comdirect: pre-tax profit of EUR 92.3m - 2.76 million customers - dividend proposal of 44 cents per share
Quickborn/Frankfurt/Main. The comdirect group closed financial year 2012 with pre-tax profit of EUR 92.3m (previous year: EUR 108.1m). "We have achieved a strong result – a very strong one in fact, given the market. We have invested, we have grown and we have reached our ambitious profit target," says Dr. Thorsten Reitmeyer, CEO of comdirect bank AG. "We intend to continue to grow in the current year and will invest even more in performance and marketing to do so," adds Reitmeyer.
The comdirect group generated income of EUR 329.0m (previous year: EUR 340.2m) in financial year 2012. Comparatively cautious trading activity on the part of customers in a market environment with little volatility led to a decrease in net commission income to EUR 166.4m (previous year: EUR 182.6m). Despite the sharp fall in market interest rates, at EUR 147.4m net interest income after provisions is comparable with the previous year's level (EUR 149.5m). This is due to lag effects from higher market interest rates in the previous year. Other income includes an extraordinary effect of EUR 4.9m, which stems from the further settlement of a tax appeal proceeding dating back several years. Administrative expenses increased slightly to EUR 236.7m (previous year: EUR 232.1m).
The shareholders are set to participate appropriately in comdirect's positive development: a dividend of 44 cents per share (previous year: 56 cents) will be proposed to the annual general meeting. The total distribution therefore stands at EUR 62.1m. Of this, EUR 11.2m is to be transferred to retained earnings in order to strengthen equity with a view to further growth.
At the year-end, the total number of customers in the comdirect group stood at 2.76 million and total assets under custody amounted to EUR 48.85bn. In the B2C business line (comdirect bank AG) the number of customers increased in 2012 by 84 thousand to 1.72 million. In the same period, assets under custody rose from EUR 24.90bn to EUR 27.91bn. 901 thousand customers had a current account, which is a rise of 127 thousand. The number of Tagesgeld PLUS ("call money plus") accounts increased by 109 thousand to 1.34 million and the number of custody accounts by 23 thousand to 806 thousand. In the B2B business line (ebase GmbH), the number of customers serviced climbed by 40 thousand to 1.04 million in 2012. Assets under custody rose to EUR 20.95bn (year-end 2011: EUR 16.69bn).
The full annual report will be published on 26 March 2013. The figures in this press release are unaudited.
|Net interest income after provisions||41,892||36,770||33,993||34,716|
|Net commission income||44,171||39,355||41,730||41,160|
|2011 vs 2012|
|Net interest income after provisions||149,516||147,371||-1.4 %|
|Net commission income||182,585||166,416||-8.9 %|
|Other income||8,049||15,201||88.9 %|
|Pre-tax profit||108,076||92,286||-14.6 %|
|After-tax profit||111,763||73,358||-34.4 %|
For further information on this press release, please contact:
Johannes Friedemann, Tel. +49 (0) 41 06/704-1340,
Annette Siragusano, Tel. +49 (0) 41 06/704-1960,
comdirect bank AG, Pascalkehre 15, D-25451 Quickborn
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