comdirect bank AG
- WKN: 542800
- ISIN: DE0005428007
- Land: Germany
Nachricht vom 30.01.2019 | 07:30
comdirect: Strong growth and a reasonable result
DGAP-News: comdirect bank AG / Key word(s): Annual Results/Dividend
comdirect: Strong growth and a reasonable result
Quickborn, Frankfurt/Main, Germany, 30 January 2019. The comdirect group closed financial year 2018 with a pre-tax profit of EUR70.7m (previous year: EUR94.9m). The pre-tax return on equity stood at 11.3% (previous year: 15.8%). "We significantly increased our investments in growth and development while also achieving a reasonable result," says comdirect bank AG CEO Arno Walter. "In the past year, we focussed on our core B2C business with the agreed sale of ebase. We also ramped up our investment activities and put ourselves in position to continue our strong performance going forward. This is reflected in the significant and sustainable growth of our customer base and assets under control, in addition to a wide range of new innovative services for our customers."
New: trade securities via chat
Organic customer growth more than doubled compared to previous year
The customer base in the core B2C business grew by 10% to 2.52m in 2018, an increase of 236k. This was more than double the customer growth recorded in the previous year. The net figure of new customers in 2017 was 103k (excluding the customers added as a result of the acquisition of onvista bank in 2017). The number of custody accounts has risen by 15% to 1.38m, while the number of current accounts has increased by 10% to 1.57m. Assets under control also increased by 5% to EUR62.1bn. While the deposit volume went up 16% to EUR25.4bn, the portfolio volume fell 1% to EUR36.6bn due to significant price losses on the securities markets. The negative market value effects (EUR-6.1bn) were almost entirely compensated for by the high level of net fund inflows to custody accounts (EUR5.7bn). According to Walter, "Total net fund inflows, i.e. the amount of new money our customers have entrusted us with, came to EUR9.2bn. That's another all-time high."
Sharp rise in net interest income - net commission income at record levels
Net interest income after provisions for possible loan losses saw a significant 21% rise to EUR117.0m (previous year: EUR96.3m) despite the persistent zero-interest rate environment. This was in particular due to an increase in the deposit and credit volume. At EUR11.0m, other income was below the previous year's figure of EUR30.1m, as expected. The previous year's figure was influenced by a high result from financial investments.
Rise in administrative expenses due to growth investments
The pre-tax profit in the core B2C business came to EUR54.7m in 2018 (previous year: EUR81.2m). The discontinued activities (ebase) generated pre-tax profit of EUR16m (previous year: EUR13.6m). 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. The transaction is expected to be concluded in the first half of 2019.
Dividends stable at 25 cents per share
Artificial intelligence (AI) supports dynamic growth
Artificial intelligence will be deployed to a greater extent in the future to help comdirect continue to grow. One example is a hybrid chat bot which will greatly improve how quickly customer care agents can response to enquiries. An intelligent telephone-based dialogue system will automatically answer questions frequently asked by customers. Robotic process automation (RPA) allows standardized customer management processes to be handled quicker by the software itself, without human support. According to Walter, "Using AI will make us more efficient and enable us to scale our business model. It will also increase customer satisfaction by improving the customer experience and giving our employees more time to handle more complicated activities in contact with our customers. This will give us a good foundation for continued dynamic growth."
comdirect is the banking partner of HSV Fußball AG
Growth is being driven by new products and marketing initiatives. The new brokerage interface (API) for the trading and analysis platforms of external partners, the com'on podcast covering the markets (with a constantly growing audience) and products like motif investing are strengthening comdirect's position as the market leader in online brokerage. The innovation partnership with the German Volleyball Association (DVV) will be continued. The finanz-heldinnen initiative, which supports women on their way to financial independence, will be expanded. A new partnership with HSV Fußball AG will be launched in the first quarter 2019. In addition to facilitating cashless payments at all permanent shops at Hamburg's Volksparkstadion, the partnership will also include a HSV fan account with innovative features like an armband for contactless payments in the HSV colours.
The full annual report for 2018 will be published on 26 March 2019. The figures stated in this press release are as yet unaudited.
*In connection with the agreed sale, the business of ebase is reported as "discontinued activity". The previous year's figures were adjusted accordingly.
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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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