DGAP-News

Baader Bank on growth path - Seite 2

At EUR 12.0 million, Baader Bank Group revenue was slightly below the previous year (EUR 12.8 million) at -7%, fed by the electricity yields generated from the Bank's own wind farm. Of negligible significance for the Group, the interest income and the current income for 2020 stood at EUR -2.6 million (previous year: EUR -0.8 million).

Other income fell by around EUR 10.0 million to EUR 4.1 million as a result of the dissolution of the fund for general banking risks included in the previous year.

Costs rose again, but in line with overall development, and operating result strongly improved once more

While the previous year saw savings in both personnel expenses and other administrative expenses, personnel expenses at a Group level rose in 2020 to a total of EUR 71.2 million (previous year: EUR 46.5 million) due to higher variable remuneration components as a result of the positive overall development. Other administrative and operating expenses rose moderately by EUR 3.5 million to EUR 48.1 million (previous year: EUR 44.6 million). The number of personnel remained mostly stable throughout the high volume of business seen; this highlights in particular the Bank's strong scaling capability.

A contribution to the fund for general banking risks was included in the total expenses for 2020; EUR 16.8 million was allocated to the fund in accordance with Section 340e(4) of the German Commercial Code (HGB). As a result, total expenses were higher in 2020, increasing by EUR 52.3 million to EUR 156.6 million (previous year: EUR 104.2 million).

The Baader Bank Group concluded the past financial year with a clearly positive operating result of EUR 81.5 million and visibly increased this result (previous year: EUR -8.0 million). This demonstrates the adjustments implemented in the individual strategies of the six business lines, as well as the effects of the high trading volume on the markets.

At EUR 20.4 million, depreciations within the Baader Bank Group increased by EUR 7.3 million in the 2020 financial year (previous year total: EUR 13.1 million). Of this amount, EUR 11.1 million related to depreciation and value adjustments on intangible assets and property, plant and equipment and EUR 9.3 million related to amortisation and value adjustments on receivables and certain securities treated as assets.