Pre-tax profit of EUR 66.4m - around 10% higher than the previous
year - Advice next generation: Anl
(Thomson Reuters ONE) - Corporate news announcement processed and transmitted by Hugin AS.The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ Quickborn, 22 October 2009. The comdirect group (www.comdirect.de)has achieved pre-tax profit of EUR 66.4m in the first nine months ofthis year (previous year: EUR 60.8m). The number of customersincreased by 59% to 2,145,014 through organic growth and theacquisition of ebase. At the same time, the number of custodyaccounts rose by 722,282 to 1,420,088. Assets under custody climbed70% to EUR 34.51bn. "We have achieved a very good result - around 10%higher than the previous year. We have significantly reduced costsyet still recorded growth with 800,000 additional customers and anincrease in assets under custody of EUR 14 billion," says MichaelMandel, CEO of comdirect bank.In the first nine months of the year, the comdirect group generatedincome of EUR 216.5m which is on a par with the previous year (EUR215.4m). As a result of low market interest rates, at EUR 83.2m netinterest income after provisions was below the figure for theprevious year (EUR 122.8m). Net commission income amounted to EUR109.1m and was up 13% on the same period in 2008 (EUR 97.0m). Throughconsistent cost discipline, administrative expenses of EUR 150.1mwere lower than in the previous year (EUR 154.5m).In the B2C business line (comdirect bank AG), the number of customershas increased by 91,804 to 1,441,101 since the start of the year. At21.7bn as of the end of September, assets under custody were up 7% onthe level at the end of 2008 (EUR 20.3bn). 941,901 customers had acall money account, a rise of 16% in the first nine months of theyear. The number of current accounts also increased by 21% to 513,227and the number of custody accounts by 3% to 716,175. Advisorysubsidiary, comdirect private finance, serviced 52,764 customers.comdirect bank will be launching its new Anlageberatung PLUSinvestment advice service in November. Mandel: "With AnlageberatungPLUS we intend to set a new standard, which goes far beyond what themarket has previously associated with fee-based investment advice. Weare talking about independent, system-based investment advice at anattractive flat-rate price - free of any product-related commission."The new service focuses on an offering comprising ETFs, ETCs, shares,bonds and funds. The price model is transparent and fair. Customerspay 0.05% of the portfolio volume each month with a minimum fee ofEUR 24.90 and transactions are charged at the usual comdirect rates.Regular counselling interviews are held with customers on thetelephone on an individual and direct basis and can be carried outdaily on request. The customer portfolios are managed systematicallyand swiftly and risks are monitored every trading day. The investmentuniverse comprises over 3,000 individual securities.In the B2B business line (ebase GmbH), the number of custody accountsat the end of the first nine months stood at 703,913, down 4% on theend of 2008. This was due in particular to seasonal effects withfund-based savings plans maturing at the start of the year. At thesame time, assets under custody increased as a result of price gainsand new business to EUR 12.82bn, a rise of 21%.For the full financial year 2009, the comdirect group is set toachieve pre-tax profit of more than EUR 70m.comdirect group: overview+----------------------------------------------------------------------------------+|EUR thousand |Q3/08*|Q1/09 |Q2/09 |Q3/09 |9M/08* |9M/09 |9M/09 vs.|| | | | | | | | 9M/08*||----------------------------+------+------+------+------+-------+-------+---------||Net interest income before |42,179|32,648|27,565|23,052|124,172| 83,265| -32.94%||provisions | | | | | | | ||----------------------------+------+------+------+------+-------+-------+---------||Provisions for possible loan| -961| -477| 25| 402|-1,356 | -50| -||losses | | | | | | | ||----------------------------+------+------+------+------+-------+-------+---------||Net commission income |31,338|34,477|36,576|38,073|96,986 |109,126| +12.52%||----------------------------+------+------+------+------+-------+-------+---------||Other income |-1,006| 3,866| 8,294|12,027|-4,444 | 24,187| -||----------------------------+------+------+------+------+-------+-------+---------||Administrative expenses |50,955|52,738|48,689|48,710|154,515|150,137| -2.83%||----------------------------+------+------+------+------+-------+-------+---------||Pre-tax profit |20,595|17,776|23,771|24,844|60,843 | 66,391| +9.12%||----------------------------+------+------+------+------+-------+-------+---------||After-tax profit |14,878|12,729|18,229|18,550|44,910 | 49,508| +10.24%|+----------------------------------------------------------------------------------+*Previous year's figures excluding contribution from ebase GmbHLength: 3,244 characters including spaces, excluding tablePress information:All press releases are available at http://www.comdirect.de/pr. Ifyou no longer wish to receive these press releases, please send ane-mail to presse(at)comdirect.de.comdirect group: B2C und B2BB2C: comdirect bank AG and comdirect private finance AGB2B: ebase GmbH (excluding Commerzbank custody accounts, assets andsecurities orders)http://hugin.info/131920/R/1349222/325028.pdf --- End of Message ---comdirect bank AGPascalkehre 15 Quickborn GermanyWKN: 542800; ISIN: DE0005428007; Index: CDAX, CLASSIC All Share, Prime All Share, SDAX;Listed: Prime Standard in Frankfurter Wertpapierbörse, Freiverkehr in Börse Berlin, Freiverkehr in Börse Düsseldorf, Freiverkehr in Hanseatische Wertpapierbörse zu Hamburg, Freiverkehr in Niedersächsische Börse zu Hannover, Freiverkehr in Bayerische Börse München, Freiverkehr in Börse Stuttgart, Regulierter Markt in Frankfurter Wertpapierbörse;
Datum: 22.10.2009 - 07:30 Uhr
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