DGAP-News

Strong first quarter for comdirect: pre-tax result of EUR 24.1m

DGAP-News: comdirect bank AG / Key word(s): Quarter Results
Strong first quarter for comdirect: pre-tax result of EUR 24.1m

24.04.2014 / 07:30

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Strong first quarter for comdirect: pre-tax result of EUR 24.1m

- Record earnings due to strongest trading quarter

- Growth in current account as focal product

- New trading platform: ProTrader offers maximum flexibility in real time

- Better financial investments for everyone in Q2: online tool takes
investors through the asset accumulation process

Quickborn, 24 April 2014. The comdirect group closed the first quarter of
2014 with pre-tax profit of EUR 24.1m (previous year: EUR 23.7m). "It has
been a strong start to the year: we have achieved a record level of
earnings as our customers have traded more securities than ever before,"
says Dr. Thorsten Reitmeyer, CEO of comdirect bank AG. "Brokerage has been
our core competence from the outset and in mid-March we set a new standard
with ProTrader. The new trading platform offers maximum flexibility in real
time at an attractive price," continues Reitmeyer. Furthermore, by
expanding its ETF offensive, comdirect has extended discounted trading in
exchange traded funds (ETFs) from 50 to 75 ETFs. One particular advantage
of ETFs, which directly track an index, is that they already have a very
favourable cost structure.

Over the course of the year, comdirect will invest in improved products and
services as well as in brand awareness. A new solution for securities
investment is planned for the second quarter. An online tool is set to
enable everyone - including novice investors - to make their own financial
decisions. "This is because investing doesn't have to be daunting. It can
also be straightforward, transparent and reasonably priced," explains
Reitmeyer. Based on their individual details, investors should find a
suitable investment mix in just a few steps.

In the first three months of the year, the comdirect group generated total
income of EUR 88.9m (previous year: EUR 87.4m). The record level of
earnings is primarily due to extraordinarily strong trading activity on the
part of B2C customers (3.0 million trades, up 25% on the previous year).
This led to a 12% rise in net commission income to EUR 51.6m (previous
year: EUR 46.0m), the highest figure for one quarter since 2000. Against
the backdrop of persistently low market interest rates, net interest income
after provisions stood at EUR 34.9m. The small increase of 4% versus the