DGAP-News

comdirect bank AG: Strong start to the year: comdirect generates EUR27.4m pre-tax profit in the first quarter of 2017

DGAP-News: comdirect bank AG / Key word(s): Quarter Results comdirect bank AG: Strong start to the year: comdirect generates EUR27.4m pre-tax profit in the first quarter of 2017 26.04.2017 / 07:30 The issuer is solely responsible for the content of this announcement. Strong start to the year: comdirect generates EUR27.4m pre-tax profit in the first quarter of 2017

• Pre-tax return on equity: 18.6%
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• Record growth in assets under management to EUR80bn: EUR4.3bn increase, of which EUR1.8bn is net fund inflows
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• Outlook for Q2: Digital asset management, call-up of equity prices via Alexa, new corporate design for onvista
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Quickborn, Frankfurt/Main, Germany, 26 April 2017. The comdirect group closed the first quarter of 2017 with a pre-tax profit of EUR27.4m. This led to a result that was 16% up on the previous year (EUR23.7m). Pre-tax return on equity rose to 18.6% (previous year: 17.1%). "Despite persistent, historically low market interest rates, we have achieved a strong result, are growing dynamically and are developing strategically on a consistent basis - with our attention constantly fixed on being the top address in saving, investing and trading with securities", says comdirect bank AG's CEO Arno Walter. "We want to make it as easy as possible for customers to invest in asset accumulation with securities, whether with our new intuitive custody account overview, the convenient call-up of equity prices via Alexa, or with digital asset management, which we will be launching mid-May."

Total income in the first three months amounted to EUR90.1m, 1.6% above that of the same quarter in the previous year (EUR88.7m). The earnings are primarily affected by the net commission income, which at EUR59.1m, exceeded the previous year's value (EUR54.9m) by 7.8%. While at 3.7 million the number of B2C trades in the first quarter of 2017 was below the record number of the previous year (4.0 million), both the composition of the trades and the high average order volume were more profitable. On the other hand, the rise in portfolio volume, resulting from price effects and net inflows, brought greater sales follow-up commission from the funds business. In view of the continued difficult interest rate environment, net interest income after provisions for possible loan losses fell to EUR24.5m (previous year: EUR32.0m). Other earnings of EUR6.5m contributed to the growth in earnings. This is primarily the result of a positive result from financial investments.