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Corporate Communications vom 23.10.2012

DAB bank reports a nine-month profit before taxes of EUR 21.43 million

DAB bank reports a nine-month profit before taxes of EUR 21.43 million. Profit before taxes for the full year 2012 expected to be 10 % to 15 % higher than 2011 / Customer assets rise substantially to EUR 27.42 billion

Munich, October 23, 2012

The DAB bank Group (Munich), which operates in Germany and Austria, generated a profit before taxes of EUR 21.43 million in the first nine months of the current financial year. This figure was little changed from the corresponding year-ago figure (9-M 2012: EUR 21.49 million). "Assuming favorable market conditions that will support a solid performance in the fourth quarter, we still expect to achieve a 10 % to 15 % increase in the full-year profit before taxes in 2012, compared to 2011", said Ernst Huber, Speaker of the Management Board of DAB bank. In 2011, the profit before taxes had been EUR 25.73 million.

In the third quarter of 2012, DAB bank generated a profit before taxes of EUR 5.44 million, which was more than EUR 1 million less than the corresponding year-ago figure (Q3 2011: EUR 6.66 million). On the other hand, the profit before taxes for the third quarter of last year had been boosted by unusually high customer trading activity, mainly due to the market turmoil in August 2011.

As in the preceding quarters, the trading activity of DAB bank´s customers was restrained in the third quarter of 2012. They placed roughly 3.22 million trade orders in the first nine months of 2012, 18 % less than in the corresponding year-ago period (9-M 2011: EUR 3.94 million). As a result, the net commission income declined from EUR 66.45 million in the first three quarters of 2011 to EUR 57.52 million in the same period of 2012. However, DAB bank increased its net financial income (defined as the sum of net interest income, trading profit/loss and profit/loss from investments) from EUR 41.25 in the year-ago period to EUR 46.70 million in the first nine months of 2012. This positive result was aided by the relatively stable net interest income and an outstanding profit from investments, in the amount of EUR 8.63 million. Administrative expenses declined from EUR 85.86 in the first nine months of 2011 to EUR 83.03 million in the first nine months of the current year.

Customer assets held in custody exhibited a very positive development in the third quarter of 2012. At EUR 27.42 billion, customer assets as of September 30, 2012 were EUR 1.8 billion higher than at the end of the second quarter, thanks in no small part to substantial fund inflows. The number of customers remained stable at 598,529.

DAB bank expanded its offering of products and services further in the last three months. Customers benefited from a considerably wider offering of foreign currency accounts and from the user-friendly new trading application, DAB Trader. The fee charged for trading the derivatives of selected partners was lowered to EUR 4.95. More than 300,000 products can be traded at this extremely competitive flat rate. Furthermore, DAB bank customers can trade roughly 2,500 bonds for a low flat fee in the bank´s expanded bond market. DAB bank Group: Key Indicators and Operating Results, based on IFRS.

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

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