Good result: pre-tax profit of EUR 80.9m - comdirect group with nearly 2.3 million customers - dividend proposal of 42 cents per share

Quickborn, 17.02.2011

Quickborn / Frankfurt/Main. The comdirect group achieved pre-tax profit of EUR 80.9m (previous year: EUR 76m) for financial year 2010, thereby slightly exceeding the target set in the middle of the year of EUR 80m. "We have expanded again in 2010 and delivered a good result. The increases in assets under custody, accounts and trades confirm our business model and programmatic focal area," says Dr. Thorsten Reitmeyer, CEO of comdirect bank. Shareholders are set to benefit from this positive development and a dividend of 42 cents per share will be proposed to the annual general meeting.

In financial year 2010, the comdirect group generated income of EUR 290.9m, surpassing the previous year's figure (EUR 283.9m). Net interest income after provisions stood at EUR 101.8m (previous year: EUR 110.0m) due to persistently low market interest rates. More trades led to a 16 % rise in net commission income which climbed to EUR 172.8m (previous year: EUR 148.8m). Administrative expenses increased to EUR 210m (previous year: EUR 198.9m) as a result of higher marketing expenses.

In the B2C business line (comdirect bank AG) the number of customers has increased by 108,301 to 1,559,021 since the start of the year. At EUR 26.32bn at the end of December, assets under custody were up 18.3 % on the level at the end of 2009 (EUR 22.24bn). With 647,048 current accounts in total, comdirect bank recorded a rise of 113,120 accounts compared with 2009. The number of Tagesgeld PLUS ("call money PLUS") accounts increased by 17.7 % to 1,130,998 and the number of custody accounts by 4 % to 748,151.

In the B2B business line (ebase GmbH) the number of custody accounts at the end of 2010 stood at 737,054, up 5.3 % on the previous year. Assets under custody increased by 21.6 % to EUR 16.2bn as a result of price gains and new business.

Reitmeyer: "Our growth figures for 2010 are impressive: 145 thousand more customers, a rise of EUR 7bn in assets under custody and 1.5 million custody accounts in our securities business. Following the good start to the new financial year, we are confident our business will again perform well in 2011."

The full annual report 2010 will be published on 22 March 2011. The figures in this press release are unaudited.

EUR thousand
2010 vs 2009*
Net interest income
before provisions
108,693 23,973 22,627 26,218 29,256 102,074 -6.09 %
Provisions for
possible loan
1,299 -79 -178 -392 394 -255 -119.63
Net commission
148,757 38,791 45,293 40,127 48,561 172,772 16.14 %
Other income
25,107 7,122 3,368 3,338 2,483 16,311 -35.03 %
198,918 48,625 50,584 48,025 62,794 210,028 5.59 %
Pre-tax profit
75,993 21,182 20,526 21,266 17,900 80,874 6.42 %
After-tax profit
56,624 15,682 15,127 15,371 13,454 59,634 5.32 %
*Including ebase GmbH

**2009 including restructuring expenses
All images for the press and analysts' conference on 17 February will be available as of 15.00 hrs at

Press contact:
Johannes Friedemann, comdirect bank AG,
Tel.: +49 4106-704-1340, e-mail:

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