DGAP-News: DAB bank earns a profit before taxes of EUR14.73 million in the first six months
(firmenpresse) - DGAP-News: DAB bank AG / Key word(s): Half Year Results
DAB bank earns a profit before taxes of EUR14.73 million in the first
six months
26.07.2011 / 07:30
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DAB bank earns a profit before taxes of EUR14.73 million in the first six
months of 2011
Full-year profit before taxes expected to be on the level of 2010 / Key
operational indicators such as trades executed, customer assets and
securities accounts on the rise
Munich, July 26, 2011. The DAB bank Group, Munich, which operates in
Germany and Austria, earned a profit before taxes of EUR14.73 million in
the first half of the current financial year. The profit before taxes was
less than the corresponding figure for the first six months of last year
(H1 2010: EUR18.39 million), due in particular to the lower trading profit,
which was favored in the year-ago period by positive non-recurring effects
related to the financial markets crisis. The second-quarter profit before
taxes amounted to EUR6.08 million, as compared to EUR9.85 million in the
second quarter of last year. In the second half of 2011, DAB bank expects
to surpass the respective year-ago figures, so that the full-year profit
before taxes for financial year 2011 should be on the level of the profit
before taxes for 2010, which amounted to EUR28.57 million.
Benefiting from the heightened trading activity of its customers in the
first quarter, DAB bank executed 2,473,406 trades in the first six months
of 2011, a good 10% more than in the year-ago period. The net commission
income for the first six months of 2011 amounted to EUR44.96 million, as
compared the corresponding year-ago figure of EUR44.31 million.
The net financial income declined, as expected, from EUR33.18 million to
EUR28.29 million. This decline can be attributed to the 'normalization' of
the trading profit, which had risen to EUR6.92 million in the period from
January to June 2010 on the strength of catch-up effects after the
financial markets crisis. At EUR1.56 million, the trading profit for the
first half of 2011 was higher than the respective figures for the
corresponding periods of 2008 and 2009. The net interest income for the
first six months of 2011 was stable, on the whole, having declined only
slightly from EUR27.13 million in the year-ago period to EUR25.94 million
in the period just ended.
Despite the investments made in the bank's portfolio of products and
services in connection with its program for the future, 'DAB one,' the
administrative expenses exhibited only a moderate increase, from EUR57.61
million in the first half of 2010 to EUR58.35 million in the first six
months of 2011.
At EUR27.08 billion, the volume of customer assets held in custody was a
good 11% higher than the corresponding figure in mid-2010. And the number
of securities accounts was also higher: At June 30, 2011, DAB bank carried
621,128 securities accounts for its customers, almost 1,700 more than at
March 31, 2011. There were minor shifts between the B2B and B2C business
units, as about 10,000 securities accounts were transferred to the B2C
segment after a B2B partner pulled out of the market.
'Our latest new customer acquisition campaign, which rewards our customers
for placing trade orders, has been successful in attracting more active
investors and traders,' said Markus Gunter of the DAB bank Management
Board. 'The numerous awards and top grades we received in the second
quarter make it clear that our campaign of new products and services is the
right strategy for us.' Among other distinctions, DAB bank was honored for
having the Best Offering of ETF-Linked Savings Plans and as the Best-Loved
FOREX Broker in the second quarter of this year. Also, DAB bank's offering
of order functions was given the top grade of 'very good' in an independent
study. This assessment was surely helped by the introduction of trailing
stop loss orders on all German stock exchanges and with numerous
over-the-counter trading partners. Thus, DAB bank is one of the German
banks with the broadest selection of stock-exchange and over-the-counter
order options.
DAB bank Group: Key indicators and operating results according to IFRS:
Key indicators H1/2011 H1/2010
Securities accounts No. 621,128 630,393
Trades executed No. 2,473,406 2,245,985
Trades per securities account, annualized No. 8.03 7.17
Customer assets EUR bn 27.08 24.37
- thereof in investment funds EUR bn 12.65 11.68
Operating results H1/2011 H1/2010
Net financial income* EURk 28,287 33,181
Net commission income EURk 44,961 44,306
Administrative expenses EURk 58,346 57,605
Profit before taxes EURk 14,726 18,392
Net profit after taxes EURk 10,096 12,777
Cost-income ratio in % 79.8 75.8
Earnings per share EUR 0.13 0.17
Key indicators Q2/2011 Q1/2011 Q2/2010* Net financial income = Net interest income before credit risk provisions
Securities accounts No. 621,128 619,467 630,393
Trades executed No. 1,093,657 1,379,479 1,198,018
Customer assets EUR bn 27.08 27.07 24.37
- thereof in investment funds EUR bn 12.65 12.73 11.68
Operating results Q2/2011 Q1/2011 Q2/2010
Net financial income * EURk 14,500 13,787 16,192
Net commission income EURk 20,414 24,574 21,845
Administrative expenses EURk 28,569 29,777 27,848
Profit before taxes EURk 6,075 8,651 9,854
Net profit after taxes EURk 4,230 5,866 6,908
Cost-Income-Ratio in % 82.5 77.5 73.9
Earnings per share EUR 0.06 0.08 0.09
+ trading profit/loss + profit/loss from investments.
End of Corporate News
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26.07.2011 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: DAB bank AG
Landsberger Straße 300
80687 München
Germany
Phone: +49 (0)89 500 68 595
Fax: +49 (0)89 500 68 669
E-mail: communications(at)dab.com
Internet: www.dab.com
ISIN: DE0005072300
WKN: 507230
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart; Paris
End of News DGAP News-Service
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133097 26.07.2011Unternehmensinformation / Kurzprofil:
Datum: 26.07.2011 - 07:30 Uhr
Sprache: Deutsch
News-ID 34676
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