comdirect bank AG
- WKN: 542800
- ISIN: DE0005428007
- Land: Germany
Nachricht vom 29.01.2020 | 07:30
Successful 2019 financial year for comdirect
DGAP-News: comdirect bank AG
/ Key word(s): Annual Results/Dividend
Successful 2019 financial year for comdirect
Quickborn / Frankfurt/Main, 29 January 2020. comdirect group closed the 2019 financial year with a pre-tax profit of €75.5m in its core business, up 38% on the previous year's figure. Including the gain on disposal from the sale of ebase, the group's pre-tax profit has reached a record level of €190.6m. "Despite the still challenging interest environment, 2019 was a good financial year for comdirect: We increased our income and enhanced our scalability. At the same time, we achieved substantial growth in our customers, assets under control and trades," says Frauke Hegemann, CEO of comdirect bank AG. "As the top address for saving, investing and trading with securities and as a smart financial companion, we are on the right track strategically and are among the most profitable banks in Germany."
Growth in net commission income and net interest income
Net interest income after provisions for possible loan losses rose by 6% from €117.0m in the previous year to €123.5m despite the still clearly negative interest environment. This was particularly attributable to increases in the credit volume and optimised deposit modelling. Other income climbed from €11.0m in the previous year to €20.2m.
Administrative expenses went up by 3% - a slower rate in comparison to the income performance - from €279.6m in the previous year to €287.9m, essentially as a result of growth. In addition to higher staff costs, mandatory contributions for the deposit insurance schemes also climbed once more. The higher depreciation was mainly due to the first-time application of amended accounting provisions (IFRS 16). The fact that other administrative expenses decreased at the same time is also thanks to the bank's improved scalability. The reasons for this are further modernisation of the IT infrastructure and the digitalisation and optimisation of additional work processes along the customer interface. The latest example is the option for customers to carry out simple services for themselves - such as cancelling a VISA card - quickly and directly in the voice dialogue system. "Services like this create a better customer experience, as simple matters can be handled more quickly while on the other hand our customer advisors gain time for more complex activities in contact with customers," says Hegemann.
Increased dividend of 35 cents per share
Smart financial companion bundles offers relating to finance
Merger of comdirect with Commerzbank announced
The full annual report for 2019 will be published on 20 March 2020. The figures presented here are unaudited.
|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|
|EQS News ID:||962249|
|End of News||DGAP News Service|
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