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Corporate Communications vom 09.03.2005

DAB bank: Dividend announced after year of record results

<h2>DAB bank: Dividend announced after year of record results</h2> <div class="editor"> <p>Pretax profit is EUR 16.1 million / 15 cents per share dividend announced/ Goal is to generate return on equity before taxes of 30% by end of 2007</p> </div> <div class="editor"> <p><strong>Munich, 09.03.2005.</strong> The DAB bank Group, Munich, which operates in Germany and Austria, reported a pretax profit of EUR 16.1 million for fiscal year 2004, which is 20.6% higher than the pretax profit for 2003 (2003: EUR 13.4 million). The net profit for the year was EUR 24.8 million, nearly double the corresponding prior-year figure of EUR 12.8 million. The company's return on equity before taxes rose to 10.9% (2003: 10.4%). Having added 12,167 net new customers, the company exceeded its own growth target of 10,000 net new customers. The Management Board and Supervisory Board will propose the full distribution of a 15 cents-per-share dividend at the annual shareholders meeting.<br> <br> For 2005, DAB bank is aiming to increase its pretax profit by 30% to EUR 21.0 million and to add more than 140,000 net new customers. For end of 2007, DAB bank is aiming to triple its return on equity before taxes to 30%. The total income of the DAB bank Group increased 4.7% in 2004 to reach EUR 139.0 million (2003: EUR 132.7 million). Net commission income rose 3.6% to EUR 71.8 million (2003: EUR 69.3 million). Net interest income before provisions for possible losses came to EUR 45.1 million, 6.2% higher than the</p> </div> <div class="editor"> <p>corresponding prior-year figure (2003: EUR 42.4 million). Net financial income (sum total of net interest income before provisions for possible losses, profit/loss from investments and trading profit/loss) improved 7.2% to EUR 33.6 million (2003: EUR 31.4 million).<br> <br> Total expenses, consisting of the provisions for possible losses, commission expenses and administrative expenses, rose slightly, by 3.0%, to reach EUR 121.4 million (2003: EUR 117.8 million). The administrative expenses, which also include depreciation of property, plant and equipment, amounted to EUR 96.1 million and were therefore 1.7% higher than the corresponding prior-year figure (2003: EUR 94.5 million). The cost-income ratio continued to fall, reaching 84.5 (2003: 86.4). Earnings per share nearly doubled to 33 cents (2003: 17 cents).<br> <br> Customer assets under custody rose by an impressive 17.0% to reach EUR 13.90 billion (2003: EUR 11.88 billion), the highest value in the history of DAB bank. At 3,218,905, the number of trades executed for customers was nearly the same as the prior-year figure (2003: 3,227,877). Trades executed per securities account and year came to 6.88, in line with the company's expectations (2003: 7.00). The number of customer securities accounts administered by the Group rose substantially to 473,796 (2003: 461,629).<br> <br> Together with FSB FondsServiceBank GmbH, which was acquired on November 18, 2004, the DAB bank Group can now claim the distinction of being the No. 1 direct bank for securities-related services in Germany and Austria, with 858,351 securities accounts, 7,610,737 trades executed and EUR 18.13 billion in customer assets (figures 12/30/2004). FSB will be consolidated in the DAB bank Group as of January 1, 2005.</p> </div> <div class="editor"> <p><strong>Key operating indicators and results of the DAB bank Group, from the 2004 consolidated financial statements according to IFRS:<br></strong></p> </div> <div class="tableContainerWide"> <h3>Key operating indicators</h3> <table width="485" cellspacing="0" cellpadding="1" border="1" align="" class="tableContent"> <thead> <tr class="each"> <th scope="col" class=""><strong><br></strong></th> <th scope="col" class=""><strong><br></strong></th> <th scope="col" class=""><strong>2004<br></strong></th> <th scope="col" class=""><strong>2003<br></strong></th> <th scope="col" class=""><strong>&Delta;<br></strong></th> <th valign="top" scope="col" class=""> <strong>Q4/2004<br></strong></th> <th valign="top" scope="col" class=""> <strong>Q3/2004<br></strong></th> <th valign="top" class="last" scope="col"> <strong>Q4/2003<br></strong></th> </tr> </thead> <tbody> <tr class="odd"> <td class="">Securities accounts<br> <br></td> <td class="">No.