Exceptionally high result in Q1 for comdirect due to market volatility
- Q1 2020 pre-tax profit: more than €75 million
- Forecast for the full year 2020 remains unchanged at this point in time
According to preliminary figures, comdirect bank AG expects a pre-tax profit of more than €75 million for the first quarter 2020 (prior year: €12.5 million). The reason for the exceptionally strong quarterly result is high trading activity of customers due to volatile markets. “In the context of the current exceptional situation and the related very high volatility on stock exchanges, our customers have traded more than ever before in the first quarter of 2020”, says Frauke Hegemann, CEO of comdirect bank AG. In the first quarter, record trades (12.0 million) resulted in significantly higher net commission income, while administrative expenses remained stable.
The impact of the current economic situation on the economy overall as well as on the company are currently not quantifiable. Therefore, our last published forecast for the full year 2020 of €100 to 120 million in pre-tax profit remains unchanged at this point in time.
Further details will be published at the time of publication of the full Q1 results on 28 April 2020. Recent figures on customer trades, as well as growth in customers or executed orders for the first three months are available in separate press releases (monthly figures) from 7 April, 6 March and 7 February on www.comdirect.de/press.