comdirect: result up 19% to over EUR 21m - customer assets reach record level at EUR 37.5bn
(Thomson Reuters ONE) -
comdirect bank AG / comdirect: result up 19% to over EUR 21m - customer assets reach record level at EUR 37.5bn processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
Quickborn, Frankfurt/Main, 27 April 2010. comdirect bank (www.comdirect.de
of EUR 21.2m (previous year: EUR 17.8m). "We have made a strong start to the
year, increasing the result by 19% compared with the previous year. We recorded
rises in customer assets and the number of accounts, thereby continuing our
growth trend," says Michael Mandel, CEO of comdirect bank.
The total number of customers in the comdirect group declined in the first
quarter by 7,512 to 2,143,051. Assets under custody were up 6% on the fourth
quarter of 2009 at EUR 37.56bn, with the rise attributable in equal parts to
positive market development and net fund inflows.
In the B2C business line (comdirect bank AG), the number of customers increased
in the first three months by 3,351 to 1,454,071. At EUR 23.5bn in March, assets
under custody were 6% higher than the level at the end of 2009 (EUR
22.2bn). 985,310 customers had a call money account, which is a rise of 24,375,
or 3%, in three months. Over the same period, the number of current accounts
increased by 5% to 559,138 and the number of custody accounts climbed by 3,359
to 722,553.
In the B2B business line (ebase GmbH), the number of custody accounts stood at
688,980 at the end of March - down 2% on the figure at the end of 2009. Assets
under custody increased by 5% to EUR 14.1bn as a result of price gains in
particular.
In the first three months of the year, comdirect bank generated total income of
EUR 69.8m, a decline of 1% compared with the first quarter of the previous year.
This was due in particular to low market interest rates. Consequently, net
interest income before provisions amounted to EUR 24.0m (previous year: EUR
32.6m) at the end of March. At EUR 38.8m, net commission income was up on the
previous year (EUR 34.5m). In contrast, administrative expenses reduced and
through consistent cost management amounted to EUR 48.6m, 8% lower than in the
same quarter in the previous year.
By 2013, the comdirect group intends to achieve pre-tax profit of between EUR
150m and EUR 170m and at the same time, increase the number of customers to 3
million, with assets under custody of EUR 50bn.
comdirect shareholders can again look forward to a dividend. After approval by
the annual general meeting on 7 May 2010, a dividend of 41 cents per share is to
be paid for financial year 2009.
+---------------------------+------+------+------+------+------+---------------+
|EUR thousand |Q1/09 |Q2/09 |Q3/09 |Q4/09 | Q1/10|Q1/10 vs. Q1/09|
+---------------------------+------+------+------+------+------+---------------+
|Net interest income before |32,648|27,565|23,052|25,428|23,973| -27%|
|provisions | | | | | | |
+---------------------------+------+------+------+------+------+---------------+
|Provisions for possible | -477| 25| 402| 1,349| -79| -83%|
|loan losses | | | | | | |
+---------------------------+------+------+------+------+------+---------------+
|Net commission income |34,477|36,576|38,073|39,631|38,791| 13%|
+---------------------------+------+------+------+------+------+---------------+
|Other income | 3,866| 8,294|12,027| 920| 7,122| 84%|
+---------------------------+------+------+------+------+------+---------------+
|Administrative expenses |52,738|48,689|48,710|48,781|48,625| -8%|
+---------------------------+------+------+------+------+------+---------------+
|Pre-tax profit |17,776|23,771|24,844| 9,602|21,182| 19%|
+---------------------------+------+------+------+------+------+---------------+
|After-tax profit |12,729|18,229|18,550| 7,116|15,682| 23%|
+---------------------------+------+------+------+------+------+---------------+
Length: 2,393 characters including spaces, excluding table
Press information:
All press releases are available at www.comdirect.de/pr
releases, please send an e-mail to presse(at)comdirect.de
[HUG#1408470]
--- End of Message ---
comdirect bank AG
Pascalkehre 15 Quickborn Germany
WKN: 542800;ISIN: DE0005428007;Index:SDAX,Prime All Share,CDAX,CLASSIC All Share;
Listed: Freiverkehr in Börse Stuttgart,
Freiverkehr in Hanseatische Wertpapierbörse zu Hamburg,
Freiverkehr in Börse Berlin,
Freiverkehr in Börse Düsseldorf,
Freiverkehr in Bayerische Börse München,
Freiverkehr in Niedersächsische Börse zu Hannover,
Prime Standard in Frankfurter Wertpapierbörse,
Regulierter Markt in Frankfurter Wertpapierbörse;
Press Release as PDF: http://hugin.info/131920/R/1408470/361196.pdf
Unternehmensinformation / Kurzprofil:
Datum: 27.04.2010 - 07:32 Uhr
Sprache: Deutsch
News-ID 19702
Anzahl Zeichen: 0
contact information:
Town:
Quickborn
Kategorie:
Business News
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