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Corporate Communications vom 27.07.2004

DAB bank posts €9.4 million pretax profit for first half of 2004

<h2>DAB bank posts &euro;9.4 million pretax profit for first half of 2004</h2> <div class="editor"> <p>Second quarter 2004: Consolidated pretax profit of &euro;2.9 million/ Total income higher/ Solid net financial income makes up for decline in net commission income/ DAB wins market share, reaffirms goals for the year.</p> </div> <div class="editor"> <p><strong>M&uuml;nchen, 27.07.2004.</strong> The DAB bank Group (Munich, www.dab-bank.de), which operates in Germany and Austria, generated a pretax profit of &euro;2.903 million in the second quarter of 2004, representing a 30.2% increase over the corresponding prior-year quarter (Q2/2003: &euro;2.230 million). Together with the &euro;6.538 million generated in the first quarter of 2004, DAB bank earned a pretax profit of &euro;9.441 million for the first half of 2004.<br> <br> The net financial income of &euro;11.663 million (Q2/2003: &euro;8.981 million), which was 29.9% higher than the corresponding prior-year quarter, made up for the lower net commission income, which fell 9.3% to &euro;15.579 million (Q2/2003: &euro;17.181 mil-lion). The total income of DAB bank rose 21.0% to reach &euro;36.404 million (Q2/2003: &euro;30.084 million). Moreover, total income was 2.4% higher than the very good figure for the first quarter of the year (Q1/2004: &euro;35.563 million).</p> </div> <div class="editor"> <p>DAB bank executed 816,535 trades for account of its customers, representing a 5.5% increase over the prior-year quarter (Q2/2003: 773,997), even though the to-tal number of trades executed on the German stock exchanges was 7.9% lower than the prior-year figure. The number of trades executed for DAB bank customers was 18.7% than the figure for the preceding quarter (Q1/2004: 1,004,038), while the volume of shares traded on the German stock exchanges fell 27.6% over the same period. Thus, DAB bank has clearly gained market share. On an annualized basis, the number of trades per securities account per year was 7.09, surpassing the prior-year figure of 6.76.<br> <br> DAB bank invested an additional &euro;3 million in marketing activities and strategic projects in the second quarter of 2004. Consequently, the bank's administrative expenses amounted to &euro;25.716 million, higher than the corresponding figure for the preceding quarter (Q1/2004: &euro;22.967 million) and the prior-year quarter (Q2/2003: &euro;22.591 million). As it continues to pursue a policy of strict cost man-agement, DAB bank is reaffirming its full-year goal of earning a return on equity of more than 10%.<br> <br> The number of customer securities deposits carried by the Group amounted to 459,528, representing an increase of 1,567 securities accounts over the prior-year quarter (Q2/2003: 457,961). Again compared to the prior-year quarter, customer assets under management rose 22.9%, or &euro;2.38 billion, to reach &euro;12.78 billion (Q2/2003: &euro;10.4 billion).</p> </div> <div class="editor"> <p><strong>Key figures and operating results of the DAB bank Group for the second quarter of 2004 (IFRS):<br></strong></p> </div> <div class="tableContainerWide"> <h3>Key figures</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>Q2 /2004<br></strong></th> <th class="" scope="col"><strong>Q1 /2004<br></strong></th> <th class="" scope="col"><strong>Q2 /2003<br></strong></th> <th valign="top" class="" scope="col"><strong>First Half 2004<br></strong></th> <th valign="top" class="last" scope="col"><strong>First Half 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> 459,528<br></td> <td valign="middle" align="right" class=""><br> 461,441<br></td> <td valign="middle" align="right" class=""><br> 457,961<br></td> <td valign="middle" align="right" class="">459,528<br></td> <td valign="middle" align="right" class="last">457,961<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="">816,535<br></td> <td valign="middle" align="right" class="">1,004,038<br> <br></td> <td valign="middle" align="right" class="">773,997<br></td> <td valign="middle" align="right" class="">1,820,573<br></td> <td valign="middle" align="right" class="last">1,472,134<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="">7.09<br> <br></td> <td