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Corporate Communications vom 14.03.2006

Munich, 14.03.2006

<h2>DAB bank: Record results surpass expectations</h2> <div class="editor"> <p>Consolidated pretax profit rises to 23.89 million euros / Management proposes dividend of 18 cents per share / Significant gains in key indicators of securities accounts, trades executed and customer assets</p> </div> <h1>Munich, 14.03.2006</h1> <div class="editor"> <p>The DAB bank Group (Munich), which operates in Germany and Austria, generated a pretax profit of 23.89 million euros in 2005, 48.3% higher than the prior-year figure (2004: 16.12 million euros). Furthermore, the pre-tax profit was 13.8% higher than the stated target of 21 million euros. The net profit after taxes was 19.27 million euros, as compared to the prior-year figure of 24.75 million euros, which was positively affected by non-recurring tax-related factors. The Group's return on equity before taxes was 14.4% (2004: 10.8%). At the annual shareholders meeting to be held later in the year, the Management Board and Supervisory Board will propose a dividend of 18 cents per share (2004: 15 cents per share), equal to the full unappropriated profit according to German GAAP.<br> <br> The total income of the DAB bank Group in 2005 was 144.1 million euros, 26.7% higher than the previous year (2004: 113.7 million euros). The net commission income was 100.1 million euros, 39.4% higher than the previous year (2004: 71.8 million euros). FondsServiceBank contributed 14.3 million euros to the Group's net commission income. The net financial income (net interest income before provisions for possible losses, net financial income and the trading profit/loss) amounted to 30.9 million euros (2004: 33.6 million euros).<br></p> </div> <div class="editor"> <p>The Group's total expenses amounted to 120.2 million euros, 25.0% higher than the previous year. The administrative expenses, including depreciation of property, plant and equipment, came to 116.8 million euros, 21.5% higher than the previous year (2004: 96.1 million euros). Of this amount, FondsServiceBank contributed 15.9 million. In addition, the merger of FSB FondsServiceBank GmbH into DAB bank AG generated total restructuring expenses of 3.4 million euros. The increase in total expenses was also due to the cost of projects such as the introduction of the new core banking system. Despite the higher expenses, DAB bank narrowed its cost-income ratio further to 83.4% (2004: 84.5%).<br> <br> DAB bank registered significant gains in its key operational indicators in 2005, including an 11.3% increase in the number of securities accounts, a 24.8% increase in trades executed and a 37.8% increase in customer assets under administration. DAB bank had 955,720 securities accounts at December 31, 2005 (2004: 858,351), executed 9,494,762 trades in 2005 (2004: 7,610,737) and increased the volume of customer assets under administration to 24.98 billion euros (2004: 18.13 billion euros). On average, the customers of DAB bank executed 10.47 trades per securities account and year (2004: 9.13).<br> <br> DAB bank intends to continue on a course of profitable growth in 2006. The goals for 2006 are to earn a pretax profit of 33 million euros, increase the volume of customer assets under administration to 28 billion euros and lower the cost-income ratio by 5 percentage points to less than 80%. Furthermore, DAB bank will seek to increase its return on equity before taxes to 30% by the end of 2007.<br></p> </div> <div class="editor"> <p><strong>Key performance indicators and operating results of DAB bank Group, from the 2005 consolidated financial statements 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 scope="col" class=""><strong>Key indicators</strong><br></th> <th scope="col" class=""><br> <br></th> <th scope="col" class=""><strong>2005</strong><br></th> <th scope="col" class=""><strong>2004</strong><br></th> <th class="last" scope="col"><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="">955,720<br></td> <td align="right" class="">858,351<br></td> <td align="right" class="last">+11.3%<br></td> </tr> <tr class="each"> <td class="">Trades executed<br></td> <td class="">No.<br></td> <td align="right" class="">9,494,762<br></td> <td align="right" class="">7,610,737<br></td> <td align="right" class="last">+24.8%<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="">10.47<br></td> <td align="right" class="">9.13<br></td> <td align="right" class="last">+14.7%<br></td> </tr> <tr class="each"> <td class="">Customer assets under custody<br></td> <td class="">&euro; bn<br></td> <td align="right" class="">24.98<br></td> <td align="right" class="">18.13<br></td> <td align="right" class="last">+37.8%<br></td> </tr> <tr class="odd"> <td class="">thereof in investment funds<br></td> <td class="">&euro; bn<br></td> <td align="right" class="">14.65<br></td> <td align="right" class="">9.96<br></td> <td align="right" class="last">+47.1%<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>2005<br></strong></th> <th class="" scope="col"><strong>2004<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="">&euro; th<br></td> <td align="right" class="">30,941<br></td> <td align="right" class="">33,617<br></td> <td