comdirect publishes 2009 annual report
Pre-tax profit of EUR 76m - comdirect group with over 2.1 million customers

Quickborn, 22.03.2010

Quickborn, Frankfurt/Main. The comdirect group publishes its annual report for 2009 today. This confirms the figures presented at the press conference in February. The comdirect group achieved pre-tax profit of EUR 76m, thereby narrowly outperforming its target of EUR 75m. The operating result stands at around EUR 85m before extraordinary effects comprising around EUR 9m in restructuring expenses for the reduction of comdirect private finance and efficiency improvements at ebase. A dividend of 41 cents per share will be proposed to the annual general meeting.

In 2009, comdirect grew both organically as well as through the acquisition of ebase. The result: the number of customers increased by 800 thousand and customer assets by EUR 15bn.

In the B2C business line (comdirect bank AG), the number of customers increased during the year by 101,423 to 1,450,720. At EUR 22.2bn at the end of December, assets under custody were up 9% on the level at the end of 2008 (EUR 20.3bn). 533,928 customers have a current account, which is a rise of 108,779 accounts, or 26%, in 2009. The number of Tagesgeld PLUS ("call money PLUS") accounts was up by 18% to 960,935 and the number of custody accounts by 3% to 719,194.

In the B2B business line (ebase GmbH), the number of custody accounts at the end of 2009 stood at 699,843, down 4% on the previous year. This was due in particular to seasonal effects, with capital-building savings contracts maturing at the start of the year. Furthermore, new customer business was muted due to market strains. Assets under custody increased by 26% to EUR 3.3bn as a result of price gains and new business.

Going forward, comdirect bank is to be further expanded through the complus growth programme to become a main bank. The focus is on even better customer support as well as further development of the Anlageberatung PLUS investment advice service and the current account. In addition, the comdirect platform will be further optimised through a newly-developed IT architecture. In the B2B business line, ebase is set to benefit from the first cost synergies. Furthermore, the offering here will be supplemented with fixed-term deposits and call money accounts. Moreover, ebase will drive forward white label banking. Consequently, in addition to custody account solutions, B2B partners are set to benefit in future from individually tailored banking products under their own brand.

By 2013, the comdirect group intends to achieve pre-tax profit of between EUR 150m and EUR 170m and, at the same time, increase the number of customers to 3 million, with assets under custody of EUR 50bn.

The new comdirect annual report is now available to download as a pdf file at . The annual report will also be published as an English online version on 30 March. The online version has a number of additional functions such as the full text search and Quick Analyser, which enables the user to show and compare figures interactively. The "My annual report" function also allows the user to individually compile selected sections of the annual report. The most important tables in the financial report can also be downloaded in Excel format.

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