DGAP-News: DAB bank meets its forecast for financial year 2010, reporting a profit before taxes of EUR28.57 million
(firmenpresse) - DGAP-News: DAB bank AG / Key word(s): Preliminary Results
DAB bank meets its forecast for financial year 2010, reporting a
profit before taxes of EUR28.57 million
22.02.2011 / 07:30
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DAB bank meets its forecast for financial year 2010, reporting a profit
before taxes of EUR28.57 million
Management to propose a dividend of 20 cents per share, equal to the entire
unappropriated net profit for 2010/ 10% increase in trades executed for
customers and 15% increase in customer assets / Sharp increase in net
commission income in the core business / Positive customer response to
product innovations
Munich, February 22, 2011. The DAB bank Group, Munich, generated a profit
before taxes of EUR28.57 million in financial year 2010, meeting its
forecast of considerably more than EUR25 million. Although the profit
before taxes was less than the corresponding figure for 2009 (EUR33.58
million), the prior-year figure had been influenced by a non-recurring
effect of EUR4 million from the sale of FondsServiceBank.
The consolidated net profit after taxes according to IFRS amounted to
EUR15.04 million. The management will propose to the annual shareholders'
meeting to be held on May 19, 2011 that the company distribute a dividend
equal to the entire unappropriated net profit, which would correspond to a
dividend of 20 cents per share, to be paid again on a tax-exempt basis.
Thanks to the heightened trading activity of its customers, DAB bank's net
commission income of EUR86.22 million was 4% higher than the prior-year
figure of EUR82.91 million. The bank executed 4.51 million trades for its
customers in 2010, nearly 10% more than in the prior year. 'We are
delighted that our customers increased their trading activity last year,
leading to higher net commission income, which actually increased by more
than 18% in our core business units of B2B and B2C,' said Dr. Markus Walch
of the DAB bank Management Board. 'Our customers have also been very active
in the first weeks of 2011, which makes us optimistic also regarding the
development of net commission income this year.'
Due to the weaker interest rate environment, however, the net financial
income declined from EUR76.39 million in 2009 to EUR69.56 million in 2010,
in line with expectations. Net interest income declined from EUR64.73
million in 2009 to EUR55.65 million in 2010. Nonetheless, it was still the
second-highest net financial income in the history of DAB bank.
In connection with its program for the future, which is called 'DAB one,'
DAB bank invested more heavily in its portfolio of products and services in
2010. Nonetheless, administrative expenses were reduced from EUR119.84
million in 2009 to EUR119.00 million in 2010.
Customer assets held in custody rose by 15%, from EUR23.30 billion in 2009
to EUR26.79 billion in 2010. The increase in the volume of customer assets
held in securities accounts was disproportionately higher. At 512,380, the
number of securities accounts carried for customers of the bank's B2C unit
was slightly higher in 2010, while the number of securities accounts
carried for customers, at 108,272, was lower than the prior-year figure by
around 4,000 securities accounts. The total number was 620,652 securities
accounts, indicative of a slight, 0.5% decrease from the prior-year figure.
Having been announced one year ago, DAB bank's program for the future, DAB
one, brought forth numerous product innovations in 2010, including FOREX
currency trading, new order functions for trading securities on stock
exchanges and over-the-counter, trading with physical gold in the DAB bank
securities account, no-fee ETF-linked savings plans and the new DAB Trader
Card, to name a few examples. 'We were very pleased with the positive
response to these products,' said Markus Gunter of the DAB bank Management
Board. 'The number of users and trades executed on our FOREX currency
trading platform rose steadily throughout the year, reaching new record
levels at the end of the year. The same was true of the EFT-linked savings
plans we offer. And the new iPhone app of DAB bank was a big success.'
The figures quoted in this announcement have not yet been audited. DAB bank
will publish its annual report for financial year 2010 on March 15, 2011.
Key indicators and operating results of DAB bank (preliminary, unaudited
figures):
Key indicators 2010 2009 Change
Securities accounts No. 620,652 623,753 -0.5%
Trades executed No. 4,506,466 4,110,814 +9.6%
Trades per securities account, No. 7.29 6.65 +9.6%
annualized
Customer assets EUR bn 26.79 23.30 +15.0%
thereof in investment funds EUR bn 12.76 11.09 +15.1
Operating results
Net financial income* kEUR 69,563 76,386 -8.9%
Net commission income kEUR 86,222 82,912 +4.0%
Administrative expenses kEUR 118,996 119,840 -0.7%
Profit before taxes kEUR 28,567 33,575 -14.9%
Net profit after taxes kEUR 16,436 23,310 -29.5%
Cost-income ratio in % 81.1 80.1 +1.2%
Earnings per share EUR 0.22 0.31 -29.0%
Key indicators Q4/2010 Q3/2010 Q4/2009* Net financial income = Net interest income before credit risk provisions
Securities accounts No. 620,652 629,323 623,753
Trades executed No. 1,256,9 1,003,5 1,051,1
65 16 35
Trades per securities account, No. 8.10 6.41 6.79
annualized
Customer assets EUR bn 26.79 24.93 23.30
thereof in investment funds EUR bn 12.76 11.85 11.09
Operating results Q4/2010 Q3/2010 Q4/2009
Net financial income* kEUR 20,627 15,755 18,886
Net commission income kEUR 23,545 18,371 21,591
Administrative expenses kEUR 33,876 27,515 27,527
Profit before taxes kEUR 4,866 5,309 7,050
Net profit after taxes kEUR -26 3,685 4,991
Earnings per share EUR 0.00 0.05 0.07
+ Trading profit/loss + Profit/loss from investments.
End of Corporate News
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22.02.2011 Dissemination of a Corporate News, transmitted by DGAP - a
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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 Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart; Paris
End of News DGAP News-Service
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112780 22.02.2011Unternehmensinformation / Kurzprofil:
Datum: 22.02.2011 - 07:30 Uhr
Sprache: Deutsch
News-ID 33264
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