DGAP-News

comdirect bank AG: Good nine-month pre-tax result of EUR 64.9m

DGAP-News: comdirect bank AG / Key word(s): 9-month figures
comdirect bank AG: Good nine-month pre-tax result of EUR 64.9m

28.10.2014 / 07:30

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Good nine-month pre-tax result of EUR 64.9m

- Record earnings due to strong trading activity by customers and growth
in number of customers and assets under custody

- Pre-tax profit target for full year 2014 unchanged at EUR 75 million

- Account opening process simplified with VideoIdent as first step

Quickborn, 28 October 2014. The comdirect group achieved pre-tax profit of
EUR 64.9m in the first nine months of 2014 (previous year: EUR 66.0m). "Our
earnings are at a record level, we are growing and investing in both new
products and future growth. In short: comdirect is on the right path," says
Holger Hohrein, CFO of comdirect bank AG. The pre-tax profit target for
2014 of EUR 75m announced with the half-year results remains unchanged. "In
the remaining months of the year we will increase our spending on growth,"
adds Hohrein.

In the first nine months of the year, the comdirect group generated record
income of EUR 261.4m (previous year: EUR 253.5m). One reason for this rise
is the high number of trades carried out by B2C customers (8.0 million
trades versus 7.5 million in the same period in 2013). This led to an
increase in net commission income of EUR 3.2m to EUR 142.5m (previous year:
EUR 139.3m). With market interest rates declining further, net interest
income after provisions climbed to EUR 109.2 million. The rise of EUR 6.0m
versus the previous year (EUR 103.2m) stemmed from growth in customer
deposits among other factors. At EUR 196.4m, administrative expenses
increased by EUR 8.9m compared with the previous year (EUR 187.5m). This is
primarily due to the growing size of the bank as well as rising regulatory
costs.

The B2C business line (comdirect bank AG) attained new record highs in both
the number of customers and assets under custody. The number of customers
has increased by 44 thousand to 1.87 million since the start of the year.
The rise in assets under custody to EUR 33.8bn (year-end 2013: EUR 31.9bn)
is attributable to net fund inflows of EUR 1.4bn in particular. Up by 68
thousand to 1.11 million customers, the current account remains the number
one growth driver. The number of Tagesgeld PLUS ("daily money plus")
accounts increased by 50 thousand to 1.51 million and the number of custody
accounts by 22 thousand to 862 thousand.

Hohrein: "With regard to future growth, we still have a great deal planned.