DAB Bank AG
DAB Bank reports continued growth of its operating business in the third quarter
DAB Bank AG / Key word(s): Quarter Results DAB Bank reports continued growth of its operating business in the third quarter New record for customer assets held in custody / Clear upward trend of trades executed and customer numbers / Third-quarter profit before taxes comes to EUR5.29 million Munich, October 29, 2013. The DAB Bank Group, Munich, continued to grow its operating business in the third quarter of the current financial year. Thanks to strong net fund inflows, customer assets increased by around EUR1.5 billion in the period from July to September, reaching the record level of EUR31.08 billion. DAB Bank also increased its customer base by more than 6,000, bringing the total to 615,178 customers. Thus, DAB Bank has added more than 18,000 net new customers since the beginning of the current financial year. The growth in bank accounts carried for customers has been especially impressive, with more than 37,000 bank accounts added since the beginning of this year, bringing the total to 192,528. At 1.21 million, DAB Bank also executed significantly more trades for its customers in the third quarter, compared to the year-ago figure (Q3 2012: 1.00 million). ‘The growth program launched at the start of this year, including the redesigned checking account and numerous innovations in our securities-related services, has continued to bear fruit in the past few months. We are currently experiencing strong growth in all our key operational indicators,’ said Ernst Huber, Management Board Spokesman of DAB Bank. The growth of DAB Bank’s operating business is clearly reflected in the bank’s net commission income. At EUR62.61 million, the net commission income generated in the first nine months of the current year is already more than EUR5 million higher than the corresponding year-ago figure (9M 2012: EUR57.52 million). However, DAB Bank’s net interest income has been adversely affected by the persistently low level of interest rates. While the third-quarter net interest income of EUR10.18 million was significantly higher than the corresponding figure for the preceding quarter (Q2 2013: EUR8.22 million), it was nonetheless lower than the year-ago figure (Q3 2012: EUR11.80 million). At EUR2.05 million, the trading profit and profit from investments together were slightly lower, as planned, than the respective figures for the second quarter of this year and the third quarter of last year (Q3 2012: EUR2.23 million; Q2 2013 EUR2.72 million). Thanks to active cost management, DAB Bank’s third-quarter administrative expenses of EUR25.97 million were significantly lower than the respective comparison figures (Q3 2012: EUR27.49 million; Q2 2013: EUR27.74 million). DAB Bank’s third-quarter profit before taxes of EUR5.29 million was higher than the corresponding figure for the second quarter of this year (Q2 2013: EUR4.79 million), but slightly lower than the corresponding year-ago figure (Q3 2012: EUR5.44 million). Thus, the profit before taxes for the first nine months of 2013 came to EUR14.79 million, as compared to EUR21.43 million in the year-ago period. However, the net interest income generated in the first nine months was about EUR11 million less than the corresponding year-ago period, due to the persistently low level of market interest rates. DAB Bank is re-affirming its forecast that the profit before taxes for the full year 2013 will be at least one third less than the corresponding figure for 2012, when the bank generated a profit before taxes of EUR28.03 million. As in prior periods, DAB Bank introduced new products and services to the market in the past few months. In this regard, DAB Bank’s new website is especially noteworthy. It was not only optically modernized, but was in fact redesigned from the ground up to make it even more user-friendly than before, based on the feedback received from more than 5,000 customers and other interested parties. Customers’ response to the new website has been very positive since it went live in August.
End of Corporate News 29.10.2013 Dissemination of a Corporate News, transmitted by DGAP – a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP’s 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 |
236440 29.10.2013 |