DGAP-News: DAB Bank reports continued growth of its operating business in the third quarter
(firmenpresse) - DGAP-News: DAB Bank AG / Key word(s): Quarter Results
DAB Bank reports continued growth of its operating business in the
third quarter
29.10.2013 / 07:30
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DAB Bank reports continued growth of its operating business in the third
quarter
New record for customer assets held in custody / Clear upward trend of
trades executed and customer numbers / Third-quarter profit before taxes
comes to EUR5.29 million
Munich, October 29, 2013. The DAB Bank Group, Munich, continued to grow its
operating business in the third quarter of the current financial year.
Thanks to strong net fund inflows, customer assets increased by around
EUR1.5 billion in the period from July to September, reaching the record
level of EUR31.08 billion. DAB Bank also increased its customer base by
more than 6,000, bringing the total to 615,178 customers. Thus, DAB Bank
has added more than 18,000 net new customers since the beginning of the
current financial year. The growth in bank accounts carried for customers
has been especially impressive, with more than 37,000 bank accounts added
since the beginning of this year, bringing the total to 192,528. At 1.21
million, DAB Bank also executed significantly more trades for its customers
in the third quarter, compared to the year-ago figure (Q3 2012: 1.00
million). 'The growth program launched at the start of this year, including
the redesigned checking account and numerous innovations in our
securities-related services, has continued to bear fruit in the past few
months. We are currently experiencing strong growth in all our key
operational indicators,' said Ernst Huber, Management Board Spokesman of
DAB Bank.
The growth of DAB Bank's operating business is clearly reflected in the
bank's net commission income. At EUR62.61 million, the net commission
income generated in the first nine months of the current year is already
more than EUR5 million higher than the corresponding year-ago figure (9M
2012: EUR57.52 million). However, DAB Bank's net interest income has been
adversely affected by the persistently low level of interest rates. While
the third-quarter net interest income of EUR10.18 million was significantly
higher than the corresponding figure for the preceding quarter (Q2 2013:
EUR8.22 million), it was nonetheless lower than the year-ago figure (Q3
2012: EUR11.80 million). At EUR2.05 million, the trading profit and profit
from investments together were slightly lower, as planned, than the
respective figures for the second quarter of this year and the third
quarter of last year (Q3 2012: EUR2.23 million; Q2 2013 EUR2.72 million).
Thanks to active cost management, DAB Bank's third-quarter administrative
expenses of EUR25.97 million were significantly lower than the respective
comparison figures (Q3 2012: EUR27.49 million; Q2 2013: EUR27.74 million).
DAB Bank's third-quarter profit before taxes of EUR5.29 million was higher
than the corresponding figure for the second quarter of this year (Q2 2013:
EUR4.79 million), but slightly lower than the corresponding year-ago figure
(Q3 2012: EUR5.44 million). Thus, the profit before taxes for the first
nine months of 2013 came to EUR14.79 million, as compared to EUR21.43
million in the year-ago period. However, the net interest income generated
in the first nine months was about EUR11 million less than the
corresponding year-ago period,due to the persistently low level of market
interest rates. DAB Bank is re-affirming its forecast that the profit
before taxes for the full year 2013 will be at least one third less than
the corresponding figure for 2012, when the bank generated a profit before
taxes of EUR28.03 million.
As in prior periods, DAB Bank introduced new products and services to the
market in the past few months. In this regard, DAB Bank's new website is
especially noteworthy. It was not only optically modernized, but was in
fact redesigned from the ground up to make it even more user-friendly than
before, based on the feedback received from more than 5,000 customers and
other interested parties. Customers' response to the new website has been
very positive since it went live in August.
DAB Bank Group: Key Indicators and Operating Results According to IFRS:
Key Indicators 9M 2013 9M 2012
Customers No. 615,178 598,529
Securities accounts No. 616,197 617,094
Bank accounts No. 192,528 153,165
Trades executed No. 3,717,707 3,224,877
Trades per securities account, annualized No. 8.05 6.95
Customer assets EUR bn 31.08 27.42
thereof in investment funds EUR bn 14.71 12.98
Operating results 9M 2013 9M 2012
Net interest income kEUR 27,145 38,156
Trading profit and profit form investments kEUR 6,699 8,542
Net commission income kEUR 62,607 57,519
Administrative expenses kEUR 80,207 83,029
Profit before taxes kEUR 14,790 21,434
Net profit after taxes kEUR 9,341 14,337
Cost-income ratio in % 84.4 79.5
Earnings per share EUR 0.10 0.17
Key Indicators Q3/2013 Q2/2013 Q3/2012End of Corporate News
Customers No. 615,178 609,003 598,529
Securities accounts No. 616,197 615,837 617,094
Bank accounts No. 192,528 179,280 153,165
Trades executed No. 1,211,734 1,294,239 1,001,826
Customer assets EUR bn 31.08 29.61 27.42
thereof in investment funds EUR bn 14.71 14.05 12.98
Operating results Q3/2013 Q2/2013 Q3/2012
Net interest income kEUR 10,177 8,222 11,795
Trading profit and profit from kEUR 2,052 2,724 2,228
investments
Net commission income kEUR 19,827 21,937 18,683
Administrative expenses kEUR 25,974 27,742 27,490
Profit before taxes kEUR 5,289 4,786 5,438
Net profit after taxes kEUR 2,858 3,240 3,325
Cost-income ratio in % 83.5 85.3 83.5
Earnings per share EUR 0.03 0.03 0.04
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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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236440 29.10.2013
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Datum: 29.10.2013 - 07:30 Uhr
Sprache: Deutsch
News-ID 310065
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