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comdirect: result up by 17% to almost EUR 25m in first quarter - total number of customers rises to 2.3 million

Quickborn, 28.04.2011

Quickborn, Frankfurt/Main. The comdirect group closed the first quarter of 2011 with pre-tax profit of EUR 24.9m (previous year: EUR 21.2m). "We continue to grow and have recorded respectable increases in earnings and results - we regard this as a convincing start to the year," says Thorsten Reitmeyer, CEO of comdirect bank.

At the end of the first quarter, the total number of customers in the comdirect group stood at 2.3 million. Assets under custody remained constant compared with the fourth quarter of 2010 at EUR 42.5bn, up by EUR 4.9bn on the first quarter of 2010.
In the B2C business line (comdirect bank AG), the number of customers increased in the first three months by 17 thousand to 1.576 million. At EUR 26.5bn at the end of March, assets under custody were marginally higher than the level at the end of 2010 (EUR 26.3bn). 1.161 million customers now have a call money account (rise of 30 thousand). The number of current accounts increased by 41 thousand to 688 thousand in the first quarter of 2011 and the number of custody accounts climbed to 758 thousand (rise of 10 thousand).
In the B2B business line (ebase GmbH), the number of custody accounts stood at 723 thousand at the end of March. This figure is down by nearly 11 thousand compared with the end of 2010 as a result of seasonal effects in particular. Assets under custody at ebase reduced slightly to EUR 16.0bn.

In the first three months of the year, comdirect bank generated total income of EUR 83.6m. This was due to stronger trading activity on the part of customers and the modest recovery in market interest rates. Consequently, net interest income after provisions amounted to EUR 33.1m (previous year: EUR 23.9m) at the end of March. At EUR 50.1m, net commission income was significantly higher than in the previous year (EUR 38.8m). In contrast, administrative expenses were lower than in the previous quarter: through consistent cost management, at EUR 58.7m these were down on the last quarter (EUR 62.8m) despite the continued market offensive in banking and brokerage.

comdirect shareholders can again look forward to a dividend. After approval by the annual general meeting on 12 May 2011, a dividend of 42 cents per share is to be paid for financial year 2010.

Overview
EUR thousand
Q1/10
Q2/10
Q3/10
Q4/10
Q1/11
Q1/11 vs.
Q1/10
Net interest income before provisions 23,973 22,627 26,218 29,256 33,262 39 %
Provisions for
possible loan losses
-79 -178 -392 394 -148 87 %
Net commission
income
38,791 45,293 40,127 48,561 50,144 29 %
Other income
 
7,122 3,368 3,338 2,483 324 -95 %
Administrative expenses 48,625 50,584 48,025 62,794 58,724 21 %
Pre-tax profit
 
21,182 20,526 21,266 17,900 24,858 17 %
After-tax profit
 
15,682 15,127 15,371 13,454 18,235 16 %

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