EQS-News

Baader Bank posts positive consolidated pre-tax result and continued invest-ment and growth for HY1 2023

EQS-News: Baader Bank AG / Key word(s): Half Year Results Baader Bank posts positive consolidated pre-tax result and continued invest-ment and growth for HY1 2023 27.07.2023 / 07:30 CET/CEST The issuer is solely responsible for the content of this announcement. Baader Bank generates earnings before tax of EUR 2.9 million in HY1 of current financial year   Total revenue of EUR 83.5 million for HY1; improved income from commission- and interest-driven business can partly compensate for lower result from trading business Number of accounts served by the Group up by more than 150,000 in first six months to 1,000,000 Slight decrease in customer assets in HY1 to EUR 23.4 billion Baader Bank posted consolidated earnings before tax of EUR 2.9 million for the first half year of the current financial year (HY1 2022: EUR 11.0 million). Earnings from the interest business were up on the same period of the previous year, rising to a solid EUR 15.0 million (HY1 2022: EUR -0.5 million), driven in particular by deposit growth in addition to interest rate developments. Earnings from commission business also increased to EUR 40.5 million compared to the same period of the previous year (HY1 2022: EUR 37.5 million) due to further growth in B2B business volume. At EUR 20.0 million, the result from trading business shows a significant decline compared to the first quarter of the previous year (HY1 2022: EUR 39.8 million). While the result from trading activities was at a high level in the same quarter in 2022 due to special situations caused by inflation and global crises, there have been no significant market volatilities so far in 2023. Accordingly, total income amounted to EUR 83.5 million in the first half year (HY1 2022: EUR 84.8 million), down 2% on the reference period. Total expenses in the first half year of 2023 increased noticeably by 9 % to EUR 80.6 million (HY1 2022: EUR 73.8 million). At EUR 36.1 million, personnel expenses increased compared to the first six months of the previous year (HY1 2022: EUR 32.7 million) due to the planned expansion of personnel capacities. Other operating expenses increased to EUR 41.0 million (HY1 2022: EUR 36.2 million). The increase results primarily from further investments to optimise the IT infrastructure and the expansion of platform functionalities as part of Baader Bank's high-performance banking strategy. In addition, inflation-related cost increases were recorded. Provision expenses of EUR 3.5 million (HY1 2022: EUR 4.9 million) include allocations to the fund for general banking risks of EUR 6.1 million (HY1 2022: EUR 8.7 million).