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Corporate Communications vom 22.02.2011

DAB bank meets its forecast for financial year 2010, reporting a profit before taxes of EUR 28.57 million

DAB bank meets its forecast for financial year 2010, reporting a profit before taxes of EUR 28.57 million / Management to propose a dividend of 20 cents per share, equal to the entire unappropriated net profit for 2010/ 10 % increase in trades executed for customers and 15 % increase in customer assets / Sharp increase in net commission income in the core business / Positive customer response to product innovations

Munich, February 22, 2011

The DAB bank Group, Munich, generated a profit before taxes of EUR 28.57 million in financial year 2010, meeting its forecast of considerably more than EUR 25 million. Although the profit before taxes was less than the corresponding figure for 2009 (EUR 33.58 million), the prior-year figure had been influenced by a non-recurring effect of EUR 4 million from the sale of FondsServiceBank.

The consolidated net profit after taxes according to IFRS amounted to EUR 15.04 million. The management will propose to the annual shareholders’ meeting to be held on May 19, 2011 that the company distribute a dividend equal to the entire unappropriated net profit, which would correspond to a dividend of 20 cents per share, to be paid again on a tax-exempt basis.

Thanks to the heightened trading activity of its customers, DAB bank´s net commission income of EUR 86.22 million was 4 % higher than the prior-year figure of EUR 82.91 million. The bank executed 4.51 million trades for its customers in 2010, nearly 10 % more than in the prior year. "We are delighted that our customers increased their trading activity last year, leading to higher net commission income, which actually increased by more than 18 % in our core business units of B2B and B2C," said Dr. Markus Walch of the DAB bank Management Board. "Our customers have also been very active in the first weeks of 2011, which makes us optimistic also regarding the development of net commission income this year."

Due to the weaker interest rate environment, however, the net financial income declined from EUR 76.39 million in 2009 to EUR 69.56 million in 2010, in line with expectations. Net interest income declined from EUR 64.73 million in 2009 to EUR 55.65 million in 2010. Nonetheless, it was still the second-highest net financial income in the history of DAB bank.

In connection with its program for the future, which is called "DAB one" DAB bank invested more heavily in its portfolio of products and services in 2010. Nonetheless, administrative expenses were reduced from EUR 119.84 million in 2009 to EUR 119.00 million in 2010.

Customer assets held in custody rose by 15 %, from EUR 23.30 billion in 2009 to EUR 26.79 billion in 2010. The increase in the volume of customer assets held in securities accounts was disproportionately higher. At 512,380, the number of securities accounts carried for customers of the bank´s B2C unit was slightly higher in 2010, while the number of securities accounts carried for customers, at 108,272, was lower than the prior-year figure by around 4,000 securities accounts. The total number was 620,652 securities accounts, indicative of a slight, 0.5 % decrease from the prior-year figure.

Having been announced one year ago, DAB bank´s program for the future, DAB one, brought forth numerous product innovations in 2010, including FOREX currency trading, new order functions for trading securities on stock exchanges and over-the-counter, trading with physical gold in the DAB bank securities account, no-fee ETF-linked savings plans and the new DAB Trader Card, to name a few examples. "We were very pleased with the positive response to these products," said Markus Gunter of the DAB bank Management Board. "The number of users and trades executed on our FOREX currency trading platform rose steadily throughout the year, reaching new record levels at the end of the year. The same was true of the EFT-linked savings plans we offer. And the new iPhone app of DAB bank was a big success."

The figures quoted in this announcement have not yet been audited. DAB bank will publish its annual report for financial year 2010 on March 15, 2011.

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

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