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Pre-tax profit of EUR 66.4m - around 10% higher than the previous year Advice next generation: Anlageberatung PLUS to launch in November

Quickborn, 22.10.2009

Quickborn. The comdirect group (www.comdirect.de) has achieved pre-tax profit of EUR 66.4m in the first nine months of this year (previous year: EUR 60.8m). The number of customers increased by 59% to 2,145,014 through organic growth and the acquisition of ebase. At the same time, the number of custody accounts rose by 722,282 to 1,420,088. Assets under custody climbed 70% to EUR 34.51bn. "We have achieved a very good result - around 10% higher than the previous year. We have significantly reduced costs yet still recorded growth with 800,000 additional customers and an increase in assets under custody of EUR 14 billion," says Michael Mandel, CEO of comdirect bank.

In the first nine months of the year, the comdirect group generated income of EUR 216.5m which is on a par with the previous year (EUR 215.4m). As a result of low market interest rates, at EUR 83.2m net interest income after provisions was below the figure for the previous year (EUR 122.8m). Net commission income amounted to EUR 109.1m and was up 13% on the same period in 2008 (EUR 97.0m). Through consistent cost discipline, administrative expenses of EUR 150.1m were lower than in the previous year (EUR 154.5m).

In the B2C business line (comdirect bank AG), the number of customers has increased by 91,804 to 1,441,101 since the start of the year. At 21.7bn as of the end of September, assets under custody were up 7% on the level at the end of 2008 (EUR 20.3bn). 941,901 customers had a call money account, a rise of 16% in the first nine months of the year. The number of current accounts also increased by 21% to 513,227 and the number of custody accounts by 3% to 716,175. Advisory subsidiary, comdirect private finance, serviced 52,764 customers.

comdirect bank will be launching its new Anlageberatung PLUS investment advice service in November. Mandel: "With Anlageberatung PLUS we intend to set a new standard, which goes far beyond what the market has previously associated with fee-based investment advice. We are talking about independent, system-based investment advice at an attractive flat-rate price - free of any product-related commission." The new service focuses on an offering comprising ETFs, ETCs, shares, bonds and funds. The price model is transparent and fair. Customers pay 0.05% of the portfolio volume each month with a minimum fee of EUR 24.90 and transactions are charged at the usual comdirect rates. Regular counselling interviews are held with customers on the telephone on an individual and direct basis and can be carried out daily on request. The customer portfolios are managed systematically and swiftly and risks are monitored every trading day. The investment universe comprises over 3,000 individual securities.

In the B2B business line (ebase GmbH), the number of custody accounts at the end of the first nine months stood at 703,913, down 4% on the end of 2008. This was due in particular to seasonal effects with fund-based savings plans maturing at the start of the year. At the same time, assets under custody increased as a result of price gains and new business to EUR 12.82bn, a rise of 21%.

For the full financial year 2009, the comdirect group is set to achieve pre-tax profit of more than EUR 70m.

comdirect group: overview
EUR thousand
Q3/08*
Q1/09
Q2/09
Q3/09
9M/08*
9M/09
9M/09 vs.
9M/08*
Net interest income
before provisions
42,179 32,648 27,565 23,052 124,172 83,265 -32.94%
Provisions for
possible loan losses
-961 -477 25 402 -1,356 -50 -
Net commission
income
31,338 34,477 36,576 38,073 96,986 109,126 +12.52%
Other income
 
-1,006 3,866 8,294 12,027 -4,444 24,187 -
Administrative-
expenses
50,955 52,738 48,689 48,710 154,515 150,137 -2.83%
Pre-tax profit
 
20,595 17,776 23,771 24,844 60,843 66,391 +9.12%
After-tax profit
 
14,878 12,729 18,229 18,550 44,910 49,508 +10.24%
*Previous year's figures excluding contribution 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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