year's figures excluding contributions from ebase GmbH


comdirect group: B2C und B2B
B2C: comdirect bank AG and comdirect private finance AG
B2B: ebase GmbH (excluding Commerzbank custody accounts, assets and securities orders)


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