Pre-tax profit of EUR 63m after strong third quarter - assets under custody up by EUR 2.8bn - profit target for 2010 will be achieved

Quickborn, 26.10.2010

Quickborn/Frankfurt/Main. The comdirect group ( has achieved pre-tax profit of EUR 63m in the first nine months of the year (previous year: EUR 66.4m). Assets under custody rose by EUR 2.8bn to EUR 38.4bn and the portfolio volume climbed to a new record of EUR 28.5bn. "We have substantially increased the pace of growth again in the third quarter, achieving earnings of EUR 21m. This puts us close to the previous year's figure once again, despite low market interest rates and restrained order activity in the summer. The increases in assets under custody and the number of accounts show that we are continuing our growth course and will achieve our profit target for 2010 of EUR 80m," says Michael Mandel, CEO of comdirect bank.

In the first nine months, the comdirect group generated income of EUR 210.2m, just down on the level in the previous year (EUR 216.5m). As a result of low market interest rates, at EUR 72.2m net interest income after provisions was below the figure for the previous year (EUR 83.2m). Net commission income amounted to EUR 124.2m and was up 14% on the same period in 2009 (EUR 109.1m). Through consistent cost discipline, administrative expenses of EUR 147.2m were lower than in the previous year (EUR 150.1m). The total number of customers in the comdirect group climbed to 2,194,180. Assets under custody increased by 8% year-on-year to EUR 38.4bn as a result of net fund inflows and positive development in the market.

In the B2C business line (comdirect bank AG), the number of customers increased in the first nine months of 2010 by 57,966 to 1,508,686. At EUR 24.5bn as of the end of September, assets under custody were 10% higher than at the end of 2009 (EUR 22.2bn). 1,073,458 customers had a call money account, a rise of 112,523 or 12% in the first nine months of the year. The increase in the number of current accounts over the same period was even higher at 15%, bringing the total to around 613,639. The number of custody accounts increased by 15,269 to 734,463.

In the B2B business line (ebase GmbH), the number of accounts amounted to 685,494 at the end of September, down 2% on the end of 2009. Assets under custody increased by 4% to EUR 13.9bn as a result of price gains in particular.

EUR thousand
9M/10 vs.
Net interest income before provisions 23,052 23,973 22,627 26,218 83,265 72,818 -12.6 %
Net commission income 38,073 38,791 45,293 40,127 109,126 124,211 13.8 %
Other income -830 986 1,381 796 6,347 3,163 -50.17 %
Administrative expenses 48,710 48,625 50,584 48,025 150,137 147,234 -1.9 %
Pre-tax profit 24,844 21,182 20,526 21,266 66,391 62,974 -5.2 %
After-tax profit 18,550 15,682 15,127 15,371 49,508 46,180 -6.7 %

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