DGAP-News: Baader Bank AG: Profit from operations constant at Baader Bank in first half-year
(firmenpresse) - Baader Bank AG / Half Year Results
21.07.2010 13:00
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Profit from operations constant at Baader Bank in first half-year
Unterschleissheim, 21 July 2010
Thanks to a strong first quarter, Baader Bank AG, Unterschleissheim, has
kept its profit from operations constant at EUR 9.1 million in the first
six months of 2010. The profit from ordinary activities was also nearly
stable year-on-year at EUR 9.8 million in the first half of the year (EUR
10.6 million). 'We are therefore bucking a very tough market environment,'
stated Mr Uto Baader, Chairman of the Board of Directors of Baader Bank AG.
In the second quarter, Germany's leading specialist in securities trading
was mainly hit by declining trading activities among private investors. As
a result, net trading income decreased tangibly by 38.2% to EUR 14.4
million in the second quarter (previous year: EUR 23.3 million). The
decline as against the first half of the previous year amounted to 16.1%.
However, after a slight drop of 3.4% to EUR 8.4 million in the second
quarter, net fee and commission income rose by 5.8% to EUR 18.3 million in
the first half of the year.
The Bank generated earnings after taxes of EUR 3.6 million in the second
quarter after EUR 6.9 million in the same period of the previous year.
Thus, post-tax earnings for the first six months amounted to EUR 7.4
million (previous year: EUR 9.0 million). The decline is due to technical
reasons relating to consolidation that resulted in a higher tax rate. This
development was cushioned by Baader Bank's variable salary model which
enabled a cut in administrative expenses of 6.5% to EUR 43.1 million in the
first half of the year. Profit from ordinary activities amounted to EUR 4.0
million in the second quarter of this year (previous year: EUR 8.0
million).
As at 30 June 2010, the Group had equity of EUR 176.6 million (31 December
2009: EUR 177.6 million). Earnings per share in the first half of the year
were EUR 0.16 compared to EUR 0.20 Euro in the same period of the previous
year.
The Group employed 351 as at 30 June 2010 (30 June 2009: 350).
Key figures (EUR million) H1 2010 H1 2009 Q2 2010 Q2 2009The Board of Directors
Net fee and commission
income 18.3 17.3 8.4 8.7
Net trading income 31.4 37.7 14.4 23.3
Administrative expenses - 43.1 - 46.1 - 20.5 - 24.0
Profit from operations 9.1 9.1 3.5 8.3
Profit from ordinary
activities 9.8 10.6 4.0 8.0
Earnings after taxes 7.4 9.0 3.6 6.9
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Published by:
Baader Bank Aktiengesellschaft
Contact: Thomas Spengler
Weihenstephaner Str. 4
85716 Unterschleissheim
Tel. +49 89 5150-1030
Fax +49 89 5150-291030
thomas.spengler(at)baaderbank.de
www.baaderbank.de
21.07.2010 13:00 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: Baader Bank AG
Weihenstephaner Str. 4
85716 Unterschleissheim
Deutschland
Phone: +49 (0)89/ 5150-0
Fax: +49 (0)89/ 5150-291030
E-mail: info(at)Baaderbank.de
Internet: www.Baaderbank.de
ISIN: DE0005088108
WKN: 508810
Listed: Freiverkehr in Berlin, München (m:access), Hannover,
Düsseldorf, Stuttgart, Hamburg; Open Market in Frankfurt
End of News DGAP News-Service
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Datum: 21.07.2010 - 13:00 Uhr
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