DGAP-News: Increased customer activity boosts DAB Bank's net commission income in the second quarter
(firmenpresse) - DGAP-News: DAB bank AG / Key word(s): Half Year Results/Quarter
Results
Increased customer activity boosts DAB Bank's net commission income in
the second quarter
25.07.2013 / 07:30
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Increased customer activity boosts DAB Bank's net commission income in the
second quarter
Second-quarter profit before taxes comes to EUR4.79 million / Trades
executed and customer count on the rise
Munich, July 25, 2013. German and Austrian investors traded more securities
in the second quarter. DAB Bank's customers were also more active,
executing nearly 1.3 million trades in the months from April to June,
reflecting an increase of about 30% over the second quarter of last year.
The increased trading activity also boosted DAB Bank's net commission
income, which rose to EUR21.94 million, reflecting an increase of about
EUR4 million over the year-ago figure (Q2 2012: EUR17.76 million). 'We are
more than satisfied with our operating performance in the second quarter.
Thanks in large part to new initiatives like the 'DAB Best Price,' DAB
Bank's trades executed and commission income are on the rise,' said Ernst
Huber, Management Board Speaker of DAB Bank. 'We are also pleased with the
number of new customers and newly opened bank accounts, not to mention the
continuation of very strong net fund inflows.'
On the other hand, the quarterly result was particularly burdened by the
interest rate environment, which remained very challenging. Thus, net
interest income declined from EUR12.49 in Q2 2012 to EUR8.22 million in Q2
2013. Furthermore, the profit from trading and investments, at EUR2.72
million, was significantly less than the outstandingly high figure reported
in the second quarter of last year (Q2 2012: EUR3.98 million). In addition,
the administrative expenses of EUR27.74 million were slightly higher than
the administrative expenses of EUR27.09 million reported in the second
quarter of 2012. However, the administrative expenses for the first six
months of 2013 were less than the corresponding year-ago figure.
Particularly as a result of the lower net interest income, the DAB Bank
Group generated a profit before taxes of EUR4.79 million in the second
quarter; while this figure was slightly higher than the first-quarter
profit before taxes (Q1 2013: EUR4.72 million), it was significantly less
than the corresponding figure for the second quarter of last year (Q2 2012:
EUR7.49 million). Thus, the profit before taxes for the first half of 2013
came to EUR9.50 million, as compared to EUR16.00 million in the first half
of last year. DAB Bank anticipates that the profit before taxes for the
full year 2013 will be at least one third less than the 2012 profit before
taxes, due in part to the challenging interest rate environment this year,
causing a sharp drop in the net interest income, and due in part to the
expectation that it will not be possible to match the unusually high profit
from trading and investments reported in 2012.
The number of customers served by DAB Bank exhibited a very positive
development in the second quarter, rising by more than 6,000 from the first
quarter to reach 609,003 as of June 30. Even more impressively, the number
of bank accounts carried for customers rose by more than 11,500 to 179,280
in the months from April to June of this year. DAB Bank's redesigned
checking account, which was repeatedly honored as one of the best banking
products in Germany in the last few months, has been very especially
popular with the bank's customers. As of June 30, 2013, customer assets
held in custody amounted to EUR29.61 billion, reflecting an increase of
nearly EUR4 billion over the year-ago figure, thanks in no small part to
very strong net fund inflows.
DAB bank Group: Key Indicators and Operating Results According to IFRS:
Key indicators H1 2013 H1 2012
Customers No. 609,003 598,278
Securities accounts No. 615,837 617,566
Bank accounts No. 179,280 169,833
Trades executed No. 2,505,973
2,223,051
Trades executed per securities account, No. 8.14 7.18
annualized
Customer assets EUR bn 29.61 25.65
thereof in investment funds EUR bn 14.05 12.20
Operating results H1 2013 H1 2012
Financial result* kEUR 21,615 32,675
Net commission income kEUR 42,780 38,836
Administrative expenses kEUR 54,233 55,539
Profit before taxes kEUR 9,501 15,996
Net profit after taxes kEUR 6,483 11,012
Cost-income ratio in % 85.1 77.6
Earnings per share EUR 0.07 0.13
Key indicators Q2/2013 Q1/2013 Q2/2012* Financial result = Net interest income + Trading profit/loss +
Customers No. 609,003 602,661 598,278
Securities accounts No. 615,837 615,374 617,566
Bank accounts No. 179,280 167,669 169,833
Trades executed No. 1,294,239 1,211,734 997,622
Customer assets EUR bn 29.61 30.18 25.65
thereof in investment funds EUR bn 14.05 14.33 12.20
Operating results Q2/2013 Q1/2013 Q2/2012
Financial result* kEUR 10,946 10,669 16,469
Net commission income kEUR 21,937 20,843 17,759
Administrative expenses kEUR 27,742 26,491 27,089
Profit before taxes kEUR 4,786 4,715 7,490
Net profit after taxes kEUR 3,240 3,243 5,200
Cost-income ratio in % 85.3 84.9 78.3
Earnings per share EUR 0.03 0.04 0.06
Profit/loss from investments.
End of Corporate News
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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.deISIN: 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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222712 25.07.2013
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Datum: 25.07.2013 - 07:30 Uhr
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