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Corporate Communications vom 21.02.2013

DAB Bank increases profit before taxes to EUR 28.03 million in financial year 2012

Proposed dividend of 21 cents per share, corresponding to full distribution of distributable profit / High net cash inflows cause growth in customer assets under management by more than four billion euros / Broader offerings of traditional banking products to strengthen customer growth

Munich, February 21, 2013.

The DAB Bank Group, Munich, increased its profit before taxes to EUR 28.03 million in financial year 2012, a 9 percent increase compared to the prior year (2011: EUR 25.73 million). The annual shareholders´ meeting to be held on May 16, 2013, will be asked to approve a full distribution of consolidated unappropriated net profit, which would correspond to a dividend of 21 cents per share, to be paid out on a tax-exempt basis yet again. In the fourth quarter of 2012, DAB Bank achieved a profit before taxes of EUR 6.60 million, which is significantly higher than the profit in the prior quarter (Q3 2012: EUR 5.44 million) and the prior year quarter (Q4 2011: EUR 4.24 million).

An extraordinarily good financial investment profit of EUR 14.95 million made a particularly strong contribution to DAB Bank`s success in 2012. The net interest income remained relatively stable despite the further decline in interest rate levels, declining only 7 percent to EUR 49.80 million.

Due to the insecurity caused by the continuing European national debt crisis, customers acted with appreciably greater reserve in 2012 than in the prior year, executing 4.20 million trades (2011: 5.08 million transactions). This also led to a decline in net commission income by 13 percent to EUR 74.18 million. It was once again possible to reduce administrative expenses by just under two million euros to the current EUR 111.35 million due to consistent cost discipline.

In financial year 2012, DAB Bank focused on qualitative growth, which was particularly noticeable in the high net cash inflows from customers, making a significant contribution to growth in customer assets. At December 31, 2012, DAB Bank thus managed deposits and securities accounts amounting to EUR 28.38 billion - more than four billion euros more than at the end of 2011.

"In 2013, we want to increase the number of our customers. In order to do so, we have broadened our offerings and brought a thoroughly updated range of banking offers to the market, including a top-notch giro account," said Ernst Huber, DAB Bank Management Board Spokesman. "In this way, DAB Bank is establishing itself as the first bank for its customers - with a comprehensive range of offers from the giro account to trading products. We are also continuing to develop our portfolio of products and services in the securities area."

Since the beginning of February, DAB Bank has been offering its customers a new giro account with free account management, attractive interest rates on balances, and favorable credit line interest rates. In addition, fees were reduced for trading in stocks, derivatives, and investment funds. DAX30 shares can be traded particularly simply and inexpensively on the new "DAB Best Price" trading desk. CFDs will soon also be available to DAB Bank customers.

The figures presented herein have not yet been audited. DAB bank will publish its annual report for financial year 2012 on March 19, 2013.

Key indicators and operating results of DAB bank (preliminary, unaudited figures):

Key Indicators 2012 2011 Change
Customers No 597,128 593,435 +0.6 %
Securities accounts No. 615,288 620,922 -0.9 %
Accounts No. 155,381 156,873 -1.0 %
Trades executed No. 4,198,272 5.081,041 -17.4 %
Trades per securities account, annualized No. 6.79 8.22 -17.4 %
Customer assets under management EUR bn 28.38 24.26 +17.0 %
thereof in investment funds EUR bn 13.56 11.69 +16.0 %
Operating results 2012 2011 Change
Net financial income* kEUR 65,265 53,299 +22.5 %
Net commission income kEUR 74,181 85,606 -13.3 %
Administrative expenses kEUR 111,346 113,088 -1.5 %
Profit before taxes kEUR 28,032 25,728 +9.0 %
Net profit after taxes kEUR 18,125 17,772 +2.0 %
Cost-income ratio in % 79.9 81.6 -2.1 %
Earnings per share EUR 0.22 0.23 -4.3 %

Key Indicators Q4/2012 Q3/2012 Q4/2011
Customers No 597,128 598,529 593,435
Securities accounts No. 615,288 617,094 620,922
Accounts No. 155,381 153,165 156,873
Trades executed No. 973,395 1,001,826 1,138,039
Customer assets under management EUR bn 28.38 27.42 24.26
thereof in investment funds EUR bn 13.56 12.98 11.69
Operating results Q4/2012 Q3/2012 Q4/2011
Net financial income* kEUR 18,567 14,023 12,054
Net commission income kEUR 16,662 18,683 19,156
Administrative expenses kEUR 28,317 27,490 27,233
Profit before taxes kEUR 6,598 5,438 4,235
Net profit after taxes kEUR 3,788 3,325 3,194
Earnings per share EUR 0.05 0.04 0.04

* Net financial income = Net interest income before credit risk provisions + Trading/profit loss + Profit/loss from investments.

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