DGAP-News: DAB bank generates profit before taxes of EUR23.70 million in the first nine months of 2010, on track to meet full-year target
(firmenpresse) - DAB bank AG / Key word(s): Quarter Results
26.10.2010 07:30
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More trades executed and higher net commission income compared to the
year-ago period / Customers show enthusiastic response to new products like
no-cost ETF-linked savings plans and the chance to hold physical gold in
their securities accounts / Full-year forecast of considerably more than
EUR25 million re-affirmed
Munich, October 26, 2010. The DAB bank Group, Munich, generated a profit
before taxes of EUR23.70 million in the first nine months of 2010 (Q1-Q3
2009: EUR26.53 million). 'Therefore, we are re-affirming our full-year
target of considerably more than EUR25 million. The expectation that our
customers would be rather restrained in their trading activity in the
summer months was already built into our forecast,' said Dr. Markus Walch
of the DAB bank Management Board. For the third quarter of 2010, DAB bank
generated a profit before taxes of EUR5.31 million (Q3 2009: EUR12.14
million).
Compared to the year-ago period, DAB bank executed more trades for
customers and generated a higher next commission income in the first nine
months of the current year. In the period from January to September, the
bank executed 3.25 million trade orders for its customers (Q1-Q3 2009: 3.06
million). And the net commission income of EUR62.68 million was about
EUR1.3 million higher than the corresponding year-ago figure.
Customer assets rose by another half a billion euros in the third quarter
to reach EUR24.93 billion. On a nine-month basis, customer assets were
higher than the corresponding year-ago figure by around EUR1.5 billion, or
slightly more than 11%. At 629,323, the number of securities accounts
carried for customers were about 6,000 higher than the corresponding figure
at September 30, 2009.
The net financial income, defined as the sum of net interest income, the
trading profit/loss and the profit/loss from investments, held firm on a
high level. Although the net financial income for the first nine months of
2010, at EUR48.94 million, was nearly 15% less than the corresponding
year-ago figure, it should be remembered that interest rates were much more
favorable and DAB bank also generated an unusually high trading profit in
2009. At EUR84.78 million, the administrative expenses for the first nine
months of 2010 were reduced by nearly 8% from the corresponding figure for
the first nine months of 2009.
Customers responded very well to the new products introduced in the third
quarter as part of the bank's program for the future, 'DAB one.' They were
especially pleased with the permanently no-cost ETF-linked savings plans
that DAB bank offers in collaboration with its product partner db
x-trackers. 'Our customers responded especially well to the new option of
purchasing physical gold from DAB bank and having it displayed in their
securities accounts,' said Markus Gunter of the DAB bank Management Board.
'In the near future, we will be launching other product innovations,
including a credit card tailored to the needs of traders.'
Key indicators and operating results of the DAB bank Group according to
IFRS for the first nine months:
Key indicators 9M 2010 9M 2009Key indicators and operating results of the DAB bank Group according to
Securities accounts No. 629,323 623,218
Trades executed No. 3,249,501 3,059,679
Trades executed per securities account, No. 6.92 6.56
annualized
Customer assets EUR bn 24.93 22.39
thereof in investment funds EUR bn 11.85 10.42
Operating results 9M 2010 9M 2009
Net financial income* EUR k 48,936 57,500
Net commission income EUR k 62,677 61,321
Administrative expenses EUR k 84,778 91,810
Profit before taxes EUR k 23,701 26,525
Net profit after taxes EUR k 16,462 18,319
Cost-income ratio in % 78.2 77.6
Earnings per share EUR 0.22 0.24
IFRS for the third quarter:
Key indicators Q3 2010 Q2 2010 Q3 2009* Net financial income = Net interest income before credit risk provisions
Securities accounts No. 629,323 630,393 623,218
Trades executed No. 1,003,516 1,198,018 1,064,423
Trades per securities account, No. 6.41 7.67 6.85
annualized
Customer assets EUR bn 24.93 24.37 22.39
thereof in investment funds EUR bn 11.85 11.68 10.42
Operating results Q3 2010 Q2 2010 Q3 2009
Net financial income* EURk 15,755 16,192 22,496
Net commission income EURk 18,371 21,845 22,394
Administrative expenses EURk 27,401 27,734 31,850
Earnings before taxes EURk 5,309 9,854 12,140
Net profit after taxes EURk 3,685 6,908 8,341
Cost-income ratio in % 83.8 73.8 72.4
Earnings per share EUR 0.05 0.09 0.11
+ trading profit/loss + Profit/loss form investments.
If you have queries, pls. contact Dr. Juergen Eikenbusch, DAB bank AG,
communications(at)dab.com
26.10.2010 07:30 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
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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
in Hamburg, München, Düsseldorf, Berlin, Stuttgart, Hannover;
Foreign Exchange(s) Paris
End of Announcement DGAP News-Service
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