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Press release

28.03.2014 - Publication of annual report: comdirect confirms figures for financial year 2013

Pre-tax profit of EUR 80.0m - 2.83 million customers – dividend proposal of 36 cents per share

Quickborn. The comdirect group publishes its annual report for 2013 today. This confirms the figures presented at the press conference in February. The comdirect group has outperformed its profit target for 2013 that was raised to EUR 75m in October by 7%. Pre-tax profit stands at EUR 80.0m (previous year: EUR 93.5m).

The comdirect group generated total income of EUR 339.9m in financial year 2013. This is a rise of 3% on the previous year's high figure (EUR 329.5m) and is primarily due to greater activity on the part of customers in securities trading. The corresponding sharp increase in net commission income of 12% to EUR 188.3m (previous year: EUR 167.7m) more than compensated for the market-related decrease in net interest income. Net interest income after provisions fell by 6% to EUR 137.2m (previous year: EUR 146.6m). The rise in administrative expenses of 10% to €259.9m (previous year: €235.9m) reflects the comdirect group's spending on growth.

A dividend of 36 cents per share (previous year: 44 cents) will be proposed to the annual general meeting. The total distribution therefore stands at EUR 50.8m. This corresponds to a dividend payout ratio of 84%. EUR 9.7m is to be transferred to retained earnings in order to strengthen equity with a view to further growth.

The total number of customers in the comdirect group increased last year to 2.83 million and total assets under management climbed to a new record level of EUR 55.05bn (year-end 2012: EUR 48.85bn) over the same period. In addition to price effects, customer net fund inflows of EUR 2.4bn contributed to this growth.

This year, the annual report has been designed for tablet devices for the first time. comdirect is thus taking account of the online and mobile trend in its capital market communications as well. Instead of a printed report and associated online version, there is now a report that has been conceived and designed as an online document from the start. The wide-ranging opportunities offered by the medium have been consistently exploited. As a result, the new annual report is a multimedia and interactive publication. It includes various moving image elements for example, as well as animated charts. The annual report is available now at www.comdirect.de/publications.

Overview* Q4/12 €'000 Q1/13 €'000 Q2/13 €'000 Q3/13 €'000 Q4/13 €'000
Net interest income after provisions 34,512 33,382 33,792 36,032 34,006
Net commission income 41,761 46,013 46,764 46,503 49,050
Other income 7,140 8,025 2,299 724 3,308
Administrative expenses 63,332 63,751 63,565 60,197 72,353
Pre-tax profit 20,081 23,669 19,290 23,062 14,011
After-tax profit 19,895 17,354 14,476 16,760 11,944
Overview* 2012 €'000 2013 €'000 2013 vs 2012 €'000
Net interest income after provisions 146,553 137,212 -6.4 %
Net commission income 167,699 188,330 12.3 %
Other income 15,201 14,356 -5.6 %
Administrative expenses 235,911 259,866 10.2 %
Pre-tax profit 93,542 80,032 -14.4 %
After-tax profit 74,280 60,534 -18.5 %
*Figures for prior periods were adjusted due to restatements

For further information on this press release, please contact:
Ullrike Hamer
comdirect bank AG, Pascalkehre 15, D-25451 Quickborn
Telefon +49 (0) 41 06/704-1545, E-Mail:
ullrike.hamer@comdirect.de

Further information on the new online annual report can be found at
www.comdirect.de/cms/ueberuns/en/investorrelations/cori1059_0093_ir_en.html.
All press releases are available at
www.comdirect.de/press
If you no longer wish to receive these press releases, please send an e-mail to
presse@comdirect.de.

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