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Corporate Communications vom 23.04.2008

DAB bank reports record profit despite weak market environment

<h1>DAB bank reports record profit despite weak market environment</h1> <div class="editor"> <p>The first-quarter pretax profit of &euro;13.49 million was 7% higher than the year-ago figure &ndash; Best quarterly result in the bank&rsquo;s history / Net financial income up 70%&nbsp;</p> <p style="margin-right: 19pt;" class="MsoNormal"><strong>Munich, April 23, 2008.</strong><br> The DAB bank Group, which operates in Germany and Austria, generated its best-ever quarterly result in the first quarter of 2008. The pretax profit of &euro;13.49 million was 7.1% higher than the corresponding year-ago figure (Q1 2007: &euro;12.59 million). &ldquo;Despite the difficult market environment and the reluctance of customers to engage in trading activities since the end of January, we have already generated nearly 25% of our full-year profit goal of &euro;55 million,&rdquo; said Alexander von Uslar of the DAB bank Management Board.</p> <p style="margin-right: 19pt;" class="MsoNormal">DAB bank generated total income of &euro;47.17 million in the first quarter of 2008, 1.0% less than the corresponding year-ago figure (Q1 2007: &euro;47.66 million). The administrative expenses of &euro;33.68 million were 4.0% lower than the year-ago figure of &euro;35.07 million. The cost-income ratio, which had been 73.6% in the corresponding year-ago quarter, improved to 71.4% in the first quarter of 2008, very close to the stated full-year goal of 71%.</p> <p style="margin-right: 19pt;" class="MsoNormal">DAB bank generated a net financial income (composed of net interest income before credit risk provisions, profit or loss from investments and the trading profit or loss) of &euro;15.45 million in the first quarter, indicative of a 69.5% increase over the corresponding year-ago figure of &euro;9.12 million. &ldquo;The outstanding performance with regard to the net financial income indicates that, as a result of its investment strategy, DAB bank is very well positioned,&rdquo; Alexander von Uslar said.</p> </div> <div class="editor"> <p style="margin-right: 19pt;" class="MsoNormal">Due to the uncertain direction of the markets, the customers of DAB bank were more restrained in their trading activities in the first quarter of 2008 than they had been in the year-ago period. DAB bank executed 1,356,290 trades for its individual investors (B2C) and financial intermediaries (B2B) in the first quarter of 2008, that being 11.1% less than the trades executed in the first quarter of 2007. Including FondsServiceBank, the DAB bank Group executed a total of 2,381,226 trades for its customers in the first quarter of 2008. DAB bank generated a net commission income of &euro;29.00 million (Q1 2007: 38.91 million).</p> <p style="margin-right: 19pt;" class="MsoNormal">As of March 31, 2008, DAB bank administered 1,107,685 securities accounts for its customers, representing an increase of more than 1,300 over the end of 2007. Due to the sharp drop in stock market prices and indexes around the world, the volume of customer assets under custody with DAB bank declined 10.2% from &euro;32.82 billion at year-end 2007 to &euro;29.48 billion at March 31, 2008.</p> <p style="margin-right: 19pt;" class="MsoNormal">&ldquo;We will make every effort, including targeted marketing and the further expansion of our offering of products and services, to attract still more customers to DAB bank,&rdquo; Alexander von Uslar said. &ldquo;In the coming quarter, for example, we will introduce the DAB Profi Trader, a modular trading application for active traders.&rdquo;</p> </div> <div class="tableContainerWide"> <h3>Key indicators and operating results of DAB bank AG in the first quarter of 2008 according to IFRS:</h3> <table width="100%" cellspacing="0" cellpadding="1" border="1" align="" class="tableContent"> <thead> <tr class="each"> <th scope="col"><strong>Key indicators</strong></th> <th scope="col"><strong><br></strong></th> <th align="center" scope="col"><strong>Q1/2008</strong></th> <th align="center" scope="col"><strong>Q4/2007</strong></th> <th align="center" class="last" scope="col"> <strong>Q1/2007</strong></th> </tr> </thead> <tbody> <tr class="odd"> <td>Securities accounts</td> <td align="center">No.</td> <td width="15%" align="right">1,107,685<br></td> <td width="15%" align="right">1,106,322<br></td> <td width="15%" align="right" class="last">1,073,410<br></td> </tr> <tr class="each"> <td>Trades executed</td> <td align="center">No.</td> <td width="15%" align="right">2,381,226<br></td> <td width="15%" align="right">2,910,234<br></td> <td width="15%" align="right" class="last">3,206,811<br></td> </tr> <tr class="odd"> <td>Trades per securities account<br> <sup>(annualized)</sup></td> <td align="center">No.</td> <td width="15%" align="right">8.63<br></td> <td width="15%" align="right">10.59<br></td> <td width="15%" align="right" class="last">12.26<br></td> </tr> <tr class="each"> <td>Customer assets under custody</td> <td align="center">&euro; bn</td> <td width="15%" align="right">29.48<br></td> <td width="15%" align="right">32.82<br></td> <td width="15%" align="right" class="last">31.19<br></td> </tr> <tr class="odd"> <td>thereof in investment funds</td> <td align="center">&euro; bn</td> <td width="15%" align="right">15.92<br></td> <td width="15%" align="right">18.12<br></td> <td width="15%" align="right" class="last">17.42<br></td> </tr> <tr class="each"> <td><strong>Operating results</strong></td> <td align="center"><br></td> <td width="15%" align="right"><br></td> <td width="15%" align="right"><br></td> <td width="15%" align="right" class="last"><br></td> </tr> <tr class="odd"> <td>Net financial income*</td> <td align="center">k&euro;</td> <td width="15%" align="right">15,453<br></td> <td width="15%" align="right">12,353<br></td> <td width="15%" align="right" class="last">9,118<br></td> </tr> <tr class="each"> <td>Net commission income</td> <td align="center">k&euro;</td> <td width="15%" align="right">28,997<br></td> <td width="15%" align="right">35,323<br></td> <td width="15%" align="right" class="last">38,909<br></td> </tr> <tr class="odd"> <td>Administrative expenses</td> <td align="center">k&euro;</td> <td width="15%" align="right">33,679<br></td> <td width="15%" align="right">38,153<br></td> <td width="15%" align="right" class="last">35,073<br></td> </tr> <tr class="each"> <td>Profit before taxes</td> <td align="center">k&euro;</td> <td width="15%" align="right">13,487<br></td> <td width="15%" align="right">11,703<br></td> <td width="15%" align="right" class="last">12,591<br></td> </tr> <tr class="odd"> <td>Net profit after taxes</td> <td align="center">k&euro;</td> <td width="15%" align="right">9,236<br></td> <td width="15%" align="right">6,926<br></td> <td width="15%" align="right" class="last">8,016<br></td> </tr> <tr class="each"> <td>Cost-income ratio</td> <td align="center">in %<br></td> <td width="15%" align="right">71.4<br></td> <td width="15%" align="right">76.5<br></td> <td width="15%" align="right" class="last">73.6<br></td> </tr> <tr class="odd"> <td>Earnings per share</td> <td align="center">&euro;<br></td> <td width="15%" align="right">0.12<br></td> <td width="15%" align="right">0.09<br></td> <td width="15%" align="right" class="last">0.10<br></td> </tr> </tbody> </table> </div> <div class="editor"> <p class="MsoNormal"></p> <p class="MsoNormal">Net financial income = Net interest income before credit risk provisions + trading profit or loss + Profit or loss from investments</p> </div>
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