DGAP-News
Strong half-year pre-tax result for comdirect: EUR 43.7m
DGAP-News: comdirect bank AG / Key word(s): Half Year Results
Strong half-year pre-tax result for comdirect: EUR 43.7m
24.07.2014 / 07:30
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Strong half-year pre-tax result for comdirect: EUR 43.7m
- Record earnings due to strongest first six months in trading and
all-time high in number of customers and assets under custody
- Current account remains number one growth driver
- New online offering "Better financial investments" for everyone: less
complexity, more transparency
- Pre-tax profit target for full year 2014: EUR 75m
Quickborn, 24 July 2014. The comdirect group closed the first six months of
2014 with pre-tax profit of EUR 43.7m (previous year: EUR 43.0m). "This is
a strong interim result: while we continue to invest in growth, earnings
have reached a new record level. Net interest and commission income have
surpassed the previous year's figures, because our investments in growth in
earlier years are paying off," says Dr Thorsten Reitmeyer, CEO of comdirect
bank AG. "In the second half of the year, we will invest even more in
performance and marketing. At the same time, we aim to achieve a good
pre-tax result for the year as a whole of EUR 75m," adds Reitmeyer.
In the first six months of the year, the comdirect group generated total
income of EUR 175.3m (previous year: EUR 170.3m). One reason for the rise
to this record level is the extremely active trading by B2C customers (5.4
million trades). This led to an increase in net commission income of EUR
2.6m to EUR 95.4m (previous year: EUR 92.8m). With market interest rates
still low, net interest income after provisions climbed to EUR 71.8m. The
increase of EUR 4.6m versus the previous year (EUR 67.2m) stemmed from
growth in customer deposits as well as lower provisions for possible loan
losses among other factors. At EUR 131.5m, administrative expenses were EUR
4.2m higher than in the previous year (EUR 127.3m). This rise is
attributable to the increasing size of the bank as well as investment in
further growth.
The B2C business line (comdirect bank AG) sustained the fast pace of growth
in the first half of the year and set new records in terms of the number of
customers and assets under custody. The number of customers has increased
by 23 thousand to 1.85 million since the start of the year. Assets under
custody climbed to EUR 33.62bn compared with EUR 31.89bn at the end of
2013. In addition to price effects, net fund inflows of EUR 865m
- Record earnings due to strongest first six months in trading and
all-time high in number of customers and assets under custody
- Current account remains number one growth driver
- New online offering "Better financial investments" for everyone: less
complexity, more transparency
- Pre-tax profit target for full year 2014: EUR 75m
Quickborn, 24 July 2014. The comdirect group closed the first six months of
2014 with pre-tax profit of EUR 43.7m (previous year: EUR 43.0m). "This is
a strong interim result: while we continue to invest in growth, earnings
have reached a new record level. Net interest and commission income have
surpassed the previous year's figures, because our investments in growth in
earlier years are paying off," says Dr Thorsten Reitmeyer, CEO of comdirect
bank AG. "In the second half of the year, we will invest even more in
performance and marketing. At the same time, we aim to achieve a good
pre-tax result for the year as a whole of EUR 75m," adds Reitmeyer.
In the first six months of the year, the comdirect group generated total
income of EUR 175.3m (previous year: EUR 170.3m). One reason for the rise
to this record level is the extremely active trading by B2C customers (5.4
million trades). This led to an increase in net commission income of EUR
2.6m to EUR 95.4m (previous year: EUR 92.8m). With market interest rates
still low, net interest income after provisions climbed to EUR 71.8m. The
increase of EUR 4.6m versus the previous year (EUR 67.2m) stemmed from
growth in customer deposits as well as lower provisions for possible loan
losses among other factors. At EUR 131.5m, administrative expenses were EUR
4.2m higher than in the previous year (EUR 127.3m). This rise is
attributable to the increasing size of the bank as well as investment in
further growth.
The B2C business line (comdirect bank AG) sustained the fast pace of growth
in the first half of the year and set new records in terms of the number of
customers and assets under custody. The number of customers has increased
by 23 thousand to 1.85 million since the start of the year. Assets under
custody climbed to EUR 33.62bn compared with EUR 31.89bn at the end of
2013. In addition to price effects, net fund inflows of EUR 865m
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