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Corporate Communications vom 13.03.2007

Munich, 13.03.2007

<h2>DAB bank reports record profit, proposes 60% dividend increase</h2> <div class="editor"> <p>Pretax profit is EUR 35.0 million / Target of one-million customers easily exceeded / Customer assets under custody reach nearly EUR 30 billion</p> </div> <h1>Munich, 13.03.2007</h1> <div class="editor"> <p>DAB bank's pretax profit for 2006 was nearly 50% higher than the prior-year figure, setting a new record for the bank. The pretax profit of &euro;35.0 million was also well above the stated goal of &euro;33 million -- a new record in the company's history. The net commission income rose by more than 28% to &euro;128.6 million, while the net financial income held steady at &euro;30.3 million. The administrative expenses increased by only about 10%, clearly below the rate of increases in total income, to reach &euro;129.0 million.<br> <br> The shareholders of DAB bank stand to benefit directly from their company's success, as the Management Board and Supervisory Board will propose at the upcoming annual shareholders' meeting to distribute a record dividend of 29 cents per share for 2006, after 18 cents per share for 2005. "Our shareholders can look forward to a substantial dividend increase," said Jens Hagemann of the DAB bank Management Board. "The proposed dividend for 2006 is more than 60% higher than the prior-year dividend."<br> <br> The positive sentiment in the stock markets and among the customers of DAB bank was directly reflected in the extremely positive performance of DAB bank's key value drivers. For example, the number of trades executed for individual investors and financial professionals increased by nearly 30%</p> </div> <div class="editor"> <p>in 2006. All together (including FondsServiceBank), DAB bank executed approximately 10.89 million trades. And the customer assets under management rose by &euro;4.65 billion to reach a new record of &euro;29.63 billion, easily beating the Group's stated goal of &euro;28 billion.<br> <br> The number of securities accounts crossed the one-million mark in December of 2006, rising from 955,720 securities accounts at the end of 2005 to 1,018,519 securities accounts at December 31, 2006. This figure does not yet include the 20,000 new securities accounts of Volkswagen Bank, which have been administered by DAB bank since the beginning of January. "We asserted and extended our position as the No. 1 direct bank for securities-related services in 2006. No other direct bank today administers as many securities deposits as DAB bank," said Ernst Huber, of the DAB bank Management Board. "We will continue to focus our efforts on the securities business, introducing new products and services both for individual investors and financial professionals in 2007. This will enable us to further strengthen the bank's market leadership position in the coming year." Among other measures, DAB bank is planning to introduce even more favorable terms for investment funds and savings plans, expand its OTC trading program and undertake an initiative to provide investment advisory services to its individual investors.<br> <br> The return on equity before taxes rose from 14.4% at year-end 2005 to 20.2% at year-end 2006, while the cost-income ratio narrowed from 83.4% to 78.7%, well below the target value of 80%. For 2007, DAB bank will strive to reduce the cost-income ratio to below 75%. The other goals that have been set for 2007 are to generate a pretax profit of &euro;45 million and attain customer assets of &euro;33 billion by the end of the year.</p> </div> <div class="editor"> <p><strong>Key performance indicators and operating results, from the 2006 consolidated financial statements of DAB bank AG according to IFRS:</strong></p> </div> <div class="tableContainerWide"> <h3>Key performance indicators</h3> <table width="485" cellspacing="0" cellpadding="1" border="1" align="" class="tableContent"> <thead> <tr class="each"> <th class="" scope="col"><strong>Key indicators</strong><br></th> <th class="" scope="col"><br> <br></th> <th class="" scope="col"><strong>2006</strong><br></th> <th class="" scope="col"><strong>2005</strong><br></th> <th scope="col" class="last"><strong>Change</strong><br></th> </tr> </thead> <tbody> <tr class="odd"> <td width="250" class="">Securities accounts<br></td> <td class="">No.