comdirect bank AG
- WKN: 542800
- ISIN: DE0005428007
- Land: Germany
Nachricht vom 30.10.2018 | 07:30
comdirect bank AG: comdirect: Growth accelerated significantly
DGAP-News: comdirect bank AG / Key word(s): 9-month figures/Quarter Results
comdirect: Growth accelerated significantly
Quickborn, Frankfurt/Main, Germany, 30 October 2018. The comdirect group closed the first nine months of 2018 with pre-tax profit of EUR64.3m (previous year: EUR72.5m). The pre-tax return on equity stood at 13.7% (previous year: 16.3%). "We have invested heavily in growth, whilst simultaneously achieving a good result," says comdirect bank AG CEO Arno Walter. "comdirect is a growth company. We gained 60k new B2C customers in the third quarter; that's around 160k since the start of the year, more than double our customer growth of the previous year."
Accelerated growth in customer numbers, custody accounts and assets under control
In the previous year's period, the rise stood at 73k net new customers (excluding inorganic growth resulting from the acquisition of onvista bank customers in April 2017). At the end of the nine-month period 2018, the number of customers in the B2C business segment was 2.45m. In addition, the number of custody accounts rose by 134k to 1.34m - twice the increase in the previous year (increase of 65k). The number of current accounts rose by 83k to 1.51m. Assets under control climbed EUR6.4bn to EUR65.4bn and portfolio volume by EUR4.0bn to EUR41.1bn, despite price losses on the securities markets. According to Walter, "Our customers have invested more in securities. At EUR4.7bn, net fund inflows to custody accounts are at an all-time high. We are of course especially pleased about this. In our efforts to be the top address in saving, investing and trading with securities, our goal is to attract even more customers to securities investment. After all, if you only put your money into low-interest investments, increasing inflation means your investment will continue lose value. Securities investment is essential for the long-term accumulation of wealth."
comdirect offers API for integrating external trading and investment platforms
comdirect now offers a modern brokerage interface (API) for the trading, investing and analysis platforms of external partners. The first partner to be integrated is Guidants, one of the largest and most innovative investment platforms in Germany. From the end of November, traders will be able to trade with comdirect without leaving their Guidants-tailored information interface.
Smart financial companion helps to optimise expenses and insurance
Customers can now use comdirect sparCheck to compare electricity and gas suppliers and switch very easily. The amounts saved will then be automatically invested in ETFs. According to Walter, "As a smart financial companion, comdirect not only wants to support its customers in their banking transactions, but also wants to help them optimise their expenditure." This goes for insurance too. Over the next year, customers will not only be able to easily keep all their insurance contracts together digitally with comdirect, but will be able to optimise them in a few simple steps. This enables customers to have an overview of their insurance policies, in addition to their finances, at all times.
In developing new banking services, comdirect focused on the needs of an increasingly mobile and digital generation in particular. The innovative comdirect app, which already offers chat and voice transfers, and which is set to receive the gold German Design Award 2019, will be enhanced in short development cycles in collaboration with customers. From mid-November, customers will be able to access the app via Apple Watch and view their current account balances with just one click.
Positive development in both net interest income and net commission income
Despite the ongoing persistent low interest environment, net interest income after provisions for possible loan losses rose by 18% from EUR73.2m in the previous year to EUR86.2m. This was against the background of an increased volume in the deposit and lending business, as well as the moderate adjustment in investment strategy. At EUR10.4m, other income was below the previous year's figure of EUR22.0m, which was influenced by a high result from financial investments.
Growth investments pushed forward in products, technology and marketing
Earnings expectations maintained
The pre-tax profit in the core B2C business at the end of nine months came to EUR53.4m (previous year: EUR62.4m). The discontinued activities (ebase) generated pre-tax profit of EUR10.9m (previous year: EUR10.1m).
comdirect is maintaining its income expectations for 2018 as a whole of around EUR145m before taxes for the group announced halfway through the year. The result aimed for takes into account additional growth investments of up to EUR30m and is subject to the agreed sale of ebase GmbH being concluded in the current year. The sale of subsidiary ebase to the FNZ Group was agreed in July 2018 and remains subject to the approval of the supervisory authorities and fulfilment of contractually agreed closing conditions. If the transaction is concluded in the fourth quarter, it would result in non-recurring pre-tax income of at least EUR85m for 2018. comdirect significantly increased its growth investments in the second and third quarters, partly in light of the expected non-recurring amount.
Increased use of artificial intelligence (AI)
comdirect will continue to invest in growth in the future. In addition to marketing strategies and investments in innovative products, this includes investing in technological advances through the application of AI components. Current examples of this include intelligent voice response systems and robotic process automation (RPA), which enable standard customer management processes to be automated, and chatbots, which assist customer care agents in their personal contact with customers. According to Walter, "By using AI, we will be able to make processes more convenient, tailored and faster for our customers. AI also forms an important foundation for scaling our business model and cost-efficient growth."
*In connection with the agreed sale, the business of ebase is reported as "discontinued activity". The previous year's figures were adjusted accordingly.
Contacts for this press release
You can find more information about business performance in the first nine months of 2018 here: https://www.comdirect.de/cms/ueberuns/de/investorrelations/veroeffentlichungen.html
All our press releases are available at www.comdirect.de/presse
News about digital trends and innovations in all things finance can be found on the comdirect Board of Managing Directors blog at www.bank-neu-denken.de.
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|Company:||comdirect bank AG|
|Phone:||+ 49 (0) 4106/704-0|
|Fax:||+ 49 (0) 4106/708-2580|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|End of News||DGAP News Service|
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