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Corporate Communications vom 16.03.2004

DAB bank: Record profit and return on equity

<h2>DAB bank: Record profit and return on equity</h2> <div class="editor"> <p>Record results: Consolidated pretax profit EUR 13.4 million / Increased revenue from successful product sales and rising number of trades executed during the year / Further 33.2% reduction in administrative expenses / Return on equity 10.4%</p> </div> <div class="editor"> <p><strong>M&uuml;nchen, 16.03.2004.</strong> The DAB bank Group, Munich (www.dab-bank.com), which operates in Germany and Austria, posted a pretax profit of EUR 13.4 million in 2003, the best result in its 10-year history. The turnaround, accomplished in less than twelve months, is all the more remarkable for the fact that the Group's stated goal had simply been to break even for the year. By raising its income and reducing its costs, DAB bank managed to increase its pretax profit by EUR 72.0 million (pro forma 2002: pretax loss of -EUR 58.7 million).<br> <br> The Group's total income rose EUR 25.0 million to reach EUR 132.7 million in 2003 (pro forma 2002: EUR 107.7 million). Net commission income increased by an impressive 25.9% to EUR 69.3 million (pro forma 2002: EUR 55.1 million). The higher net commission income also attests to the success of the Group's selling activities. Net interest income before provisions for possible losses came to EUR 42.4 million (pro forma 2002: EUR 32.4 million), substantially higher than the prior-year figure. Net financial income (sum of net interest income before provisions for possible losses, profit/loss from investments and trading profit/loss) increased 34.2% to EUR 31.4 million (pro forma 2002: EUR 23.4 million.<br> <br></p> </div> <div class="editor"> <p>Total expenses, composed of provisions for possible losses, commission expenses and administrative expenses, fell EUR 47.9 million to EUR 117.8 million (pro forma 2002: EUR 165.7 million). AkEUR 94.5 million, the administrative expenses, which include depreciation of property, plant and equipment, were again reduced by 33.2% from the prior-year level (pro forma 2002: EUR 141.5 million).<br> <br> The cost-income ratio was cut nearly in half to 0.86 (2002 pro forma: 1.69). Earnings per share improved significantly to EUR 0.17 (2002 pro forma: -EUR 0.99). Return on equity was 10.4%.<br> <br> Customer assets under management grew substantially by 26.7% to EUR 11.88 billion (2002: EUR 9.38 billion), nearly reaching the record level of EUR 11.96 billion achieved in the boom year of 2000. The total number of trades executed for account of customers in 2003 amounted to 3,227,877 (2002: 3,407,655). At 7.0 trades per securities account and year, this indicator came out within the range of our expectations (2002: 7.83). The number of customer securities accounts managed by the Group advanced slightly to 461,629 (2002: 460,714).<br> <br> For the sake of comparability and clarity, the prior-year comparison figures are pro forma figures reflective of the consolidation group as it now stands. The table also contains prior-year income statement figures.</p> </div> <div class="editor"> <p><strong>Key operating figures and results of DAB bank Group from the 2003 financial statements according to IFRS:</strong></p> </div> <div class="tableContainerWide"> <h3>Key operating figures</h3> <table width="485" cellspacing="0" cellpadding="1" border="1" align="" class="tableContent"> <thead> <tr class="each"> <th scope="col"><br></th> <th scope="col"><br></th> <th scope="col"><strong>2003</strong><br></th> <th scope="col"><strong>2002*</strong><br></th> <th scope="col" class="last"><strong>2002</strong><br></th> </tr> </thead> <tbody> <tr class="odd"> <td>Securities accounts<br></td> <td>number<br></td> <td>461,629<br></td> <td>460,714<br></td> <td class="last">617,882<br></td> </tr> <tr class="each"> <td>Trades executed<br></td> <td>number<br></td> <td>3,227,877<br></td> <td>3,407,655<br></td> <td class="last">4,661,701<br></td> </tr> <tr class="odd"> <td>Customer assets under management<br> thereof in investment funds<br></td> <td>EUR bn<br> EUR bn<br></td> <td>11.88<br> 4.80<br></td> <td>9.38<br> 3.90<br></td> <td class="last">10.41<br> 4.13<br></td> </tr> </tbody> </table> </div> <div class="tableContainerWide"> <h3>Results</h3> 38,947 <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>2003<br></strong></th> <th scope="col" class=""><strong>2002*<br></strong></th> <th scope="col" class="last"><strong>2002<br></strong></th> </tr> </thead> <tbody> <tr class="odd"> <td class="">Net interest income<br> (before provisions for possible losses)<br></td> <td class="">kEUR<br></td> <td class="">42,449<br></td> <td class="">32,383<br></td> <td class="last">41,881<br></td> </tr> <tr class="each"> <td class="">Provisions for possible losses<br></td> <td class="">kEUR<br></td> <td class="">618<br></td> <td class="">2,302<br></td> <td class="last">3,305<br></td> </tr> <tr class="odd"> <td class="">Net commission income<br></td> <td class="">kEUR<br></td> <td class="">69,309<br></td> <td class="">55,050<br></td> <td class="last">73,104<br></td> </tr> <tr class="each"> <td class="">Administrative expenses<br></td> <td class="">kEUR<br></td> <td class="">94,482<br></td> <td class="">141,476<br></td> <td