valign="middle" align="right" class="">8.70<br> <br></td> <td valign="middle" align="right" class="">6.76<br> <br></td> <td valign="middle" align="right" class="">7.91<br></td> <td valign="middle" align="right" class="last">7.00<br></td> </tr> <tr class="each"> <td valign="top" class="">Customer assets under management<br></td> <td valign="top" class="">&euro; bn<br></td> <td valign="middle" align="right" class="">12.78<br> <br></td> <td valign="middle" align="right" class="">12.94<br></td> <td valign="middle" align="right" class="">11.40<br></td> <td valign="middle" align="right" class="">12.78<br></td> <td valign="middle" align="right" class="last">110.40<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="">5.20<br></td> <td valign="middle" align="right" class="">5.26<br></td> <td valign="middle" align="right" class="">4.37<br></td> <td valign="middle" align="right" class="">5.2<br></td> <td valign="middle" align="right" class="last">4.37<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" class=""><strong><br></strong></th> <th scope="col" class=""><strong><br></strong></th> <th scope="col" class=""><strong>Q2 /2004<br></strong></th> <th scope="col" class=""><strong>Q1 /2004<br></strong></th> <th scope="col" class=""><strong>Q2 /2003<br></strong></th> <th valign="top" scope="col" class=""><strong>First Half 2004<br></strong></th> <th valign="top" class="last" scope="col"><strong>First Half 2003<br></strong></th> </tr> </thead> <tbody> <tr class="odd"> <td class="">Net financial income*<br> <br></td> <td class="">&euro; thsd<br> <br></td> <td valign="middle" align="right" class=""><br> 11,663<br></td> <td valign="middle" align="right" class=""><br> 6,777<br></td> <td valign="middle" align="right" class=""><br> 8,981<br></td> <td valign="middle" align="right" class="">18,440<br></td> <td valign="middle" align="right" class="last">16,570<br></td> </tr> <tr class="each"> <td class=""><br> Net commission income<br></td> <td class=""><br> &euro; thsd<br></td> <td valign="middle" align="right" class="">15,579<br></td> <td valign="middle" align="right" class="">22,444<br> <br></td> <td valign="middle" align="right" class="">17,181<br></td> <td valign="middle" align="right" class="">38,023<br></td> <td valign="middle" align="right" class="last">29,826<br></td> </tr> <tr class="odd"> <td class=""><br> Administrative expenses<br></td> <td class="">&euro; thsd<br> <br></td> <td valign="middle" align="right" class="">25,716<br> <br></td> <td valign="middle" align="right" class="">22,967<br> <br></td> <td valign="middle" align="right" class="">22,591<br> <br></td> <td valign="middle" align="right" class="">48,683<br></td> <td valign="middle" align="right" class="last">46,086<br></td> </tr> <tr class="each"> <td valign="top" class="">Pretax profit<br></td> <td valign="top" class="">&euro; thsd<br></td> <td valign="middle" align="right" class="">2,903<br></td> <td valign="middle" align="right" class="">6,538<br></td> <td valign="middle" align="right" class="">2,230<br></td> <td valign="middle" align="right" class="">9,441<br></td> <td valign="middle" align="right" class="last">1,454<br></td> </tr> <tr class="odd"> <td valign="top" class="">Net profit/loss<br></td> <td valign="top" class="">&euro; thsd<br></td> <td valign="middle" align="right" class="">2,195<br></td> <td valign="middle" align="right" class="">5,891<br></td> <td valign="middle" align="right" class="">1,505<br></td> <td valign="middle" align="right" class="">8,086<br></td> <td valign="middle" align="right" class="last">670<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="">88.7<br></td> <td valign="middle" align="right" class="">76.9<br></td> <td valign="middle" align="right" class="">89.7<br></td> <td valign="middle" align="right" class="">84.7<br></td> <td valign="middle" align="right" class="last">95.4<br></td> </tr> <tr class="odd"> <td valign="top" class="">Earnings per share<br></td> <td valign="top" class="">&euro;<br></td> <td valign="middle" align="right" class="">0.03<br></td> <td valign="middle" align="right" class="">0.08<br></td> <td valign="middle" align="right" class="">0.05<br></td> <td valign="middle" align="right" class="">0.11<br></td> <td valign="middle" align="right" class="last">0.01<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>
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