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Corporate Communications vom 25.07.2013

Increased customer activity boosts DAB Bank´s net commission income in the second quarter

Second-quarter profit before taxes comes to EUR 4.79 million / Trades executed and customer count on the rise

Munich, July 25, 2013.

German and Austrian investors traded more securities in the second quarter. DAB Bank´s customers were also more active, executing nearly 1.3 million trades in the months from April to June, reflecting an increase of about 30 % over the second quarter of last year. The increased trading activity also boosted DAB Bank´s net commission income, which rose to EUR 21.94 million, reflecting an increase of about EUR 4 million over the year-ago figure (Q2 2012: EUR 17.76 million). "We are more than satisfied with our operating performance in the second quarter. Thanks in large part to new initiatives like the ´DAB Best Price´, DAB Bank´s trades executed and commission income are on the rise," said Ernst Huber, Management Board Speaker of DAB Bank. "We are also pleased with the number of new customers and newly opened bank accounts, not to mention the continuation of very strong net fund inflows."

On the other hand, the quarterly result was particularly burdened by the interest rate environment, which remained very challenging. Thus, net interest income declined from EUR 12.49 in Q2 2012 to EUR 8.22 million in Q2 2013. Furthermore, the profit from trading and investments, at EUR 2.72 million, was significantly less than the outstandingly high figure reported in the second quarter of last year (Q2 2012: EUR 3.98 million). In addition, the administrative expenses of EUR 27.74 million were slightly higher than the administrative expenses of EUR 27.09 million reported in the second quarter of 2012. However, the administrative expenses for the first six months of 2013 were less than the corresponding year-ago figure.

Particularly as a result of the lower net interest income, the DAB Bank Group generated a profit before taxes of EUR 4.79 million in the second quarter; while this figure was slightly higher than the first-quarter profit before taxes (Q1 2013: EUR 4.72 million), it was significantly less than the corresponding figure for the second quarter of last year (Q2 2012: EUR 7.49 million). Thus, the profit before taxes for the first half of 2013 came to EUR 9.50 million, as compared to EUR 16.00 million in the first half of last year. DAB Bank anticipates that the profit before taxes for the full year 2013 will be at least one third less than the 2012 profit before taxes, due in part to the challenging interest rate environment this year, causing a sharp drop in the net interest income, and due in part to the expectation that it will not be possible to match the unusually high profit from trading and investments reported in 2012.

The number of customers served by DAB Bank exhibited a very positive development in the second quarter, rising by more than 6,000 from the first quarter to reach 609,003 as of June 30. Even more impressively, the number of bank accounts carried for customers rose by more than 11,500 to 179,280 in the months from April to June of this year. DAB Bank´s redesigned checking account, which was repeatedly honored as one of the best banking products in Germany in the last few months, has been very especially popular with the bank´s customers. As of June 30, 2013, customer assets held in custody amounted to EUR 29.61 billion, reflecting an increase of nearly EUR 4 billion over the year-ago figure, thanks in no small part to very strong net fund inflows.

DAB Bank Group: Key Indicators and Operating Results According to IFRS:

Key Indicators H1 2013 H1 2012
Customers No. 609,003 598,278
Securities accounts No. 615,837 617,566
Bank accounts No. 179,280 169,833
Trades executed No. 2,505,973 2,223,051
Trades per securities account, annualized No. 8.14 7.18
Customer assets EUR bn 29.61 25.65
thereof in investment funds EUR bn 14.05 12.20
Operating results H1 2013 H1 2012
Net financial income* kEUR 21,615 32,675
Net commission income kEUR 42,780 38,836
Administrative expenses kEUR 54,233 55,539
Profit before taxes kEUR 9,501 15,996
Net profit after taxes kEUR 6,483 11,012
Cost-income ratio in % 85.1 77.6
Earnings per share EUR 0.07 0.13

Key Indicators Q2/2013 Q1/2013 Q2/2012
Customers No 609,003 602,661 598,278
Securities accounts No. 615,837 615,374 617,566
Bank accounts No. 179,280 167,669 169,833
Trades executed No. 1,294,239 1,211,734 997,622
Customer assets EUR bn 29.61 30.18 25.65
thereof in investment funds EUR bn 14.05 14.33 12.20
Operating results Q2/2013 Q1/2013 Q2/2012
Net financial income * kEUR 10,946 10,669 16,469
Net commission income kEUR 21,937 20,843 17,759
Administrative expenses kEUR 27,742 26,491 27,089
Profit before taxes kEUR 4,786 4,715 7,490
Net profit after taxes kEUR 3,240 3,243 5,200
Cost-income ratio in % 85.3 3,243 78.3
Earnings per share EUR 0.03 0.04 0.06

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

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