DGAP-News
Reasonable start to the year: comdirect generates EUR23.7m pre-tax profit in the first quarter of 2016
DGAP-News: comdirect bank AG / Key word(s): Quarter Results
Reasonable start to the year: comdirect generates EUR23.7m pre-tax profit in
the first quarter of 2016
27.04.2016 / 07:30
The issuer is solely responsible for the content of this announcement.
Reasonable start to the year: comdirect generates EUR23.7m pre-tax profit in
the first quarter of 2016
27.04.2016 / 07:30
The issuer is solely responsible for the content of this announcement.
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Reasonable start to the year: comdirect generates EUR23.7m pre-tax profit
in the first quarter of 2016
- Earnings of EUR88.7m
- Continued strong customer trading: 4.0 million B2C trades
- Dynamic B2C growth: 16 thousand new custody accounts, 24 thousand new
current accounts and EUR1bn net inflows into custody accounts
- Q2 outlook: consumer loan, new corporate design, market launch of
comdirect trading App and bonus scheme
Quickborn, Germany, 27 April 2016. The comdirect group closed the first
quarter of 2016 with pre-tax profit of EUR23.7m (previous year: EUR24.7m).
"comdirect has got off to a reasonable start in 2016. Despite the difficult
environment, the result is almost at the level of the especially strong
quarter of the previous year and return on equity before tax is over 17%",
said Arno Walter, CEO of comdirect bank AG. "This means we are still one of
the most profitable retail banks in Germany."
Total income in the first three months amounted to EUR88.7m, 9.5% below the
exceptional value of the previous year's quarter at EUR98.1m. The high
earnings continue to be affected by the net commission income, which
reached a very high level at EUR54.9m, although it was 9.3% below the
previous year's value of EUR60.5m. One reason for this is the change in the
composition of trades in the B2C business line. According to Walter, "Our
customers executed more orders in the first quarter than ever before. Our
CFD traders, who made use of the volatility at the beginning of the year,
were particularly active. So were our investors, who invested primarily in
shares and securities savings plans, not standing idly by watching their
savings dwindle in non-interest bearing accounts." For this reason, the
trade figures rose to 4.0 million in the first quarter (previous year: 3.9
million). The margin per trade was however below that of the previous year
due on one hand to the greater share of CFDs - associated with lower order
fees - and on the other to lower average order volume, also due to lower
index values. The low index values also had an effect on sales follow-up
commission from the funds business. In view of the continued difficult
Reasonable start to the year: comdirect generates EUR23.7m pre-tax profit
in the first quarter of 2016
- Earnings of EUR88.7m
- Continued strong customer trading: 4.0 million B2C trades
- Dynamic B2C growth: 16 thousand new custody accounts, 24 thousand new
current accounts and EUR1bn net inflows into custody accounts
- Q2 outlook: consumer loan, new corporate design, market launch of
comdirect trading App and bonus scheme
Quickborn, Germany, 27 April 2016. The comdirect group closed the first
quarter of 2016 with pre-tax profit of EUR23.7m (previous year: EUR24.7m).
"comdirect has got off to a reasonable start in 2016. Despite the difficult
environment, the result is almost at the level of the especially strong
quarter of the previous year and return on equity before tax is over 17%",
said Arno Walter, CEO of comdirect bank AG. "This means we are still one of
the most profitable retail banks in Germany."
Total income in the first three months amounted to EUR88.7m, 9.5% below the
exceptional value of the previous year's quarter at EUR98.1m. The high
earnings continue to be affected by the net commission income, which
reached a very high level at EUR54.9m, although it was 9.3% below the
previous year's value of EUR60.5m. One reason for this is the change in the
composition of trades in the B2C business line. According to Walter, "Our
customers executed more orders in the first quarter than ever before. Our
CFD traders, who made use of the volatility at the beginning of the year,
were particularly active. So were our investors, who invested primarily in
shares and securities savings plans, not standing idly by watching their
savings dwindle in non-interest bearing accounts." For this reason, the
trade figures rose to 4.0 million in the first quarter (previous year: 3.9
million). The margin per trade was however below that of the previous year
due on one hand to the greater share of CFDs - associated with lower order
fees - and on the other to lower average order volume, also due to lower
index values. The low index values also had an effect on sales follow-up
commission from the funds business. In view of the continued difficult
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