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Corporate Communications vom 27.04.2004

DAB bank generates the best quarterly profit in its history

<h2>DAB bank generates the best quarterly profit in its history</h2> <div class="editor"> <p>Consolidated pretax profit is EUR 6.538 million / Chief success factors were the growing number of trades executed, very good product sales performance and continued strict cost discipline</p> </div> <div class="editor"> <p><strong>M&uuml;nchen, 27.04.2004.</strong> DAB bank Group (Munich), which operates in Germany and Austria (www.dab-bank.de), generated a pretax profit of EUR 6.538 million in the first quarter of 2004, the best quarterly result in its ten-year history (Q1/2003: -EUR 0.776 million). Thus, DAB bank is off to an excellent start on the new year.<br> <br> The chief factors contributing to this excellent result were the growing number of trades executed the very good product sales performance and continued strict cost discipline. The total income generated in the first quarter was EUR 35.563 million (Q1/2003: EUR 28.807 million) and net commission income was EUR 22.444 million (Q1/2003: EUR 12.645 million), 77.5 % higher than the comparable prior-year quarter. The number of trades executed for account of customers climbed</p> </div> <div class="editor"> <p>substantially to more than one million (Q1/2004: 1,004,038, Q1/2003: 698,137), representing a 43.8% increase over the comparable prior-year quarter. At 8.7 trades per securities deposit and year, customer activity reached its highest level in two years. Net financial income was EUR 6.777 million (Q1/2003: EUR 7.589 million), within the planned target range<br> <br> The bank's active sales culture yielded positive results. In the first quarter of 2004, when seven new products were introduced, DAB bank sold products worth EUR 125 million, which represents half the total volume of products sold in the entire preceding year. At EUR 22.967 million, the administrative expenses of DAB bank were 8.7% lower than the fourth quarter of 2003 and 2.2% lower than the comparable prior-year quarter (Q1/2003: EUR 23.495 million).<br> <br> The cost-income ratio was reduced even further to 76.9 % (Q1/2003: 101.8 %). Earnings per share came to EUR 0.08 (Q1/2003: -EUR 0.01).<br> <br> The number of customer accounts carried by the group in the first quarter of 2004 held steady at 461,441, but this number represented an increase of 3,324 customers over the comparable prior-year quarter (Q1/2003: 458,117). Customer assets under management rose 8.9% from EUR 11.88 billion at year-end 2003 to EUR 12.94 billion at the end of the first quarter 2004, representing an impressive 41.9% gain over the corresponding prior-year quarter (Q1/2003: EUR 9.12 billion).</p> </div> <div class="editor"> <p><strong>Key performance indicators and operating results of DAB bank Group in Q1 2004 (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"><strong><br></strong></th> <th scope="col"><strong><br></strong></th> <th scope="col"><strong>Q1/2004<br></strong></th> <th scope="col"><strong>Q4/2003<br></strong></th> <th class="last" scope="col"><strong>Q1/2003<br></strong></th> </tr> </thead> <tbody> <tr class="odd"> <td>Customer accounts<br></td> <td>No.<br></td> <td>461,441<br></td> <td>461,629<br></td> <td class="last">458,117<br></td> </tr> <tr class="each"> <td>Trades executed<br></td> <td>No.<br></td> <td>1,004,038<br></td> <td>852,013<br></td> <td class="last">698,137<br></td> </tr> <tr class="odd"> <td>Trades per customer account (annualized)<br></td> <td>No.<br></td> <td>8.70<br></td> <td>7.40<br></td> <td class="last">6.08<br></td> </tr> <tr class="each"> <td>Customer assets under management<br> thereof in investment funds<br></td> <td>&euro; bn<br></td> <td>12.94<br> 5.26<br> <br></td> <td>11.88<br> 4.80<br> <br></td> <td class="last">9.12<br> 3.93<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 scope="col"><strong><br></strong></th> <th scope="col"><strong><br></strong></th> <th scope="col"><strong>Q1/2004<br></strong></th> <th scope="col"><strong>Q4/2003<br></strong></th> <th class="last" scope="col"><strong>Q1/2003<br></strong></th> </tr> </thead> <tbody> <tr class="odd"> <td>Net financial income/expense*<br></td> <td>&euro; thsd<br></td> <td>6,777<br></td> <td>7,502<br></td> <td class="last">7,589<br></td> </tr> <tr class="each"> <td>Net commission income<br></td> <td>&euro; thsd<br></td> <td>22,444<br></td> <td>20,477<br></td> <td class="last">12,645<br></td> </tr> <tr class="odd"> <td>Administrative expenses<br></td> <td>&euro; thsd<br></td> <td>22,967<br></td> <td>25,143<br></td> <td class="last">23,495<br></td> </tr> <tr class="each"> <td>Pretax profit<br></td> <td>&euro; thsd<br></td> <td>6,538<br></td> <td>5,571<br></td> <td class="last">-776<br></td> </tr> <tr class="odd"> <td>Net profit<br></td> <td>&euro; thsd<br></td> <td>5,891<br></td> <td>8,313<br></td> <td class="last">-835<br></td> </tr> <tr class="each"> <td>Cost-income ratio<br></td> <td>in %<br></td> <td>76.9<br></td> <td>80.9<br></td> <td class="last">101.8<br></td> </tr> <tr> <td valign="top">Earnings per share<br></td> <td valign="top">&euro;<br></td> <td valign="top">0.08<br></td> <td valign="top">0.11<br></td> <td valign="top">-0.01<br></td> </tr> </tbody> </table> </div> <div class="editor"> <p><sup>* Net financial income/expenses = Net interest income before provisions for possible losses + trading profit/loss + profit/loss from investments.</sup></p> </div>
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