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comdirect: record pre-tax profit of EUR 108.1m - over 2.6 million customers - dividend proposal of 56 cents per share

Quickborn, 16.02.2012

Quickborn/Frankfurt/Main. The comdirect group closed financial year 2011 with pre-tax profit of EUR 108.1m. This surpassed the previous year’s figure of EUR 80.9m by a good third, making it the best result in the company's history. “The high level of profitability confirms the comdirect group’s sound business model and shows that following growth in recent years it is able to extensively benefit from developments in the market,” says Dr. Thorsten Reitmeyer, CEO of comdirect bank. After-tax profit stands at EUR 111.8m and reflects a tax refund amounting to some EUR 37m, which relates to appeal proceedings dating back several years.

Shareholders are set to benefit from this positive development and a dividend of 56 cents per share (previous year: 42 cents) will be proposed to the annual general meeting. This constitutes a full distribution based on the operating profit including the interest payments on the tax refund. The tax refund itself will be partially retained to strengthen equity with a view to further growth.

The comdirect group generated income of EUR 340.2m (previous year: EUR 290.9m) in financial year 2011. This record figure stems from the increased number of trades by customers in a volatile market environment as well as higher market interest rates compared with the previous year. Consequently, at EUR 182.6m net commission income was up 6% on the previous year (EUR 172.8m) and net interest income before provisions rose by 48% to EUR 150.8m (previous year: EUR 102.1m). Other income included interest payments of around EUR 9m on the tax refund.

The increase in total income of 17% was countered by a disproportionately lower rise in administrative expenses of 11% to EUR 232.1m (previous year: EUR 210.0m) resulting in part from intensified marketing activities.

At the year-end, the total number of customers in the comdirect group stood at 2,630,525 and total assets under custody amounted to EUR 41.59bn. In the B2C business line (comdirect bank AG) the number of customers has increased by 73 thousand to 1,632,467 since the start of the year. At EUR 24.90bn at the end of 2011, assets under custody were down on the level at the end of 2010 (EUR 26.32bn). This was due to the decline in the portfolio volume as a result of price slides on the stock exchanges, particularly in the third quarter. 1,235,770 customers had a Tagesgeld PLUS (“call money plus”) account, which is a rise of 105 thousand. The number of current accounts increased by 127 thousand to 774,518 and the number of custody accounts by 35 thousand to 783,616.

In the B2B business line (ebase GmbH), the number of customers serviced climbed by 261 thousand to 998,058 compared with the end of 2010 (737,054). This rise was attributable to the takeover of customers of renowned partners in the insurance and investment sectors. Furthermore, around 195 thousand Commerzbank customers have been included following implementation of a partner-specific white label variant in the second quarter. Assets under custody rose to EUR 16.69bn (year-end 2010: EUR 16.22bn).

The full annual report 2011 will be published on 27 March 2012. The figures in this press release are unaudited.

Overview
€'000
2010
Q1/11
Q2/11
Q3/11
Q4/11
2011
2011 vs. 2010
Net interest income
before provisions
102,074 33,262 37,624 39,352 40,609 150,847 47.8 %
Provisions for
possible loan
losses
-255 -148 -419 -474 -290 -1,331 n.a.
Net commission
income
172,772 50,144 40,308 50,262 41,871 182,585 5.7 %
Other income
16,311 324 374 -1,852 9,203 8,049 -50,7 %
Administrative
expenses
210,028 58,724 52,322 59,092 61,936 232,074 10.5 %
Pre-tax profit
80,874 24,858 25,565 28,196 29,457 108,076 33.6 %
After-tax profit
59,634 18,235 18,856 20,458 54,214 111,763 87.4 %


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