DGAP-News

comdirect bank AG: Very good pre-tax profit of EUR50.2m for the half-year

DGAP-News: comdirect bank AG / Key word(s): Half Year Results
comdirect bank AG: Very good pre-tax profit of EUR50.2m for the
half-year

23.07.2015 / 07:30

---------------------------------------------------------------------

comdirect: Very good pre-tax profit of EUR50.2m for the half-year

- Record earnings: over EUR190m in the first half-year

- Strongest trading half-year in the company's history: 7.4 million B2C
trades

- Net fund inflows of EUR2bn

- Profit target for the full-year 2015: more than EUR80m before tax

Quickborn, 23 July 2015. The comdirect group finished the first half of
2015 with a pre-tax profit of EUR50.2m, which was a 15% increase on the
high level achieved in the previous year (EUR43.7m). "As a market leader in
online brokerage, comdirect has benefited disproportionately from the
current stock market environment and recorded a very good first half-year.
We will therefore continue to further invest in growth throughout the rest
of the year. We are also aiming to achieve a profit of more than EUR80m for
the full-year - on par with the previous year's level," says Arno Walter,
CEO of comdirect bank AG.

The comdirect group generated a total income of EUR190.3m in the first six
months of the year. This is an increase of 9% on the previous year's high
income level (EUR175.3m). The reason for the record income was the very
high number of trades with B2C customers, which were up 36% on the previous
year at 7.4 million (5.4 million). "Our customers have never traded as much
as in the last half-year," says Walter. "All of our customer groups
increased their trading activity significantly, especially the heavy
traders." Net commission income rose sharply as a result, by 22% to
EUR116.1m (previous year: EUR95.4m). With market interest rates even weaker
again, net interest income after provisions for possible loan losses was
down 4% year-on-year at EUR69.0m (EUR71.8m). Administrative expenses
amounted to EUR140.1m and exceeded the figure for the previous year
(EUR131.5m) by 7%. The main reason behind the increase is the bank's steady
growth and its investment in brand recognition.

The number of customers in the B2C business line (comdirect bank AG) has
increased by 35 thousand to 1.94 million since the start of the year. Over
the same period, the number of custody accounts rose by 31 thousand to 910