comdirect: best nine-month result of EUR 78.6m - pre-tax profit target for full year 2011 raised to over EUR 95m
(Thomson Reuters ONE) -
comdirect bank AG /
comdirect: best nine-month result of EUR 78.6m - pre-tax profit target for full
year 2011 raised to over EUR 95m
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The issuer is solely responsible for the content of this announcement.
Quickborn/Frankfurt/Main, 27 October 2011. The comdirect group closed the first
nine months of 2011 with pre-tax profit of EUR 78.6m. This outstripped the
previous year's figure (EUR 63.0m) by 25% and is the best nine-month result in
the comdirect group's history. "After a strong third quarter we remain on course
for a record result for 2011. We are raising our profit target for this year to
at least EUR 95m before tax," says Dr. Thorsten Reitmeyer, CEO of comdirect
bank. The result is therefore set to surpass the existing record figure attained
in 2007 of EUR ?90.5m.
In the first nine months of the year, the comdirect group generated total income
of EUR 248.8m (previous year: EUR 210.2m). This development was mainly due to
increased trading activity on the part of customers in the first and third
quarter, as well as higher money market interest rates compared with the
previous year. Consequently, net interest income before provisions was up 51% on
the previous year (EUR 72.8m) at EUR 110.2m. Net commission income also exceeded
the previous year's figure (EUR 124.2m), rising by 13% to EUR 140.7m. In
contrast, the rise in administrative expenses to EUR 170.1m (previous year: EUR
147.2m) was disproportionately low.
At the end of the first nine months, the total number of customers in the
comdirect group stood at 2.52 million and total assets under custody amounted to
EUR 39.40bn. In the B2C business line (comdirect bank AG) the number of
customers has increased by 51 thousand to 1.61 million since the start of the
year. At EUR 24.21bn at the end of September, total assets under custody were
lower than at the end of 2010 (EUR 26.32bn). This was due to the decline in the
portfolio volume as a result of price slides on the stock exchanges,
particularly in the third quarter. 1.21 million customers had a Tagesgeld PLUS
("call money plus") account, which is a rise of 77 thousand in the first nine
months. Over the same period, the number of current accounts increased by 98
thousand to 745 thousand and the number of custody accounts by 27 thousand to
775 thousand. Reitmeyer: "We are continuing to gain customers and deposits
despite the crisis of confidence and uncertainty. Our customers are making
targeted use of the opportunities offered by the strong volatility on the stock
markets. This is reflected in our figures and shows: comdirect bank is a
reliable and stable partner in turbulent times as well."
In the B2B business line (ebase GmbH), the number of customers serviced climbed
24% to 913 thousand compared with the end of 2010. The rise was mainly
attributable to the inclusion of 195 thousand Commerzbank customers as of the
second quarter. Total assets under custody recorded a price-related decline and
stood at EUR 15.20bn (year-end 2010: EUR 16.22bn).
Overview
+-----------------+------+------+------+------+------+-------+-------+---------+
|'000 ? | Q3/10| Q4/10| Q1/11| Q2/11| Q3/11| 9M/10| 9M/11|9M/11 vs.|
| | | | | | | | | 9M/10|
+-----------------+------+------+------+------+------+-------+-------+---------+
|Net interest |26,218|29,256|33,262|37,624|39,352| 72,818|110,238| 51.39%|
|income before | | | | | | | | |
|provisions | | | | | | | | |
+-----------------+------+------+------+------+------+-------+-------+---------+
|Provisions for | -392| 394| -148| -419| -474| -649| -1,041| 60.40%|
|possible loan | | | | | | | | |
|losses | | | | | | | | |
+-----------------+------+------+------+------+------+-------+-------+---------+
|Net commission |40,127|48,561|50,144|40,308|50,262|124,211|140,714| 13.29%|
|income | | | | | | | | |
+-----------------+------+------+------+------+------+-------+-------+---------+
|Other income | 3,338| 2,483| 324| 374|-1,852| 13,828| -1,154| -|
+-----------------+------+------+------+------+------+-------+-------+---------+
|Administrative |48,025|62,794|58,724|52,322|59,092|147,234|170,138| 15.56%|
|expenses | | | | | | | | |
+-----------------+------+------+------+------+------+-------+-------+---------+
|Pre-tax profit |21,266|17,900|24,858|25,565|28,196| 62,974| 78,619| 24.84%|
+-----------------+------+------+------+------+------+-------+-------+---------+
|Net profit |15,371|13,454|18,235|18,856|20,458| 46,180| 57,549| 24.62%|
+-----------------+------+------+------+------+------+-------+-------+---------+
Length: 2,795 characters including spaces, excluding table
All press releases are available at www.comdirect.de/pr
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presse(at)comdirect.de.
--- 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/1558073/481205.pdf
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[HUG#1558073]
Unternehmensinformation / Kurzprofil:
Datum: 27.10.2011 - 07:31 Uhr
Sprache: Deutsch
News-ID 80766
Anzahl Zeichen: 6981
contact information:
Town:
Quickborn
Kategorie:
Business News
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