Pre-tax profit of EUR 63m after strong third quarter - assets under custody up by EUR 2.8bn - profit target for 2010 will be achieved
(Thomson Reuters ONE) -
comdirect bank AG /
Pre-tax profit of EUR 63m after strong third quarter - assets under custody up
by EUR 2.8bn - profit target for 2010 will be achieved
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Quickborn/Frankfurt/Main, 26 October 2010. The comdirect group
(www.comdirect.de) has achieved pre-tax profit of EUR 63m in the first nine
months of the year (previous year: EUR 66.4m). Assets under custody rose by EUR
2.8bn to EUR 38.4bn and the portfolio volume climbed to a new record of EUR
28.5bn. "We have substantially increased the pace of growth again in the third
quarter, achieving earnings of EUR 21m. This puts us close to the previous
year's figure once again, despite low market interest rates and restrained order
activity in the summer. The increases in assets under custody and the number of
accounts show that we are continuing our growth course and will achieve our
profit target for 2010 of EUR 80m," says Michael Mandel, CEO of comdirect bank.
In the first nine months, the comdirect group generated income of EUR 210.2m,
just down on the level in the previous year (EUR 216.5m). As a result of low
market interest rates, at EUR 72.2m net interest income after provisions was
below the figure for the previous year (EUR 83.2m). Net commission income
amounted to EUR 124.2m and was up 14% on the same period in 2009 (EUR 109.1m).
Through consistent cost discipline, administrative expenses of EUR 147.2m were
lower than in the previous year (EUR 150.1m). The total number of customers in
the comdirect group climbed to 2,194,180. Assets under custody increased by 8%
year-on-year to EUR 38.4bn as a result of net fund inflows and positive
development in the market.
In the B2C business line (comdirect bank AG), the number of customers increased
in the first nine months of 2010 by 57,966 to 1,508,686. At EUR 24.5bn as of the
end of September, assets under custody were 10% higher than at the end of 2009
(EUR 22.2bn). 1,073,458 customers had a call money account, a rise of 112,523 or
12% in the first nine months of the year. The increase in the number of current
accounts over the same period was even higher at 15%, bringing the total to
around 613,639. The number of custody accounts increased by 15,269 to 734,463.
In the B2B business line (ebase GmbH), the number of accounts amounted to
685,494 at the end of September, down 2% on the end of 2009. Assets under
custody increased by 4% to EUR 13.9bn as a result of price gains in particular.
Overview
+--------------------------+------+------+------+------+-------+-------+-------+
|EUR thousand | Q3/09| Q1/10| Q2/10| Q3/10| 9M/09| 9M/10| 9M/10|
| | | | | | | | vs.|
| | | | | | | | 9M/09|
+--------------------------+------+------+------+------+-------+-------+-------+
|Net interest income before| | | | | | | |
|provisions |23,052|23,973|22,627|26,218| 83,265| 72,818| -12.6%|
+--------------------------+------+------+------+------+-------+-------+-------+
|Net commission income |38,073|38,791|45,293|40,127|109,126|124,211| 13.8%|
+--------------------------+------+------+------+------+-------+-------+-------+
|Other income | -830| 986| 1,381| 769| 6,347| 3,163|-50.17%|
+--------------------------+------+------+------+------+-------+-------+-------+
|Administrative expenses |48,710|48,625|50,584|48,025|150,137|147,234| -1.9%|
+--------------------------+------+------+------+------+-------+-------+-------+
|Pre-tax profit |24,844|21,182|20,526|21,266| 66,391| 62,974| -5.2%|
+--------------------------+------+------+------+------+-------+-------+-------+
|After-tax profit |18,550|15,682|15,127|15,371| 49,508| 46,180| -6.7%|
+--------------------------+------+------+------+------+-------+-------+-------+
Length: 2,401 characters including spaces, excluding table
Press information:
All press releases are available atwww.comdirect.de/presse.
If you no longer wish to receive these press releases, please send an e-mail
topresse(at)comdirect.de.
[HUG#1455097]
--- End of Message ---
comdirect bank AG
Pascalkehre 15 Quickborn Germany
WKN: 542800;ISIN: DE0005428007;Index:SDAX,CDAX,CLASSIC All Share,Prime All Share;
Listed: Freiverkehr in Börse Stuttgart,
Freiverkehr in Hanseatische Wertpapierbörse zu Hamburg,
Freiverkehr in Börse Berlin,
Freiverkehr in Börse Düsseldorf,
Freiverkehr in Bayerische Börse München,
Freiverkehr in Niedersächsische Börse zu Hannover,
Prime Standard in Frankfurter Wertpapierbörse,
Regulierter Markt in Frankfurter Wertpapierbörse;
Press Release as PDF:
http://hugin.info/131920/R/1455097/395110.pdf
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Source: comdirect bank AG via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 26.10.2010 - 07:30 Uhr
Sprache: Deutsch
News-ID 46158
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contact information:
Town:
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Kategorie:
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