DGAP-News

Strong start to the year for comdirect: pre-tax profit of 24.1 million euros in the first quarter

DGAP-News: comdirect bank AG / Key word(s): Quarter Results
Strong start to the year for comdirect: pre-tax profit of 24.1 million
euros in the first quarter

28.04.2015 / 07:30

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Strong start to the year for comdirect: pre-tax profit of 24.1 million
euros in the first quarter

- Record earnings of 98.1 million euros

- Record high in customer trading activities: up 30% year-on-year

- Growth: current accounts up by 26 thousand, custody accounts by 17
thousand

Quickborn, 28 April 2015. The comdirect group finished the first quarter of
2015 with a pre-tax profit of 24.1 million euros, thereby matching the high
level achieved in the same quarter in 2014 (24.1 million euros). "comdirect
has got off to a very good start in 2015: we have grown and our customers
traded more than ever before in the first quarter. This has pushed our
earnings to a new record high and gives us the flexibility to make
additional investments in new growth, products and services," says Holger
Hohrein, CFO of comdirect bank AG. "Our aim here is to make products and
information directly and easily available around the clock, as this suits
our customers' lives perfectly. The smartphone is becoming the customer's
most important confident," adds Hohrein. Because of this, it will soon also
be possible for people to be legitimised on a smartphone in order to become
a comdirect customer. The customer will not have to go to the post office,
nor will they need to be at a computer. And customers with a new Apple
Watch are able to quickly and easily view their account balance at
comdirect.

Total income in the first three months amounted to 98.1 million euros. This
is an increase of 10% on the previous year's high income level (89.0
million euros). Strong securities business played an important part in the
record earnings. In all, B2C customers effected 3.9 million trades, which
is 30% more than last year (3.0 million). Net commission income accordingly
enjoyed strong growth of 17% to 60.5 million euros (previous year: 51.6
million euros), making this a record high for a single quarter. Net
interest income after provisions for possible loan losses was up slightly
year-on-year at 35.2 million euros (34.9 million euros), in spite of market
interest rates being even weaker again. This was primarily due to growth in
deposits. The 14% increase in administrative expenses to 74.0 million euros