DGAP-News Baader Bank continues strong growth in first quarter of 2021
DGAP-News: Baader Bank AG / Key word(s): Quarter Results
Baader Bank continues strong growth in first quarter of 2021
All figures are preliminary and unaudited
Baader Bank's positioning as a platform provider in securities trading with an extremely sound and future-oriented integrated business model is underpinning further growth this year following a very successful 2020. The Bank closed the first quarter of 2021 with earnings before tax of EUR 32.8 million (Q1 2020: EUR 10.7 million), which equates to triple the earnings generated in the first quarter of 2020 and around 60% of the total earnings for 2020, even at this early stage in the year.
Sustained customer growth in the cooperation business, above-average trading activity from private investors and institutional investors
The excellent quarterly results are supported largely by the earnings contribution of Baader Bank AG and in particular by the considerable and further increasing trading activities of private and institutional investors, plus the continuing growth of the fintech cooperation business. This has seen the number of securities deposits held by Baader Bank increase to around 240,000 (Q1 2020: 60,000), with corresponding effects on the number of trades and on trading volumes. The number of custody accounts has already almost doubled compared to the end of 2020.
The result is further supported by the above-plan contributions from the subsidiaries Baader Helvea AG and Baader & Heins Capital Management AG. The result of the wind farm in Croatia is on track for the first quarter of 2021, despite lower wind levels.
Total income increased by 50% to EUR 91.8 million (Q1 2020: EUR 61.0 million), driven by a significant increase in net trading income to EUR 76.8 million (Q1 2020: EUR 43.4 million) and in commission revenues to EUR 30.9 million (Q1 2020: EUR 27.8 million). The high trading volumes triggered commission expenses, which, for structural reasons, lead to a lower overall net commission income of EUR 8.4 million (Q1 2020: EUR 14.6 million). The operating result is an impressive EUR 49.1 million (Q1 2020: EUR 36.6 million).