<br></td> <td align="right" class="">1,018,519<br></td> <td align="right" class="">955,720<br></td> <td align="right" class="last">+6.6%<br></td> </tr> <tr class="each"> <td class="">Trades executed<br></td> <td class="">No.<br></td> <td align="right" class="">10,890,064<br></td> <td align="right" class="">9,494,762<br></td> <td align="right" class="last">+14.7%<br></td> </tr> <tr class="odd"> <td valign="top" class="">Trades per securities account<br> (annualized)<br></td> <td valign="top" class="">No.<br></td> <td align="right" class="">11.03<br></td> <td align="right" class="">10.47<br></td> <td align="right" class="last">+5.3%<br></td> </tr> <tr class="each"> <td class="">Customer assets under custody<br></td> <td class="">&euro; bn<br></td> <td align="right" class="">29.63<br></td> <td align="right" class="">24.98<br></td> <td align="right" class="last">+18.6%<br></td> </tr> <tr class="odd"> <td class="">thereof in investment funds<br></td> <td class="">&euro; bn<br></td> <td align="right" class="">17.06<br></td> <td align="right" class="">14.65<br></td> <td align="right" class="last">+16.5%<br></td> </tr> </tbody> </table> </div> <div class="tableContainerWide"> <h3>Operating results</h3> <table width="485" cellspacing="0" cellpadding="1" border="1" align="" class="tableContent"> <thead> <tr class="each"> <th class="" scope="col"><strong>Operating results<br></strong></th> <th class="" scope="col"><strong><br></strong></th> <th class="" scope="col"><strong>2006<br></strong></th> <th class="" scope="col"><strong>2005<br></strong></th> <th scope="col" class="last"><strong>Change<br></strong></th> </tr> </thead> <tbody> <tr class="odd"> <td class="">Net financial income*<br></td> <td class="">k&euro;<br></td> <td align="right" class="">30,275<br></td> <td align="right" class="">30,941<br></td> <td align="right" class="last">-2.2%<br></td> </tr> <tr class="each"> <td class="">Net commission income<br></td> <td class="">k&euro;<br></td> <td align="right" class="">128,590<br></td> <td align="right" class="">100,124<br></td> <td align="right" class="last">+28.4%<br></td> </tr> <tr class="odd"> <td valign="top" class="">Administrative expenses<br></td> <td valign="top" class="">k&euro;<br></td> <td align="right" class="">129,037<br></td> <td align="right" class="">116,766<br></td> <td align="right" class="last">+10.5%<br></td> </tr> <tr class="each"> <td class="">Pretax profit<br></td> <td class="">k&euro;<br></td> <td align="right" class="">35,006<br></td> <td align="right" class="">23,891<br></td> <td align="right" class="last">+46.5%<br></td> </tr> <tr class="odd"> <td valign="top" class="">Net profit after taxes<br></td> <td valign="top" class="">k&euro;<br></td> <td align="right" class="">21,971<br></td> <td align="right" class="">19,268<br></td> <td align="right" class="last">+14.0%<br></td> </tr> <tr class="each"> <td class="">Cost-income ratio<br></td> <td class="">in %<br></td> <td align="right" class="">78.7<br></td> <td align="right" class="">83.4<br></td> <td align="right" class="last">-5.6%<br></td> </tr> <tr class="odd"> <td valign="top" class="">Return on equity before taxes<br></td> <td valign="top" class="">in %<br></td> <td align="right" class="">20.2<br></td> <td align="right" class="">14.4<br></td> <td align="right" class="last">+40.3%<br></td> </tr> <tr class="each"> <td class="">Earnings per share<br></td> <td class="">&euro;<br></td> <td align="right" class="">0.29<br></td> <td align="right" class="">0.26<br></td> <td align="right" class="last">+11.5%<br></td> </tr> </tbody> </table> </div> <div class="tableContainerWide"> <h3>Key performance indicators</h3> <table width="485" cellspacing="0" cellpadding="1" border="1" align="" class="tableContent"> <thead> <tr class="each"> <th scope="col" class=""><strong>Key indicators</strong><br></th> <th scope="col" class=""><br> <br></th> <th scope="col" class=""><strong>Q4/2006</strong><br></th> <th scope="col" class=""><strong>Q3/2006</strong><br></th> <th class="last" scope="col"><strong>Q4/2005</strong><br></th> </tr> </thead> <tbody> <tr class="odd"> <td width="250" class="">Securities accounts<br></td> <td class="">No.