align="right" class="last">-8.0%<br></td> </tr> <tr class="each"> <td class="">Net commission income<br></td> <td class="">&euro; th<br></td> <td align="right" class="">100,124<br></td> <td align="right" class="">71,818<br></td> <td align="right" class="last">+39.4%<br></td> </tr> <tr class="odd"> <td valign="top" class="">Administrative expenses<br></td> <td valign="top" class="">T&euro;<br></td> <td align="right" class="">116,766<br></td> <td align="right" class="">96,130<br></td> <td align="right" class="last">+21.5%<br></td> </tr> <tr class="each"> <td class="">Pretax profit<br></td> <td class="">&euro; th<br></td> <td align="right" class="">23,891<br></td> <td align="right" class="">16,115<br></td> <td align="right" class="last">+48.3%<br></td> </tr> <tr class="odd"> <td valign="top" class="">Net profit after taxes<br></td> <td valign="top" class="">&euro; th<br></td> <td align="right" class="">19,268<br></td> <td align="right" class="">24,749<br></td> <td align="right" class="last">-22.1%<br></td> </tr> <tr class="each"> <td class="">Cost-income ratio<br></td> <td class="">in %<br></td> <td align="right" class="">83.4<br></td> <td align="right" class="">84.5<br></td> <td align="right" class="last">-1.3%<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="">14.4<br></td> <td align="right" class="">10.8<br></td> <td align="right" class="last">+33.3%<br></td> </tr> <tr class="each"> <td class="">Earnings per share<br></td> <td class="">&euro;<br></td> <td align="right" class="">0.26<br></td> <td align="right" class="">0.33<br></td> <td align="right" class="last">-21.2%<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>Q4/2005</strong><br></th> <th scope="col" class=""><strong>Q3/2005</strong><br></th> <th class="last" scope="col"><strong>Q4/2004</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="">955,720<br></td> <td align="right" class="">941,208<br></td> <td align="right" class="last">858,351<br></td> </tr> <tr class="each"> <td class="">Trades executed<br></td> <td class="">No.<br></td> <td align="right" class="">3,141,335<br></td> <td align="right" class="">2,355,056<br></td> <td align="right" class="last">2,155,647<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="">13.25<br></td> <td align="right" class="">10.10<br></td> <td align="right" class="last">10.10<br></td> </tr> <tr class="each"> <td class="">Customer assets under admin.<br></td> <td class="">&euro; bn<br></td> <td align="right" class="">24.98<br></td> <td align="right" class="">23.21<br></td> <td align="right" class="last">18.13<br></td> </tr> <tr class="odd"> <td class="">thereof in funds<br></td> <td class="">&euro; bn<br></td> <td align="right" class="">14.65<br></td> <td align="right" class="">13.48<br></td> <td align="right" class="last">9.96<br></td> </tr> </tbody> </table> </div> <div class="tableContainerWide"> <h3>Operating results</h3> &euro; th <table width="485" cellspacing="0" cellpadding="1" border="1" align="" class="tableContent"> <thead> <tr class="each"> <th scope="col" class=""><strong>Operating results<br></strong></th> <th scope="col" class=""><strong><br></strong></th> <th scope="col" class=""><strong>Q4/2005<br></strong></th> <th scope="col" class=""><strong>Q3/2005<br></strong></th> <th class="last" scope="col"><strong>Q4/2004<br></strong></th> </tr> </thead> <tbody> <tr class="odd"> <td class="">Net financial income*<br></td> <td class="">&euro; th<br></td> <td align="right" class="">5,457<br></td> <td align="right" class="">8,662<br></td> <td align="right" class="last">8,032<br></td> </tr> <tr class="each"> <td class="">Net commission income<br></td> <td align="right" class="">31,588<br></td> <td align="right" class="">23,103<br></td> <td align="right" class="last">17,968<br></td> </tr> <tr class="odd"> <td valign="top" class="">Administrative expenses<br></td> <td valign="top" class="">&euro; th<br></td> <td align="right" class="">28,410<br></td> <td align="right" class="">30,896<br></td> <td align="right" class="last">25,433<br></td> </tr> <tr class="each"> <td class="">Pretax profit<br></td> <td class="">&euro; th<br></td> <td align="right" class="">8,059<br></td> <td align="right" class="">3,796<br></td> <td align="right" class="last">3,974<br></td> </tr> <tr class="odd"> <td valign="top" class="">Net profit after taxes<br></td> <td valign="top" class="">&euro; th<br></td> <td align="right" class="">6,736<br></td> <td align="right" class="">2,585<br></td> <td align="right" class="last">14,335<br></td> </tr> <tr class="each"> <td valign="top" class="">Cost-income ratio<br></td> <td valign="top" class="">in %<br></td> <td align="right" class="">77.9<br></td> <td align="right" class="">89.1<br></td> <td align="right" class="last">89.2<br></td> </tr> <tr class="odd"> <td class="">Return on equity before taxes<br></td> <td class="">in %<br></td> <td align="right" class="">-<br></td> <td align="right" class="">-<br></td> <td align="right" class="last">-<br></td> </tr> <tr class="each"> <td class="">Earnings per share<br></td> <td class="">&euro;<br></td> <td align="right" class="">0.09<br></td> <td align="right" class="">0.03<br></td> <td align="right" class="last">0.19<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>
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