comdirect bank AG

  • WKN: 542800
  • ISIN: DE0005428007
  • Land: Germany

Nachricht vom 01.08.2019 | 07:30

comdirect continues to grow

DGAP-News: comdirect bank AG / Key word(s): Half Year Results

01.08.2019 / 07:30
The issuer is solely responsible for the content of this announcement.


comdirect continues to grow

  • Growth in net new customers up 28% year-on-year in the first half of 2019
  • Record net fund flow of EUR5.6bn in the first six months of 2019
  • Sale of ebase completed in July

Quickborn/Frankfurt am Main, Germany, 1 August 2019. With 128k net new customers in the first half of 2019, comdirect group showed good growth and generated a solid pre-tax profit of EUR41.5m. "comdirect is a profitable growth company. Just over a year ago, we decided to focus on our core business, dispose of ebase and invest more into growth and technological developments. Over the last 12 months, we gained over 260k net new customers," says Arno Walter, CEO of comdirect bank AG. "We are constantly working to improve the customer experience so that we can win over new customers to comdirect and gain the loyalty of existing customers. As a smart financial companion, we strive to integrate into our customers' lives and make banking and brokerage as easy and comfortable as possible."

Customer base and assets under control at all-time high
The number of customers in the core B2C business stood at 2.65m as of the end of the first half of 2019. With a net total of 128k new customers, growth is considerably faster than in the prior-year period (100k). With a rise of 98k to 1.48m, the number of custody accounts also increased robustly. The number of current accounts rose by 77k to 1.65m. Total assets under control rose 17% from EUR62.1bn at year-end to EUR72.6bn. The reason for this sharp increase is the net fund flow of EUR5.6bn as well as positive market value effects. According to Walter, "The figures show that comdirect is not just growing through new customers, but because our customers trust us with their assets. At EUR5.6bn, the net fund flow, meaning the inflow of new customer funds, is at an all-time high."

Solid result despite increased investment in growth and technology
Despite increased investment in growth and technological developments as well as difficult market conditions, comdirect group posted a solid pre-tax profit of EUR41.5m for the first half of 2019 (previous year: EUR48.0m).
Total income in the core business of B2C amounted to EUR176.6m in the first six months (previous year: EUR171.6m). The number of orders executed defied the general trend of lower trading activity amongst private customers in Germany, especially due to an increase in saving plan executions. A total of 11.6m trades were executed in the first half (previous year: 10.9m). At EUR103.9m, net commission income was nevertheless down against the previous year's figure (EUR107.9m), due partly to a growth-related increase in commission expenses. This was more than offset, however, by the increase in net interest income which, despite the now clearly negative interest environment, rose from EUR56.5m in the previous year to EUR62.8m (after provisions for possible loan losses).
Administrative expenses in the core B2C business went up from EUR130.1m in the previous year to EUR145.7m due to growth. Along with an increase in other administrative expenses resulting from additional sales drives and higher personnel expenses, mandatory contributions for the deposit insurance scheme also climbed once more.

Sale of ebase completed in July
Income in the core business (from continued activities) came to EUR30.9m before taxes in the first half of 2019 (previous year: EUR41.4m). At EUR10.6m, the discontinued activities (ebase) generated pre-tax profit above that of the previous year (EUR6.5m). This increase was mainly down to reduced administrative expenses as a result of a discontinuation. According to IFRS 5, depreciation, amortisation and write-downs are no longer recorded once a sales process has been initiated. The sale of subsidiary ebase to FNZ Group was agreed in 2018 and completed in mid-July 2019 upon approval from the supervisory authorities. Contributions to earnings from discontinued activities for the full year is expected to come in at around EUR110m before taxes. Expected earnings for continued activities for the whole of 2019 are over EUR60m before taxes, which corresponds to expected earnings before taxes for the comdirect group totalling over EUR170m.

Innovative solutions consistently based on customer needs
As a smart financial companion, comdirect introduced further innovative solutions in the first half of 2019 for an improved customer experience. One example is the comdirect app, which received several awards in the first half of the year. In addition to the German Design Award, the German Innovation Award and the German Brand Award, it is also consistently rated as outstanding by users in the stores. Standard banking and brokerage processes in the app were reduced to what is important to the customer. Whether transfers or securities orders: through the comdirect app, banking transactions can be handled as simply and conveniently as a conversation through WhatsApp. In addition to transfers using photos or QR codes, the app now also features a postbox. Arno Walter: "With all these functions in the comdirect app, we are a full mobile bank. With comdirect on your phone, all banking transactions can be performed quickly and easily, anytime and anywhere."

Improved customer experience and increased scalability through the use of new technology
In the first half of the year, comdirect was able to improve numerous processes on the customer interface through the use of new technology. In addition to the fully digital custody account opening, which only takes a few minutes, this includes an intelligent voice dialogue system that provides support for telephone enquiries, a hybrid chat bot that supports customer service agents with the customer chat, and robotic process automation (RPA) to automatically deal with standard processes. Arno Walter: "Efficient work flows ensure that customer requests are dealt with even faster. As a bank, more efficient work flows are the foundation for future efficient growth and the scaling of the business model at comdirect."


Overview**

in EURk . Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19
Net interest income            
after provisions 26,262 30,218 29,739 30,748 31,830 31,008
Net commission income 59,247 48,644 47,658 50,771 50,149 53,777
Other income 3,423 3,768 3,228 558 5,307 4,540
Administrative            
expenses 63,032 67,087 68,718 80,749 74,798 70,876
Pre-tax profit            
from continued            
activities 25,900 15,543 11,907 1,328 12,488 18,449
Pre-tax profit            
from discontinued            
activities 3,399 3,109 4,412 5,125 5,606 3,493
Pre-tax Group            
result 29,299 18,652 16,319 6,453 18,094 23,455
Consolidated net profit 21,697 13,618 12,002 3,052 14,382 17,644
** In connection with the agreed sale, the business of ebase is reported as "discontinued activity". The previous year's figures were adjusted accordingly.
 
in EURk . H1 18 H1 19 H1 19 vs.
      H1 18
Net interest income      
after provisions 56,480 62,838 11.3%
Net commission income 107,891 103,926 -3.7%
Other income 7,191 9,847 36.9%
Administrative      
expenses 130,119 145,674 12.0%
Pre-tax profit from      
continued activities 41,443 30,937 -25.4%
Pre-tax profit from      
discontinued      
activities 6,508 10,612 63.1%
Pre-tax consolidated profit 47,951 41,549 -13.4%
Consolidated net profit 35,315 32,026 -9.3%
**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
Annette Siragusano
Tel. +49 (0)41 06 704 1960
Email: annette.siragusano@comdirect.de

Christiane Rehländer
Tel. +49 (0)41 06 704 1512
Email: christiane.rehlaender@comdirect.de

Information for editorial teams
You can find more information about business performance in the first half of 2019 here:
https://www.comdirect.de/cms/ueberuns/de/investorrelations/veroeffentlichungen.html

All our press releases are available at www.comdirect.de/presse
Updates 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.

Follow us on Twitter at https://twitter.com/comdirect or https://twitter.com/Arno_Walter

If you no longer wish to be sent information, please let us know by writing to presse@comdirect.de



01.08.2019 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.
Archive at www.dgap.de



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