<br> <br></td> <td valign="middle" align="right" class=""><br> 473,796<br></td> <td valign="middle" align="right" class=""><br> 461,629<br></td> <td valign="middle" align="right" class=""><br> +2.6%<br></td> <td valign="middle" align="right" class="">473,796<br></td> <td valign="middle" align="right" class="">464,415<br></td> <td valign="middle" align="right" class="last">461,629<br></td> </tr> <tr class="each"> <td class=""><br> Trades executed<br></td> <td class=""><br> No.<br></td> <td valign="middle" align="right" class="">3,218,905<br></td> <td valign="middle" align="right" class="">3,227,877<br> <br></td> <td valign="middle" align="right" class="">-0.3%<br></td> <td valign="middle" align="right" class="">750,038<br></td> <td valign="middle" align="right" class="">648,294<br></td> <td valign="middle" align="right" class="last">852,013<br></td> </tr> <tr class="odd"> <td class=""><br> Trades per securities account (annualized)<br></td> <td class="">No.<br> <br></td> <td valign="middle" align="right" class="">6.88<br> <br></td> <td valign="middle" align="right" class="">7.00<br> <br></td> <td valign="middle" align="right" class="">-1.7%<br> <br></td> <td valign="middle" align="right" class="">6.40<br></td> <td valign="middle" align="right" class="">5.61<br></td> <td valign="middle" align="right" class="last">7.40<br></td> </tr> <tr class="each"> <td valign="top" class="">Customer assets under custody<br></td> <td valign="top" class="">&euro; bn<br></td> <td valign="middle" align="right" class="">13.90<br> <br></td> <td valign="middle" align="right" class="">11.88<br></td> <td valign="middle" align="right" class="">+17.0%<br></td> <td valign="middle" align="right" class="">13.90<br></td> <td valign="middle" align="right" class="">12.85<br></td> <td valign="middle" align="right" class="last">11.88<br></td> </tr> <tr class="odd"> <td valign="top" class="">thereof in investment funds<br></td> <td valign="top" class="">&euro; bn<br></td> <td valign="middle" align="right" class="">5.73<br></td> <td valign="middle" align="right" class="">4.80<br></td> <td valign="middle" align="right" class="">+19.4%<br></td> <td valign="middle" align="right" class="">5.73<br></td> <td valign="middle" align="right" class="">5.30<br></td> <td valign="middle" align="right" class="last">4.80<br></td> </tr> </tbody> </table> </div> <div class="tableContainerWide"> <h3>Results</h3> <table width="485" cellspacing="0" cellpadding="1" border="1" align="" class="tableContent"> <thead> <tr class="each"> <th scope="col" class=""><strong><br></strong></th> <th scope="col" class=""><strong><br></strong></th> <th scope="col" class=""><strong>2004<br></strong></th> <th scope="col" class=""><strong>2003<br></strong></th> <th scope="col" class=""><strong>&Delta;<br></strong></th> <th valign="top" scope="col" class=""> <strong>Q4/2004<br></strong></th> <th valign="top" scope="col" class=""> <strong>Q3/2004<br></strong></th> <th valign="top" class="last" scope="col"> <strong>Q4/2003<br></strong></th> </tr> </thead> <tbody> <tr class="odd"> <td class="">Net financial income*<br> <br></td> <td class="">k&euro;<br> <br></td> <td valign="middle" align="right" class=""><br> 33,617<br></td> <td valign="middle" align="right" class=""><br> 31,360<br></td> <td valign="middle" align="right" class=""><br> +7.2%<br></td> <td valign="middle" align="right" class="">8,032<br></td> <td valign="middle" align="right" class="">7,145<br></td> <td valign="middle" align="right" class="last">7,502<br></td> </tr> <tr class="each"> <td class=""><br> Net commission income<br></td> <td class=""><br> k&euro;<br></td> <td valign="middle" align="right" class="">71,818<br></td> <td valign="middle" align="right" class="">69,309<br> <br></td> <td valign="middle" align="right" class="">+3.6%<br></td> <td valign="middle" align="right" class="">17,968<br></td> <td valign="middle" align="right" class="">15,827<br></td> <td valign="middle" align="right" class="last">20,477<br></td> </tr> <tr class="odd"> <td class=""><br> Administrative expenses<br></td> <td class="">k&euro;<br> <br></td> <td valign="middle" align="right" class="">96,130<br> <br></td> <td valign="middle" align="right" class="">94,482<br> <br></td> <td valign="middle" align="right" class="">-1.7%<br> <br></td> <td