comdirect bank raises profit target: EUR 75 million before taxed

Quickborn, 15.12.2009

Quickborn. comdirect bank AG ( is raising its profit target for 2009 to
EUR 75 million before tax. "Our operating business performed well; our expectations for the fourth quarter were exceeded and consequently we are anticipating a higher result," says Michael Mandel, CEO of comdirect bank AG.

The new profit target includes costs of around EUR 5 million for further reductions in the number of offices for comdirect private finance AG. The process is scheduled for completion by mid-2010. This step means that comdirect bank is focusing on its direct bank-type advisory offering such as its advice services for investments and building finance.

Mandel: "Focusing on our core business and investing in direct bank-type advisory services is the right way forward. Overall, with our initiatives in the B2C and B2B business lines, we are very well positioned and fit for the future."

comdirect Group: B2C and 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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