comdirect bank: pre-tax profit of EUR 27.5 million - strong customer
growth - comvalue growth programme continues
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Quickborn, Frankfurt / Main, 22 April 2008. comdirect bank
(www.comdirect.de) closed the first quarter of 2008 with pre-tax
profit of EUR 27.5 million (previous year: EUR 25.9 million). "All
fields of competence contributed to growth and we have started the
year with very good results," said Michael Mandel, the new CEO of
comdirect bank.
The number of customers increased in the first quarter by 7%, or
72,125, to 1,072.847. Assets under custody were down 4% on the
previous quarter as a result of market conditions and stood at EUR
19.6 billion at the end of March. 498,445 customers had a call money
account, a rise of 24% in the first three months of the year. Over
the same period, the number of current accounts increased by 5% to
354,989 and the number of custody accounts by 2% to 655,825. Advice
subsidiary comdirect private finance serviced 35,892 customers, 11%
more than at the end of 2007.
In the first three months of the year, comdirect bank generated total
income of EUR 77.5 million, a rise of 14% compared with the first
quarter of the previous year. Net interest income before provisions
contributed especially to this result, climbing 45% to EUR 41.5
million (previous year: EUR 28.6 million) as a result of strong
growth in customer deposits and increased market interest rates. At
EUR 36.3 million, net commission income was just under the previous
year's high figure (EUR 39.1 million). Scheduled costs for comvalue
led to a rise in administrative expenses of 18% to EUR 50.0 million
compared to the first quarter of 2007.
Over the next two years, comdirect bank will invest a good EUR 100
million in comvalue and continue its growth course. Mandel: "By the
end of 2009 we will increase the number of customers to over 1.3
million. Our target pre-tax profit of EUR 100 million by 2010 is
firmly in sight as is our target return on equity of at least 25%
before tax."
comdirect shareholders are again set to look forward to a full
dividend distribution. After approval by the annual general meeting
on 9 May 2008, a dividend of 41 cents per share is to be paid for
2007.
Overview
+----------------------------------------------------------------------+
|EUR thousand | Q1/07| Q2/07|Q3/07 |Q4/07 |Q1/08 | Q1/08|
| | | | | | | vs.|
| | | | | | | Q1/07|
|--------------------------+------+------+------+------+------+--------|
|Interest income before |28,567|29,413|32,688|36,496|41,530| 45.4 %|
|provisions | | | | | | |
|--------------------------+------+------+------+------+------+--------|
|Provisions for possible | -495| -231| -149|-1,072| -116| -76.6 %|
|loan losses | | | | | | |
|--------------------------+------+------+------+------+------+--------|
|Net commission income |39,073|37,998|38,430|37,223|36,324| -7.0 %|
|--------------------------+------+------+------+------+------+--------|
|Other income | 1,100| -761| 227| -590| -207|-118.8 %|
|--------------------------+------+------+------+------+------+--------|
|Administrative expenses |42,382|44,884|47,827|52,344|50,040| 18.1 %|
|--------------------------+------+------+------+------+------+--------|
|Pre-tax profit |25,863|21,535|23,369|19,713|27,491| 6.3 %|
|--------------------------+------+------+------+------+------+--------|
|After-tax profit |16,837|14,161|14,029|12,670|20,407| 21.2 %|
+----------------------------------------------------------------------+
Length: 2,091 character incl. spaces, excl. table
Press contact: Johannes Friedemann, comdirect bank AG,
Tel: +49 4106-704-1340, e-mail: presse@comdirect.de.
Press information:
All press releases are available at http://www.comdirect.de/pr.
If you no longer wish to receive these press releases, please send an
e-mail to presse@comdirect.de.
--- End of Message ---
comdirect bank AG
Pascalkehre 15 Quickborn
WKN: 542800; ISIN:
DE0005428007; Index: CDAX, CLASSIC All Share, Prime All Share, SDAX;
Listed: Prime Standard in Frankfurter Wertpapierbörse, Geregelter
Markt in Frankfurter Wertpapierbörse,
Freiverkehr in Börse Berlin, Freiverkehr in Börse Düsseldorf,
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in Niedersächsische Börse zu Hannover,
Freiverkehr in Bayerische Börse München, Freiverkehr in Börse
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