DGAP-News: DAB bank triples its pretax profit to EUR33.58 million / 'DAB one' program to ensure sustained growth in the future
(firmenpresse) - DAB bank AG / Final Results/Preliminary Results
22.02.2010 07:30
Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
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Proposed dividend of 30 cents per share / Systematic expansion of the
bank's offering of products and services will further enhance the appeal of
DAB bank for the target group of traders and investors
Munich, February 22, 2009. The DAB bank Group, Munich, nearly tripled its
pretax profit from EUR11.49 million in 2008 to EUR33.58 million in 2009.
'Amid a persistently difficult market environment, we generated one of the
best yearly profits in our company's history. Key factors contributing to
this very good result were the outstanding development of net interest
income and the profit from investments, as well as the continued practice
of strict cost discipline,' said Dr. Markus Walch of the DAB bank
Management Board. 'Also, we launched the strategic program known as 'DAB
one' to promote the sustained growth of DAB bank in the coming years.'
The consolidated net profit according to IFRS amounted to EUR22.56 million.
At the annual shareholders' meeting to be held on May 20, 2010, the
management will propose distributing this entire amount to the
shareholders. That would correspond to a dividend of 30 cents per share,
which would again be distributed on a tax-exempt basis.
The main driver of the bank's successful performance in fiscal year 2009
was the net financial income, which amounted to EUR76.39 million, as
compared to EUR28.36 million in 2008. The net interest income rose from
EUR54.55 million in 2008 to EUR64.73 million in 2009, and profit from
investments was higher as well, reaching a new record level of EUR10.94
million, thanks in part to the well-diversified and conservative investment
strategy applied in managing the treasury portfolio.
At EUR 82.91 million, the net commission income was 23.5% lower than the
prior-year figure of EUR 108.42 million, due to the general sense of
uncertainty and restraint exhibited by investors with regard to securities
trading, which also impacted the number of trades executed through DAB
bank. Whereas the number of trades executed on the German stock exchanges
in 2009 was about 26% lower than the corresponding prior-year figure, the
corresponding decrease registered in DAB bank's core business segments of
B2B and B2C was only 21%. All together (including FondsServiceBank), DAB
bank executed 6.65 million trade orders for its customers in fiscal year
2009.
DAB bank again managed to lower its administrative expenses in fiscal year
2009. At EUR 119.89 million, this figure was less than the prior-year
figure by more than 7% (2008: EUR129.23 million). The pretax profit for
2009 was also positively impacted by the sale of FondsServiceBank (FSB), as
DAB bank recognized a positive non-recurring effect of EUR4.01 million in
the fourth quarter.
At EUR 27.23 billion, the volume of customer assets held in custody at
December 31, 2009 was more than EUR 4 billion higher than the corresponding
figure of EUR23.16 billion at year-end 2008. In the B2C segment, the volume
of customer assets increased at the disproportionately high rate of 28%.
The number of securities accounts carried for customers in the core
business segments ofB2B and B2C increased by around 4,000, while the
number of securities accounts carried for customers in the FondsServiceBank
segment declined by 36,500. At year-end 2009, DAB bank administered a total
of 1,058,503 securities accounts.
The figures stated herein have not yet been audited. DAB bank will publish
its Annual Report for fiscal year 2009 on March 16, 2010.
'DAB one': Strategic program for sustained growth
With the goal of further extending its market position in the coming years,
DAB bank has launched a strategic program for the future known as 'DAB
one.' Under this program, DAB bank will increase its investments on
expanding its line-up of products and services, so as to continue being the
first choice of traders and investors. 'The 'one' in the name of our
program for the future connotes several meanings,' said Markus Gunter of
the DAB bank Management Board. 'We are one bank with the core operating
segments of individual investors (B2C) and business customers (B2B); and we
intend to make even greater use of the synergies that result from that.
Also, we will offer our customers even more products and services from one
single source, so that traders and investors can handle all their banking
business with DAB bank. We will continue to uphold the claim of being the
best direct bank for our target group of traders, investors and assets
managers.'
For example, we recently made FOREX trading available to our traders. Also,
we received a very positive response from customers when we expanded the
possibilities for trading in SFDs, which represent a highly transparent
alternative to CFDs, in December of last year. We are also planning to
introduce additional order functions and innovative trading products for
traders, among other things.
Already today, traders and investors can open a current account with DAB
bank. In the future, DAB bank intends to further expand its offering of
banking products and services. For instance, it will introduce new bank
cards, as well as savings and credit products. Also, DAB bank's customers
will be able to access even more services online. Finally, DAB bank plans
to introduce an optimized service for mobile devices.
In matters of financial advice, DAB bank intends to communicate also to
individual investors, to a greater degree, the advantages of working with
the unrivalled network of independent asset managers who are customers of
the bank's B2B unit. Furthermore, DAB bank's Private Banking Team will
continue the successful practice of offering investment advice by
telephone. 'When it comes to financial advice, we offer solutions for every
desire, as a kind of 'private banking for everyone,' so to speak,' Markus
Gunter said. 'With our expanded product offering, we will position our bank
in the minds of our target group (traders and investors) as a genuine
alternative to conventional branch banks. Thus, our customers will be able
to obtain all the services they expect from a bank, whether bank accounts
for their salary payments or FOREX trading, a broad range of securities and
trading options or personalized financial advice, in the highest level of
quality, at an excellent price for the value.'
Key indicators and operating results of DAB bank (preliminary, unaudited
figures):
Key indicators 2009 2008 Change
Securities accounts No. 1,058,503 1,091,013 -3.0%
Trades executed No. 6,650,480 9,235,034 -28.0%
Trades per securities account No. 6.21 8.43 -26.3%
(annualized)
Customer assets EUR bn 27.23 23.16 +17.6%
thereof in investment funds EUR bn 15.00 12.34 +21.6%
Operating results
Net financial income* kEUR 76,386 28,363 +169.3%
Net commission income kEUR 82,912 108,419 -23.5%
Administrative expenses kEUR 119,885 129,206 -7.2%
Pretax profit kEUR 33,575 11,487 +192.3%
Consolidated net income kEUR 23,310 8,486 +174.7%
Cost-income ratio in % 80.1 91.8 -12.7%
Earnings per share EUR 0.31 0.11 +181.8%
Key indicators Q4/2009 Q3/2009 Q4/2008* Net financial income = Net interest income before credit risk provisions
Securities accounts No. 1,058,503 1,064,304 1,091,013
Trades executed No. 1,894,132 1,603,279 2,821,754
Trades per securities account No. 7.14 6.01 10.36
(annualized)
Customer assets EUR bn 27.23 26.28 23.16
thereof in investment funds EUR bn 15.00 14.29 12.34
Operating results
Net financial income* kEUR 18,886 22,496 15,768
Net commission income kEUR 21,591 22,394 29,210
Administrative expenses kEUR 27,591 31,987 34,097
Pretax profit kEUR 7,050 12,140 10,006
Net income kEUR 4,991 8,341 7,419
Earnings per share EUR 0.07 0.11 0.10
+ Trading profit or loss + Profit or loss from investments.
If you have queries, pls. contact Dr. Juergen Eikenbusch, DAB bank,
communications(at)dab.com
22.02.2010 07:30 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: DAB bank AG
Landsberger Straße 300
80687 München
Deutschland
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, München, Hannover, Düsseldorf, Stuttgart, Hamburg;
Foreign Exchange(s) Paris
End of News DGAP News-Service
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