comdirect: pre-tax result up by 18% to EUR 29.2m in first quarter - number of customers exceeds 2.7 million

comdirect: pre-tax result up by 18% to EUR 29.2m in first quarter - number of customers exceeds 2.7 million

Quickborn/Frankfurt/Main, 25 April 2012. The comdirect group closed the first quarter of 2012 with pre-tax profit of EUR 29.2m. This is a rise of 18% on the previous year (EUR 24.9m). 'We have sustained the success of 2011 with a strong start to 2012. We have achieved a good result and are continuing to grow,' says Dr. Thorsten Reitmeyer, CEO of comdirect bank. 'Once again, we aim to ensure a balance between increase in value, growth and profitability in 2012 as well,' adds Reitmeyer.

In the first three months of the year, the comdirect group generated total income of
EUR 88.7m (previous year: EUR 83.6m). This development was mainly attributable to the increase in net interest income after provisions, which was up 27% on the previous year (EUR 33.1m) at EUR 41.9m. The rise stems primarily from lagging effects resulting from higher market interest rates in previous quarters. At EUR 44.2m, net commission income was down 12% on the previous year's figure (EUR 50.1m). The first quarter of the previous year was dominated by greater trading activity on the part of customers following the events in Japan. On the other hand, the rise in administrative expenses was low with an increase of 1% to EUR 59.5m (previous year: EUR 58.7m).

At the end of the first quarter, the total number of customers in the comdirect group stood at 2.71 million and total assets under custody amounted to EUR 46.81bn. In the B2C business line (comdirect bank AG) the number of customers has increased by 12 thousand to 1.64 million since the start of the year. In the first quarter, assets under custody climbed to EUR 26.59bn compared with EUR 24.90bn at the end of the previous year. 806 thousand customers had a current account, which is a rise of 32 thousand in the first three months. In the same period, the number of Tagesgeld PLUS ('call money plus') accounts rose by 22 thousand to 1.26 million and the number of custody accounts by four thousand to 788 thousand.

In the B2B business line (ebase GmbH), the number of customers serviced climbed to over one million. Compared to year-end 2011, the rise of 7% to 1.07 million was primarily attributable to the takeover of more than 80 thousand customers of Generali Investments in Germany. Assets under custody rose to EUR 20.22bn (year-end 2011: EUR 16.69bn).

Once again, comdirect shareholders can expect a dividend. After approval by the annual general meeting on 9 May 2012, a dividend of 56 cents per share is to be paid for financial year 2011.

Overview

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