DGAP-News: Heightened customer trading activity boosts DAB bank's profit for the first six months
(firmenpresse) - DAB bank AG / Half Year Results
27.07.2010 07:30
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The profit before taxes for the first six months came to EUR18.39 million,
28% higher than the corresponding year-ago figure / DAB bank forecasts a
full-year profit of substantially more than EUR25 million / Numerous new
products and services introduced as part of DAB bank's program for the
future, 'DAB one'
Munich, July 27, 2010. The DAB bank Group, Munich, which operates in
Germany and Austria, generated a profit before taxes of EUR18.39 million in
the first six months of the current fiscal year, 28% higher than the
corresponding year-ago figure (H1 2009: EUR14.39 million). At EUR9.85
million, the second-quarter profit was likewise impressive, as it was about
24% higher than the profit before taxes for the second quarter of last
year(Q2 2009: EUR7.96 million) and also significantly higher than the
corresponding figure for the preceding quarter (Q1 2010: EUR8.54 million).
'The profit figure was positively influenced by heightened trading activity
on the part of our customers, especially in the months of April and May. We
are well positioned to benefit from active markets,' said Dr. Markus Walch,
of the DAB bank Management Board.
In the first half of 2010, DAB bank executed 2,245,985 trades for its
customers, 13% more than in the period from January to June 2009.
Consequently, the net commission income for this period increased by 14% to
EUR44.31 million. As expected, however, the net financial income (defined
as the sum of net interest income, the trading profit/loss and the
profit/loss from investments) for the first six months of 2010 was lower
than the corresponding year-ago figure, due to the general trend of
interest rates. Thanks to active interest rate management and the
conservative investment strategy, geared to long-term capital appreciation,
which is applied in managing DAB bank's treasury portfolio, the net
financial income declined by only 5%, from EUR35.00 million in the first
half of 2009 to EUR33.18 million in the first half of the current year.
Whereas the total income of EUR75.77 million generated in the first half
was slightly higher than the corresponding year-ago figure, the
administrative expenses of EUR57.42 million were 4% lower than the
corresponding year-ago figure of EUR59.96 million.
At June 30, 2010, DAB bank carried 630,393 securities accounts for its
customers, more than 3,000 higher than the number of securities accounts at
March 31, 2010. Although many stock indexes lost ground in the second
quarter (the DAX by 3%, for example), the volume of customer assets under
custody at DAB bank held steady in the second quarter and amounted to
EUR24.37 billion at June 30, 2010.
Also in the second quarter, DAB bank introduced numerous new products and
services in connection with its program for the future, 'DAB one.'
Customers benefited from a variety of new options, including new kinds of
trade orders, the completely upgraded trading application DAB Power Trader
and the possibility of withdrawing money from Shell gas stations free of
charge. 'DAB bank fared extremely well in this year's broker elections. We
were elected Certificate Broker of the Year and ETF Broker of the Year and
also placed highly in other categories,' said Markus Gunter of the DAB bank
Management Board. 'This good performance provides ample evidence that our
new products and services have been well received by customers and the
market in general.'
DAB bank's program for the future will bolster its success in the
medium-term and long-term future. However, the bank's business performance
in the second half of this year will also be affected by the costs of
implementing 'DAB one,' as well as by other factors, including the
lingering sense of uncertainty in the financial markets and traditionally
weaker trading activity in the summer months. For the full year 2010, DAB
bank forecasts a profit before taxes of substantially more than EUR25
million.
DAB bank Group: Key operational indicators and operating results, according
to IFRS:
Key operational indicators H1/2010 H1/2009
Securities accounts No. 630,393 628,024
Trades executed No. 2,245,985 1,995,256
Trades per securities account No. 7.17 6.40
(annualized)
Customer assets EUR bn 24.37 20.77
thereof in investment funds EUR bn 11.68 9.59
Operating results H1/2010 H1/2009
Net financial income* kEUR 33,181 35,004
Net commission income kEUR 44,306 38,927
Administrative expenses kEUR 57,377 59,960
Profit before taxes KEUR 18,392 14,385
Profit after taxes KEUR 12,777 9,978
Cost-income ratio in % 75.7 80.7
Earnings per share EUR 0.17 0.13
Key operational indicators Q2/2010 Q1/2010 Q2/2009* Net financial income = Net interest income before credit risk provisions
Securities accounts No. 630,393 627,090 628,024
Trades executed No. 1,198,018 1,047,967 1,065,696
Trades per securities account No. 7.67 6.75 6.78
(annualized)
Customer assets EUR bn 24.37 24.48 20.77
thereof in investment funds EUR bn 11.68 11.78 9.59
Operating results Q2/2010 Q1/2010 Q2/2009
Net financial income * kEUR 16,192 16,989 17,468
Net commission income kEUR 21,845 22,461 20,296
Administrative expenses kEUR 27,734 29,643 29,637
Profit before taxes kEUR 9,854 8,538 7,959
Profit after taxes kEUR 6,908 5,869 5,490
Cost-income ratio in % 73.8 77.6 78.8
Earnings per share EUR 0.09 0.08 0.07
+ trading profit/loss + profit/loss from investments.
Contact: If you have queries, please contact Dr. Jürgen Eikenbusch, DAB
bank, +49 89 50068 595 or communications(at)dab.com.
27.07.2010 07:30 Ad hoc announcement, Financial News and Press 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
inBerlin, München, Hannover, Düsseldorf, Stuttgart, Hamburg;
Foreign Exchange(s) Paris
End of News DGAP News-Service
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Datum: 27.07.2010 - 07:30 Uhr
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