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Corporate Communications vom 24.10.2007

DAB bank: Third-quarter pretax profit rises by more than 50% to EUR 11.14 million

<h2>DAB bank: Third-quarter pretax profit rises by more than 50% to EUR 11.14 million</h2> <div class="editor"> <p>Having earned a pretax profit of EUR 33.81 million in the first nine months of 2007, DAB bank is squarely on track to achieve its full-year profit goal / The Munich-based direct bank benefited from the heavy trading activity of its customers in the third quarter</p> </div> <div class="editor"> <p>The DAB bank Group, which operates in Germany and Austria, generated a pretax profit of &euro;11.14 million in the third quarter of 2007, indicative of a 56.2% increase over the corresponding year-ago quarter (&euro;7.13 million). This figure also happens to be the best third-quarter result in the history of the Munich-based direct bank. The pretax profit for the first nine months ended September 30, 2007 amounted to &euro;33.81 million, representing more than 75% of the bank's full-year goal of &euro;45 million. Thus, DAB bank is squarely on track to achieve its full-year profit goal.<br> <br> "In a reflection of the volatile markets, our customers executed a great many trades in the third quarter, which had a very positive impact on our quarterly results. This performance is all the more impressive considering that, in earlier years, the trading activity of our customers declined sharply in the summer months," said Alexander von Uslar of the DAB bank Management Board.<br> All together, DAB bank executed 2,677,190 trades for account of its customers in the third quarter, 16.5% more than in the corresponding year-ago quarter (2,298,626). For its individual investors (B2C) and business customers (B2B), DAB bank executed a total of 1,507,125 trades, 52.2% more than in the corresponding year-ago quarter (989,939) and therefore nearly at the level of the second quarter of this year (1,508,523).<br> Due to the heavy trading activity of the bank's customers, DAB bank generated net commission income of &euro;34.30 million in the third quarter, significantly higher than the corresponding year-ago figure (&euro;25.61 million).&nbsp;</p> </div> <div class="editor"> <p>In another positive development, the net financial income for the third quarter amounted to &euro;11.06 million, which was nearly identical to the corresponding year-ago figure. For the first nine months of 2007, the net financial income amounted to &euro;24.54 million. "In the fourth quarter so far, we have made very good progress with regard to our net financial income and so we can reaffirm our full-year goal of &euro;36 million. The sub-prime mortgage crisis that roiled the financial markets in the last few months did not have a negative impact on the performance of DAB bank," Alexander von Uslar commented.<br> <br> DAB bank's total income for the third quarter amounted to &euro;45.71 million, 23.7% higher than the corresponding year-ago figure. The administrative expenses increased by only 16.0%, from &euro;29.82 million in the year-ago quarter to &euro;34.57 million in the third quarter of this year.<br> <br> The number of securities accounts carried for customers also showed a positive development in the third quarter. At September 30, 2007, DAB bank administered 1,094,959 securities accounts for its customers, a good 9,600 more than at the end of the second quarter. Thus, the goal of 1.1 million securities deposits by the end of 2007 is well within reach. The growth was especially strong in the B2C segment, where the number of securities accounts jumped by more than 11,000 in the third quarter, from 471,339 to 482,532.<br> <br> Despite the turbulent market conditions and the decreases in leading stock market indexes in the third quarter, the volume of customer assets under custody in the DAB bank Group held firm. At September 30, the Munich-based direct bank administered customer assets of &euro;32.79 billion in its securities accounts and deposit accounts, as compared with &euro;32.84 billion at June 30. Thus, the full-year goal of &euro;33 billion is well within reach.