<br></td> <td align="right" class="">1,018,519<br></td> <td align="right" class="">993,735<br></td> <td align="right" class="last">955,720<br></td> </tr> <tr class="each"> <td class="">Trades executed<br></td> <td class="">No.<br></td> <td align="right" class="">2,590,831<br></td> <td align="right" class="">2,298,626<br></td> <td align="right" class="last">3,141,335<br></td> </tr> <tr class="odd"> <td valign="top" class="">Trades per securities account<br> (annualized)<br></td> <td valign="top" class="">No.<br></td> <td align="right" class="">10.30<br></td> <td align="right" class="">9.30<br></td> <td align="right" class="last">13.25<br></td> </tr> <tr class="each"> <td class="">Customer assets under custody<br></td> <td class="">&euro; bn<br></td> <td align="right" class="">29.63<br></td> <td align="right" class="">27.68<br></td> <td align="right" class="last">+24.98<br></td> </tr> <tr class="odd"> <td class="">thereof in investment funds<br></td> <td class="">&euro; bn<br></td> <td align="right" class="">17.06<br></td> <td align="right" class="">16.06<br></td> <td align="right" class="last">14.65<br></td> </tr> </tbody> </table> </div> <div class="editor"> <p><sup>* Net financial income = Net interest income before credit risk provisions + Trading profit/loss + Profit/loss from investments</sup></p> </div> <div class="tableContainerWide"> <h3>Operating results</h3> <table width="485" cellspacing="0" cellpadding="1" border="1" align="" class="tableContent"> <thead> <tr class="each"> <th class="" scope="col"><strong>Operating results<br></strong></th> <th class="" scope="col"><strong><br></strong></th> <th class="" scope="col"><strong>Q4/2006<br></strong></th> <th class="" scope="col"><strong>Q3/2006<br></strong></th> <th scope="col" class="last"><strong>Q4/2005<br></strong></th> </tr> </thead> <tbody> <tr class="odd"> <td class="">Net financial income*<br></td> <td class="">k&euro;<br></td> <td align="right" class="">9,650<br></td> <td align="right" class="">11,060<br></td> <td align="right" class="last">5,457<br></td> </tr> <tr class="each"> <td class="">Net commission income<br></td> <td class="">k&euro;<br></td> <td align="right" class="">32,072<br></td> <td align="right" class="">25,610<br></td> <td align="right" class="last">31,588<br></td> </tr> <tr class="odd"> <td valign="top" class="">Administrative expenses<br></td> <td valign="top" class="">k&euro;<br></td> <td align="right" class="">34,873<br></td> <td align="right" class="">29,818<br></td> <td align="right" class="last">28,410<br></td> </tr> <tr class="each"> <td class="">Profit before taxes<br></td> <td class="">k&euro;<br></td> <td align="right" class="">8,562<br></td> <td align="right" class="">7,132<br></td> <td align="right" class="last">8,059<br></td> </tr> <tr class="odd"> <td valign="top" class="">Net profit after taxes<br></td> <td valign="top" class="">k&euro;<br></td> <td align="right" class="">5,191<br></td> <td align="right" class="">4,334<br></td> <td align="right" class="last">6,736<br></td> </tr> <tr class="each"> <td class="">Cost-income ratio<br></td> <td class="">in %<br></td> <td align="right" class="">80.3<br></td> <td align="right" class="">80.7<br></td> <td align="right" class="last">77.9<br></td> </tr> <tr class="each"> <td class="">Earnings per share<br></td> <td class="">&euro;<br></td> <td align="right" class="">0.07<br></td> <td align="right" class="">0.06<br></td> <td align="right" class="last">0.09<br></td> </tr> </tbody> </table> </div>
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