DGAP-News: DAB Bank generates a profit before taxes of EUR4.72 million in the first quarter of financial year 2013
(firmenpresse) - DGAP-News: DAB bank AG / Key word(s): Quarter Results
DAB Bank generates a profit before taxes of EUR4.72 million in the
first quarter of financial year 2013
30.04.2013 / 07:30
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Substantial uptrend in the number of customers and the volume of customer
assets under custody
Munich, April 30, 2013. The DAB Bank Group, Munich, generated a profit
before taxes of EUR4.72 million in the first quarter of the current
financial year. This figure was less than the strong profit before taxes
earned in the first quarter of last year (Q1 2012: EUR8.51 million). In the
current period, the bank's profit before taxes was particularly burdened by
the interest rate environment in the European monetary zone.
The net interest income of EUR8.75 million was considerably less than the
corresponding year-ago figure (Q1 2012: EUR13.87 million), which was
influenced by the considerably higher level of interest rates prevailing at
that time. 'The historically low level of interest rates is considerably
reducing the margins that can be earned in the deposit business and is
posing a major challenge for banks. In this regard, moreover, no relief can
be expected in the near future,' said Ernst Huber, Management Board Speaker
of DAB Bank.
Due to the simmering European debt crisis and the generally tense economic
situation in Europe, investors are still very restrained in their capital
markets activity. Despite this trend, DAB Bank executed 1.21 million trades
for its customers in the first quarter, on the level of the prior year (Q1
2012: 1.23 million) and considerably higher than the corresponding figures
for the preceding quarters. Consequently, DAB Bank's net commission income
of EUR20.84 million was little changed from the corresponding year-ago
figure (Q1 2012: EUR21.08 million).
DAB Bank was also successful in managing the cost side. Thanks to rigorous
cost discipline, DAB Bank's administrative expenses of EUR26.49 million
were 6.9% less than the corresponding year-ago figure (Q1 2012: EUR28.45
million).
However, the savings achieved in the bank's administrative expenses and the
solid profit from investments in the amount of EUR1.87 million were not
enough to offset the weak net interest income.
On the other hand, DAB Bank registered substantial gains in the number of
bank accounts and customer accounts. Customers opened 12,288 additional
bank accounts in the first quarter. At the end of the quarter, therefore,
DAB Bank carried 167,669 bank accounts for its customers (Q4 2012:
155,381). The number of customers served by DAB Bank rose by 5,533 to
602,661 (Q4 2012: 597.128). 'In February, we launched a new brand image,
which has met with an extremely positive response,' Ernst Huber said.
DAB Bank also registered a significant increase in the volume of customer
assets held in custody. At the end of the first quarter, DAB Bank
administered customer assets worth EUR30.18 billion, that being EUR1.8
billion more than at the start of the year. Net fund inflows accounted for
more than half this increase. 'In these uncertain times, we consider this
to be a special vote of confidence by our customers in the strength and
stability of DAB Bank,' Ernst Huber said.
In February, DAB Bank introduced a new checking account, featuring an
attractive interest rate on credit balances, a fair interest rateon
overdrafts, a credit card and no fees ever. In consideration of its
excellent terms and features, DAB Bank's checking account was recently
named the 'Best Online Account' in a comparison test conducted by the
magazine Focus-Money. Also in February, DAB Bank launched an innovative
trading platform, DAB Best Price, which makes it even easier to trade
stocks.
Key indicators and operating results of DAB Bank in the first quarter
2013, according to IFRS:
Key indicators Q1/2013 Q4/2012 Q1/20121) Bank accounts = Checking, call-money, term deposit and savings
Customers No. 602,661 597,128 599,396
Securities accounts No. 615,374 615,288 620,393
Bank accounts1) No. 167,669 155,381 166,565
Trades executed No. 1,211,734 973,395
1,225,429
Trades per securities account, No. 7.88 6.79 7.90
annualized
Customer assets EUR bn 30.18 28.38 26.35
thereof in investment funds EUR bn 14.33 13.56 12.67
Operating results Q1/2012 Q4/2011 Q1/2011
Net financial income2) kEUR 10,669 18,567 16,206
Net commission income kEUR 20,843 16,662 21,077
Administrative expenses kEUR 26,491 28,317 28,450
Profit before taxes kEUR 4,715 6,598 8,506
Quarterly profit after taxes kEUR 3,243 5,200 5,812
Cost-income ratio in % 84.9 81.1 77.0
Earnings per share EUR 0.04 0.05 0.07
accounts.
2) Net financial income = net interest income + trading profit/loss +
profit/loss from investments.
End of Corporate News
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30.04.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: DAB bank AG
Landsberger Straße 300
80687 München
Germany
Phone: +49 (0)89 500 68 1696
Fax: +49 (0)89 500 68 669
E-mail: ir(at)dab.com
Internet: www.dab-bank.de
ISIN: DE0005072300
WKN: 507230
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
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