DAB Bank AG
DAB Bank: Nine-month profit before taxes 27% higher than year-ago
DAB Bank AG / Key word(s): 9-month figures/Quarter Results DAB Bank: Nine-month profit before taxes 27% higher than year-ago Uninterrupted customer growth and net fund inflows / High trade numbers even in the summer months Munich, October 30, 2014. The DAB Bank Group (Munich) continued its operational growth in the third quarter, generating a profit before taxes of EUR6.35 million in the months from July to September, 20% more than the corresponding year-ago figure (Q3 2013: EUR5.29 million). At EUR18.80 million, the profit before taxes for the first three quarters of 2014 was roughly 27% higher than the year-ago figure (9M 2013: EUR14.79 million). “Thus, we are well on the way to achieving our target of an up to 20% increase in the operating profit for the full year 2014,” said Ernst Huber, Management Board Spokesman of DAB Bank. “Precisely during the summer months, when business is usually somewhat slower because of the vacation season, we acquired many new customers for DAB Bank, and our customers were very active as well.” DAB Bank executed 1.33 million trades for its customers in the months from July to September. That number is more than 9% higher than trades executed in the third quarter of last year, and more than 10% higher than trades executed in the second quarter of 2014. The 4.01 million trades executed in the first nine months of 2014 were more than 8% higher than the corresponding year-ago figure. On a net basis, DAB Bank increased its customer base by more than 8,000 customers in the third quarter, more than any one of the very good preceding quarters. As of September 30, DAB Bank served a total of 642,580 customers. Customer assets held in custody also increased in the third quarter. Thanks to continuously good net fund inflows, customer assets rose by nearly EUR0.9 billion to EUR35.75 billion, marking a new all-time record for DAB Bank. In line with the generally positive performance, DAB Bank generated net commission income of EUR64.10 million in the first nine months of 2014, roughly EUR1.5 million higher than the year-ago figure. In particular, the net interest income of EUR37.23 million was 37% higher than the corresponding figure for the first nine months of 2013. As planned, the trading profit and profit from investments fell considerably, from EUR6.70 million in the year ago period to EUR2.12 million in the period just ended. At EUR103.16 million, total operating income for the period from January to September was 7% higher than the year-ago figure. By contrast, administrative expenses rose by only slightly more than 4% over the year-ago figure to EUR 83.56 million, in a reflection of the strict cost management practiced at DAB Bank. On July 31, HypoVereinsbank announced that it had reached an agreement with BNP Paribas on the sale of its majority interest in DAB Bank. The necessary regulatory approvals are expected in the coming weeks, after which the deal will be closed. DAB Bank Group: Key Indicators and Operating Results According to IFRS:
30.10.2014 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
Language: | English | |
Company: | DAB Bank AG | |
Landsberger Straße 300 | ||
80687 München | ||
Germany | ||
Phone: | +49 (0)89 500 68 1696 | |
Fax: | +49 (0)89 500 68 669 | |
E-mail: | ir@dab.com | |
Internet: | www.dab-bank.de | |
ISIN: | DE0005072300 | |
WKN: | 507230 | |
Listed: | Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart | |
End of News | DGAP News-Service |
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