Deutsch

Press release

28.07.2011 - comdirect: half-year result of EUR 50.4m - more than 2.5 million customers -record result for full year 2011 in sight

Quickborn/Frankfurt/Main. The comdirect group closed the first half of 2011 with pre-tax profit of EUR 50.4m, a rise of 21% on the previous year (EUR 41.7m). "We have produced the best half-year result in the history of comdirect and are seeking to achieve a record result for the year as a whole. In short: comdirect is well on its way," says Dr. Thorsten Reitmeyer, CEO of comdirect bank. The aim for 2011 as a whole is to surpass the record result to date of EUR 90.5m before tax achieved in 2007.

In the first six months of the year, the comdirect group generated record income of EUR 161.5m (previous year: EUR 140.9m). This development was mainly due to increased trading activity on the part of customers and a friendlier market interest rate environment. Consequently, net interest income after provisions amounted to EUR 70.3m (previous year: EUR 46.3m) in the first half of the year. At EUR 90.5m, net commission income also exceeded the previous year's figure (EUR 84.1m). By comparison, the rise in administrative expenses was disproportionately low and amounted to EUR 111.0m (previous year: EUR 99.2m) at the end of the first six months.

As of the end of June, the total number of customers in the comdirect group stood at 2.5 million and total assets under custody amounted to EUR 43.62bn. In the B2C business line (comdirect bank AG) the number of customers has increased by 34 thousand to 1.593 million since the start of the year. At EUR 26.50bn as of the end of June, assets under custody were marginally higher than the level at the end of 2010 (EUR 26.32bn). 1.185 million customers had a Tagesgeld PLUS ("call money PLUS") account, which is a rise of 54 thousand in the first six months. Over the same period, the number of current accounts increased by 71 thousand to 718 thousand and the number of custody accounts by 18 thousand to 766 thousand. Reitmeyer: "The figures confirm: we are delivering results and continuing to grow. comdirect is maintaining its course of balanced growth."

In the B2B business line, ebase GmbH developed a partner-specific white label variant for around 195 thousand custody account customers of Commerzbank in the second quarter. This created the contractual basis for these customers to be serviced by ebase long term. As a result, at the end of June 2011 the number of customers in the B2B business line (ebase GmbH) stood at 919 thousand (year-end 2010: 737 thousand). Assets under custody rose to EUR 17.12bn (year-end 2010: EUR 16.22bn).

overview
EUR thousand
Q2/10
Q3/10
Q4/10
Q1/11
Q2/11
H1/10
H1/11
H1/11 vs.
H1/10
Net interest income
before provisions
22,627 26,218 29,256 33,262 37,624 46,600 70,886 52.12 %
Provisions for
possible loan losses
-178 -392 394 -148 -419 -257 -567 120.62%
Net commission
income
45,293 40,127 48,561 50,144 40,308 84,084 90,452 7.57%
Other income
 
3,368 3,338 2,483 324 374 10,490 698 -93.35%
Administrative-
expenses
50,584 48,025 62,794 58,724 52,322 99,209 111,046 11.93%
Pre-tax profit
 
20,526 21,266 17,900 24,858 25,565 41,708 50,423 20.90%
Net profit
 
15,127 15,371 13,454 18,235 18,856 30,809 37,091 20.39%


Press information:
All press releases are available at http://www.comdirect.de/presse. If you no longer wish to receive this information, please send an e-mail to presse@comdirect.de.

Search Criteria