valign="middle" align="right" class="">25,433<br></td> <td valign="middle" align="right" class="">22,014<br></td> <td valign="middle" align="right" class="last">25,143<br></td> </tr> <tr class="each"> <td valign="top" class="">Pretax profit<br></td> <td valign="top" class="">k&euro;<br></td> <td valign="middle" align="right" class="">16,115<br> <br></td> <td valign="middle" align="right" class="">13,357<br></td> <td valign="middle" align="right" class="">+20.6%<br></td> <td valign="middle" align="right" class="">3,974<br></td> <td valign="middle" align="right" class="">2,700<br></td> <td valign="middle" align="right" class="last">5,571<br></td> </tr> <tr class="odd"> <td valign="top" class="">Net profit for the year<br></td> <td valign="top" class="">k&euro;<br></td> <td valign="middle" align="right" class="">24,749<br></td> <td valign="middle" align="right" class="">12,772<br></td> <td valign="middle" align="right" class="">+93.8%<br></td> <td valign="middle" align="right" class="">14,335<br></td> <td valign="middle" align="right" class="">2,328<br></td> <td valign="middle" align="right" class="last">8,313<br></td> </tr> <tr class="each"> <td valign="top" class="">Cost-income ratio<br></td> <td valign="top" class="">%<br></td> <td valign="middle" align="right" class="">84.5<br></td> <td valign="middle" align="right" class="">86.4<br></td> <td valign="middle" align="right" class="">-2.2%<br></td> <td valign="middle" align="right" class="">85.4<br></td> <td valign="middle" align="right" class="">87.8<br></td> <td valign="middle" align="right" class="last">80.9<br></td> </tr> <tr class="odd"> <td valign="top" class="">Return on equity before taxes<br></td> <td valign="top" class="">%<br></td> <td valign="middle" align="right" class="">10.9<br></td> <td valign="middle" align="right" class="">10.4<br></td> <td valign="middle" align="right" class="">+4.8%<br></td> <td valign="middle" align="right" class="">-<br></td> <td valign="middle" align="right" class="">-<br></td> <td valign="middle" align="right" class="last">-<br></td> </tr> <tr class="each"> <td valign="top" class="">Earnings per share<br></td> <td valign="top" class="">&euro;<br></td> <td valign="middle" align="right" class="">0.33<br></td> <td valign="middle" align="right" class="">0.17<br></td> <td valign="middle" align="right" class="">+94.1%<br></td> <td valign="middle" align="right" class="">0.19<br></td> <td valign="middle" align="right" class="">0.03<br></td> <td valign="middle" align="right" class="last">0.11<br></td> </tr> </tbody> </table> </div> <div class="editor"> <p><sup>*Net financial income = Net interest income before provisions for possible losses + Trading profit/loss + Profit/loss from investments.</sup></p> </div> <div class="tableContainerWide"> <h3>Key operational indicators of DAB bank and FSB FondsServiceBank GmbH at December 31, 2004:</h3> <table width="485" cellspacing="0" cellpadding="1" border="1" align="" class="tableContent"> <thead> <tr class="each"> <th class="" scope="col"><strong><br></strong></th> <th class="" scope="col"><strong><br></strong></th> <th class="" scope="col"><strong>DAB bank<br></strong></th> <th class="" scope="col"><strong>FSB FondsService<br> Bank GmbH<br></strong></th> <th class="" scope="col"><strong>Combined figures for<br> DAB bank and FSB<br></strong></th> </tr> </thead> <tbody> <tr class="odd"> <td class="">Securities accounts<br> <br></td> <td class="">No.<br> <br></td> <td valign="middle" align="right" class=""><br> 473,796<br></td> <td valign="middle" align="right" class=""><br> 384,555<br></td> <td valign="middle" align="right" class=""><br> 858,351<br></td> </tr> <tr class="each"> <td class=""><br> Trades executed<br></td> <td class=""><br> No.<br></td> <td valign="middle" align="right" class="">3,218,905<br></td> <td valign="middle" align="right" class="">4,391,832<br> <br></td> <td valign="middle" align="right" class="">7,610,737<br></td> </tr> <tr class="each"> <td valign="top" class="">Customer assets under custody<br></td> <td valign="top" class="">&euro; bn<br></td> <td valign="middle" align="right" class="">13.90<br> <br></td> <td valign="middle" align="right" class="">4.23<br></td> <td valign="middle" align="right" class="">18.13<br></td> </tr> </tbody> </table> </div>
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