DGAP-News: Active investors and traders lift DAB bank's first-quarter profit before taxes to EUR8.65 million
(firmenpresse) - DGAP-News: DAB bank AG / Key word(s): Quarter Results
Active investors and traders lift DAB bank's first-quarter profit
before taxes to EUR8.65 million
03.05.2011 / 07:30
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Compared to the first quarter of last year, DAB bank executed 30% more
trades for customers / Customer assets reach new record level / Three
first-place titles in this year's Broker Elections
Munich, May 3, 2011. Fueled by a substantial increase in trades executed
for customers, which drove the bank's net commission income higher, DAB
bank generated a solid profit before taxes of EUR8.65 million in the first
quarter of 2011, marking a moderate increase over the corresponding
year-ago figure (Q1 2010: EUR8.54 million).
In the period from January to March 2011, DAB bank executed 1,379,749
trades for its customers, that being greater than 30% more trades than were
executed in the first quarter of 2010 (Q1 2010: 1,047,967). 'The investors
and traders of our B2C unit are showing more confidence in the markets
again. That is also reflected in the fact that, immediately after the
catastrophe in Japan, 45% of trades executed were buy orders and customer
trading activity was generally on a higher level than a year ago,' said Dr.
Markus Walch of the DAB bank Management Board. 'Another contributing factor
has been the many new products and services we have introduced for our
traders, such as FOREX currency trading and combination orders. Despite the
investments we have made in our program for the future, 'DAB one,' we
generated a very solid profit in the first quarter of 2011.'
The high level of customer trading activity provided a boost to the bank's
net commission income. At EUR24.55 million, it was more than 9% higher than
the highest figure registered previously, in the fourth quarter of 2008. As
expected, the bank's net financial income declined as a result of the
situation in the financial markets, by slightly more than EUR3 million to
EUR13.79 million. Nonetheless, the net interest income of EUR12.85 million
was stable, being only slightly less than 3% lower than the corresponding
year-ago figure (Q1 2010: EUR13.19 million). At EUR29.78 million, the
administrative expenses in the first quarter of 2011 were nearly unchanged
from the first quarter of last year.
At EUR27.07 billion, the total volume of customer assets held in custody
continued to rise in the first three months of 2011, reaching new record
levels in both business units of individual investors (B2C) and independent
asset managers (B2B).
The number of securities accounts carried for customers of DAB bank's B2C
unit rose to 512,961; but due to a decline in the B2B unit, the total
number of securities accounts fell slightly, to 619,467. 'We continue to
focus on active investors and traders,' said Markus Gunter of the DAB bank
Management Board. 'Our new customer acquisition campaign is squarely aimed
at these target groups. For us, the quality of new customers is the most
important criterion. Thus, we are pleased that the number of trades
executed per securities account in the first quarter of 2011 was about one
third higher than the corresponding year-ago figure.'
The results of this year's 'Broker Elections' made it clear that customers
are highly satisfied with the products and services of DAB bank. DAB bank
was awarded first place in allthree categories in which it competed; thus,
it was named 'Best Investment Fund and ETF Broker,' 'Best Certificate
Broker' and 'Best FOREX Broker' of the year 2011. And in the customer
survey for best-loved bank conducted every year by the magazine EURuro, DAB
bank achieved first place in the 'brokerage' category.
The new products and services launched in the first quarter as part of the
'DAB one' program were likewise aimed at further increasing the
satisfaction of DAB bank's customers. Using the DAB MasterCard, for
example, customers can now withdraw cash without paying a fee from ATMs all
around the world. And thanks to a new app, they can also conduct trades and
conduct their banking business on their iPads. And they can choose from an
even wider selection of no-fee ETF-linked savings plans. By taking
advantage of the new 'Star Partner ETF' program, moreover, customers can
trade the ETFs of selected partners for a low flat fee of EUR4.95 per
trade.
Key indicators and operating results of DAB bank in the first quarter of
2011, according to IFRS:
Key indicators Q1/2011 Q4/2010 Q1/20101) Net financial income = Net interest income before credit risk
Securities deposits No. 619,467 620,652 627,090
Trades executed No. 1,379,749 1,256,965 1,047,967
Trades executed per securities No. 8.97 8.10 6.75
account
(annualized)
Customer assets EUR 27.07 26.79 24.48
bn
thereof in investment funds EUR 12.73 12.76 11.78
bn
Operating results Q1/2011 Q4/2010 Q1/2010
Net financial income1) kEUR 13,787 20,627 16,989
Net commission income kEUR 24,547 23,545 22,461
Administrative expenses kEUR 29,777 33,876 29,757
Profit before taxes kEUR 8,651 4,866 8,538
Net profit for the period kEUR 5,866 -26 5,869
Cost-income ratio in % 77.5 88.5 77.7
Earnings per share EUR 0.08 0.00 0.08
provisions + Trading profit/loss + Profit/loss from investments.
End of Corporate News
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03.05.2011 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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122548 03.05.2011Unternehmensinformation / Kurzprofil:
Datum: 03.05.2011 - 07:30 Uhr
Sprache: Deutsch
News-ID 33937
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