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Press release

22.07.2010 - comdirect: Result of EUR 41.7m on par with previous year - growth course continues - target profit of EUR 80m for 2010

Quickborn/Frankfurt/Main. The comdirect group (www.comdirect.de) closed the first half of 2010 with pre-tax profit of EUR 41.7m (previous year: EUR 41.5m). The total number of customers in the comdirect group stands at 2,162,819 and total assets under custody at EUR 37.47bn. "We stepped up the pace of growth again in the second quarter - proving our profitability at the same time," says Michael Mandel, CEO of comdirect bank.

In the B2C business line (comdirect bank AG), the number of customers increased in the first six months by 25,231 to 1,475,951. At EUR 23.79bn at the end of June, assets under custody were 7% higher than the level at the end of 2009 (EUR 22.2bn). 1,030,591 customers had a call money account, which is a rise of 69,656 in six months. Over the same period, the number of current accounts increased by 9% to 583,613 and the number of custody accounts climbed by 7,973 to 727,167.

In the B2B business line (ebase GmbH), the number of custody accounts stood at 686,868 at the end of the first six months - down 2% on the figure at the end of 2009. Assets under custody increased by 3% to EUR 13.68bn as a result of net fund inflows in particular.

In the first six months of the year, comdirect bank generated total income of EUR 140.9m, almost matching the level in the first half of 2009. While net interest income before provisions amounted to EUR 46.6m at the end of June (previous year: EUR 60.2m), at EUR 84.1m net commission income was higher than in the previous year (EUR 71.1m). In contrast, administrative expenses reduced as a result of consistent cost management, and at EUR 99.2m were down 2% compared with the previous year (EUR 101.4m) despite increased investment in marketing in the second quarter.

For the full financial year 2010, pre-tax profit is set to amount to EUR 80m.

overview
EUR thousand
Q2/09
Q3/09
Q4/09
Q1/10
Q2/10
H1/09
H1/10
H1/10 vs.
H1/09
Net interest income
before provisions
27,565 23,052 25,428 23,973 22,627 60,213 46,600 -22.6 %
Provisions for
possible loan losses
25 402 1,349 -79 -178 -452 -257 -43.1%
Net commission
income
36,576 38,073 39,631 38,791 45,293 71,053 84,084 18.3%
Other income
 
8,294 12,027 920 7,122 3,368 12,160 10,490 -13.7%
Administrative-
expenses
48,689 48,710 48,781 48,625 50,584 101,427 99,209 -2.2%
Pre-tax profit
 
23,771 24,844 9,602 21,182 20,526 41,547 41,708 0.4%
After-tax profit
 
18,229 18,550 7,116 15,682 15,127 30,958 30,809 -0.5%

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