2015 Annual Report: comdirect publishes certified figures for the financial year 2015

Quickborn, 23.03.2016

Quickborn, Germany. The comdirect group is today publishing its online annual report for 2015, which includes the financial report. Preliminary figures were already presented at the financial statements press conference in Frankfurt in January.

The comdirect group closed the financial year 2015 with a pre-tax profit of €90.6m, which was a 10% increase on the high level achieved in the previous year (€82.5m). The pre-tax profit target, which was increased in October, was clearly achieved with over €85m. Profit after tax amounts to €65.0m compared with €66.2m in the previous year, which included a positive non-recurring effect of €6m resulting from a tax audit. As was the case the previous year, the proposed dividend is 40 cents per share. In total, €56.5m are to be distributed. This equates to a dividend ratio of 87%.

Total income amounted to €370.6m. This represents growth of 4.8% on the previous year’s record figure (€353.5m). The reason for this further increase was the number of trades with B2C customers, which were up 31% on the previous year at 14.5 million transactions (previous year: 11.1 million), reaching a new record. The annualised order activity per custody account increased from 12.9 in the previous year to 15.9.

As a result, net commission income grew a considerable 18% to €228.4m (previous year: €193.2m), thereby reaching the highest value in the bank’s history. In view of the persistently difficult interest rate environment, net interest income after provisions for possible loan losses was 8% below the previous year’s value (€145.5m) at €134.5m, despite increasing deposits by customers. The 3% rise in administrative expenses to €280.0m (previous year: €271.0m) was outstripped by earnings. The rise is primarily the result of the bank’s strong growth and high processing costs arising from the high number of trades.

In the B2C business line (comdirect bank AG), total assets under custody increased from €34.75bn to €39.94bn in 2015. This increase reflected particularly high net fund inflows totalling €4.1bn (previous year: €2.0bn). Since the start of the year, the number of customers has increased by 92 thousand, exceeding 2 million for the first time. At the same time, the number of current accounts has risen by 107 thousand to 1.27 million, while the number of custody accounts has increased by 64 thousand to 944 thousand, counter to the market trend.

The B2B business line (ebase GmbH) increased its customer base to 988 thousand (year-end 2014: 983 thousand). The vital new customer business has compensated for the seasonally-determined cancellations of custody accounts for, among other things, capital-building payments (VL). Total assets under custody rose to €25.56bn (year-end 2014: €24.19bn).

The comdirect group’s total number of customers increased to a record high of 2.99 million in 2015, and its total assets under custody rose to €65.5bn – also a record – (year-end: €58.94bn).

The new online annual report has been both technically and visually enhanced and has numerous new features. In addition to introducing a responsive design that adapts the content presentation to various browsers and mobile devices, the annual report also makes use of the innovative Ken Burns effect, giving the photos in the image galleries a dynamic character using panning and zoom effects. What’s also new are the animated key figures and graphics, which display the year’s highlights in an attention-grabbing way. Thanks to the modern storytelling approach using parallax scrolling, readers can accompany comdirect customers through their day and share their thoughts. When scrolling, the individual image sequences merge with each other, thereby producing an interactive reading experience.

The annual report is available now at www.comdirect.de/ir. The Online Annual Report was realised in collaboration with the digital agency VALID and the communication marketing agency Edelman.ergo.

€ thousand Q4/14 Q1/15 Q2/15 Q3/15 Q4/15
Net interest income after provisions 36,358 35,179 33,771 32,869 32,690
Net commission income 50,651 60,519 55,596 58,659 53,591
Other income 5,076 2,370 2,818 1,104 1,422
Administrative expenses 76,137 73,408 65,515 66,086 74,971
Pre-tax profit 15,948 24,660 26,670 26,546 12,732
After-tax profit 17,220 18,016 19,569 19,135 8,322
€ thousand 2014 2015 2015 vs. 2014
Net interest income after provisions 145,524 134,509 -7.6 %
Net commission income 193,150 228,365 18.2 %
Other income 14,799 7,714 -47.9 %
Administrative expenses 270,995 279,980 3.3 %
Pre-tax profit 82,478 90,608 9.9 %
After-tax profit 66,193 65,042 -1.7 %

Contacts for this press release

Ullrike Hamer
Tel. +49 (0) 4106/704-1545
EMail: ullrike.hamer@comdirect.de
comdirect bank AG, Pascalkehre 15, 25451 Quickborn, Germany