<br> In consideration of the 2008 corporate income tax reform in Germany, the DAB bank Group conducted a revaluation of its domestic deferred tax assets and liabilities on the basis of the reduced tax rates. On balance, the pro-rated revaluation generated an additional tax expense of &euro;2.77 million in the third quarter of 2007. As a result of this non-recurring effect, the third-quarter profit after taxes came to &euro;4.33 million, as compared with &euro;7.10 million after taxes before the revaluation.</p> </div> <div class="tableContainerWide"> <h3>Key indicators of the DAB bank Group according to IFRS:</h3> <table width="485" cellspacing="0" cellpadding="1" border="1" align="" class="tableContent"> <thead> <tr class="each"> <th scope="col"><strong>Key indicators</strong><br></th> <th scope="col"><br> <br></th> <th scope="col"><strong>Q3/2007</strong><br></th> <th scope="col"><strong>Q2/2007</strong><br></th> <th scope="col" class="last"><strong>Q3/2006</strong><br></th> </tr> </thead> <tbody> <tr class="odd"> <td width="250">Securities accounts<br></td> <td>No.<br></td> <td align="right">1,094,959<br></td> <td align="right">1,085,324<br></td> <td align="right" class="last">993,735<br></td> </tr> <tr class="each"> <td>Trades executed<br></td> <td>No.<br></td> <td align="right">2,677,190<br></td> <td align="right">2,712,782<br></td> <td align="right" class="last">2,298,626<br></td> </tr> <tr class="odd"> <td>Trades executed per securities account<br> (annualized)<br></td> <td>No.<br></td> <td align="right">9.82<br></td> <td align="right">10.05<br></td> <td align="right" class="last">9.30<br></td> </tr> <tr class="each"> <td>Customer assets under custody<br></td> <td>&euro; bn<br></td> <td align="right">32.79<br></td> <td align="right">32.84<br></td> <td align="right" class="last">27.68<br></td> </tr> <tr class="odd"> <td>thereof in investment funds<br></td> <td>&euro; bn<br></td> <td align="right">17.82<br></td> <td align="right">18.04<br></td> <td align="right" class="last">16.06<br></td> </tr> </tbody> </table> </div> <div class="tableContainerWide"> <h3>Operating results of the DAB bank Group according to IFRS:</h3> <table width="485" cellspacing="0" cellpadding="1" border="1" align="" class="tableContent"> <thead> <tr class="each"> <th scope="col"><strong>Operating results<br></strong></th> <th scope="col"><strong><br></strong></th> <th scope="col"><strong>Q3/2007<br></strong></th> <th scope="col"><strong>Q2/2007<br></strong></th> <th scope="col" class="last"><strong>Q3/2006<br></strong></th> </tr> </thead> <tbody> <tr class="odd"> <td>Net financial income*<br></td> <td>k&euro;<br></td> <td align="right">11,057<br></td> <td align="right">4,360<br></td> <td align="right" class="last">11,060<br></td> </tr> <tr class="each"> <td>Net commission income<br></td> <td>k&euro;<br></td> <td align="right">34,295<br></td> <td align="right">34,453<br></td> <td align="right" class="last">25,610<br></td> </tr> <tr class="odd"> <td>Administrative expenses<br></td> <td>k&euro;<br></td> <td align="right">34,574<br></td> <td align="right">33,219<br></td> <td align="right" class="last">29,818<br></td> </tr> <tr class="each"> <td>Profit before taxes<br></td> <td>k&euro;<br></td> <td align="right">11,140<br></td> <td align="right">10,081<br></td> <td align="right" class="last">7,132<br></td> </tr> <tr class="odd"> <td>Net profit after taxes<br></td> <td>k&euro;<br></td> <td align="right">4,328<br></td> <td align="right">6,480<br></td> <td align="right" class="last">4,334<br></td> </tr> <tr class="each"> <td>Cost-income ratio<br></td> <td>in %<br></td> <td align="right">75.6<br></td> <td align="right">76.7<br></td> <td align="right" class="last">80.7<br></td> </tr> <tr class="odd"> <td>Earnings per share<br></td> <td>&euro;<br></td> <td align="right">0.06<br></td> <td align="right">0.09<br></td> <td align="right" class="last">0.06<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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