class="last">208,636<br></td> </tr> <tr class="odd"> <td class="">Net other operating income/expenses<br></td> <td class="">kEUR<br></td> <td class="">9,272<br></td> <td class="last">7,361<br></td> </tr> <tr class="each"> <td valign="top" class="">Profit/loss before taxes<br></td> <td valign="top" class="">kEUR<br></td> <td valign="top" class="">13,357<br></td> <td valign="top" class="">-58,682<br></td> <td valign="top" class="last">-243,137<br></td> </tr> <tr class="odd"> <td valign="top" class="">Profit/loss after taxes<br></td> <td valign="top" class="">kEUR<br></td> <td valign="top" class="">12,772<br></td> <td valign="top" class="">-70,481<br></td> <td valign="top" class="last">-285,091<br></td> </tr> <tr class="each"> <td valign="top" class="">Cost-income ratio<br></td> <td valign="top" class=""><br></td> <td valign="top" class="">0.86<br></td> <td valign="top" class="">1.69<br></td> <td valign="top" class="last">1.47<br></td> </tr> <tr class="odd"> <td valign="top" class="">Earnings per share<br></td> <td valign="top" class="">EUR<br></td> <td valign="top" class="">0.17<br></td> <td valign="top" class="">-0.99<br></td> <td valign="top" class="last">-4.00<br></td> </tr> </tbody> </table> </div> <div class="editor"> <p><sup>*Pro forma figures for DAB bank AG, the Special Fund DIRFONDS and direktanlage.at AG.</sup></p> </div> <div class="editor"> <p><strong>Key operating figures and results of DAB bank Group for the 4th Quarter 2003 according to IFRS:</strong><br></p> </div> <div class="tableContainerWide"> <h3>Key operating figures</h3> <table width="485" cellspacing="0" cellpadding="1" border="1" align="" class="tableContent"> <thead> <tr class="each"> <th scope="col" class=""><br></th> <th scope="col" class=""><br></th> <th scope="col" class=""><strong>Q4 /2003</strong><br></th> <th scope="col" class=""><strong>Q3 /2003</strong><br></th> <th scope="col" class="last"><strong>Q4 /2002*</strong><br></th> </tr> </thead> <tbody> <tr class="odd"> <td class="">Securities accounts<br></td> <td class="">number<br></td> <td class="">461,629<br></td> <td class="">459,777<br></td> <td class="last">460,714<br></td> </tr> <tr class="each"> <td class="">Trades executed<br></td> <td class="">number<br></td> <td class="">852,013<br></td> <td class="">903,730<br></td> <td class="last">833,703<br></td> </tr> <tr class="odd"> <td valign="top" class="">Trades per securities account (annualized)<br></td> <td valign="top" class="">number<br></td> <td valign="top" class="">7.40<br></td> <td valign="top" class="">7.88<br></td> <td valign="top" class="last">7.26<br></td> </tr> <tr class="each"> <td class="">Customer assets under management<br> thereof in investment funds<br></td> <td class="">EUR bn<br> EUR bn<br></td> <td class="">11.88<br> 4.80<br></td> <td class="">11.22<br> 4.56<br></td> <td class="last">9.38<br> 3.90<br></td> </tr> </tbody> </table> </div> <div class="tableContainerWide"> <h3>Results</h3> 38,947 <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>Q4 /2003<br></strong></th> <th class="" scope="col"><strong>Q3 /2003<br></strong></th> <th class="last" scope="col"><strong>Q4 /2002*<br></strong></th> </tr> </thead> <tbody> <tr class="odd"> <td class="">Net interest income<br> (before losses for possible losses)<br></td> <td class="">kEUR<br></td> <td class="">9,095<br></td> <td class="">14,479<br></td> <td class="last">7,559<br></td> </tr> <tr class="each"> <td class="">Provisions for possible losses<br></td> <td class="">kEUR<br></td> <td class="">110<br></td> <td class="">-299<br></td> <td class="last">-166<br></td> </tr> <tr class="odd"> <td class="">Net commission income<br></td> <td class="">kEUR<br></td> <td class="">20,477<br></td> <td class="">19,006<br></td> <td class="last">15,025<br></td> </tr> <tr class="each"> <td class="">Administrative expenses<br></td> <td class="">kEUR<br></td> <td class="">25,143<br></td> <td class="">23,253<br></td> <td class="last">57,665<br></td> </tr> <tr class="odd"> <td class="">Net other operating income/expenses<br></td> <td class="">kEUR<br></td> <td class="">3,216<br></td> <td class="last">3,362<br></td> </tr> <tr class="each"> <td valign="top" class="">Profit/loss before taxes<br></td> <td valign="top" class="">kEUR<br></td> <td valign="top" class="">5,571<br></td> <td valign="top" class="">6,332<br></td> <td valign="top" class="last">-33,022<br></td> </tr> <tr class="odd"> <td valign="top" class="">Profit/loss after taxes<br></td> <td valign="top" class="">kEUR<br></td> <td valign="top" class="">12,772<br></td> <td valign="top" class="">3,789<br></td> <td valign="top" class="last">-52,104<br></td> </tr> <tr class="each"> <td valign="top" class="">Cost-income ratio<br></td> <td valign="top" class=""><br></td> <td valign="top" class="">0.86<br></td> <td valign="top" class="">0.78<br></td> <td valign="top" class="last">2.31<br></td> </tr> <tr class="odd"> <td valign="top" class="">Earnings per share<br></td> <td valign="top" class="">EUR<br></td> <td valign="top" class="">0.17<br></td> <td valign="top" class="">0.05<br></td> <td valign="top" class="last">-0.69<br></td> </tr> </tbody> </table> </div> <div class="editor"> <p><sup>Key operating figures and results of DAB bank Group for the 4th Quarter 2003 according to IFRS:</sup></p> </div>
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