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Corporate Communications vom 25.10.2011

DAB bank earns a profit before taxes of EUR 6.66 million in the third quarter, reflecting an increase of more than 20 % over Q3 2010

DAB bank earns a profit before taxes of EUR 6.66 million in the third quarter, reflecting an increase of more than 20 % over Q3 2010 / Active customer trading boosts net commission income / Continued rise in the number of securities accounts carried for customers

Munich, October 25, 2011

The DAB bank Group, Munich, generated a profit before taxes of EUR 6.66 million in the third quarter, reflecting an increase of 23 % over the corresponding year-ago figure (Q3 2010: EUR 5.41 million). A major factor contributing to this increase was the positive development of net commission income, which rose from EUR 17.65 million in the third quarter of 2010 to EUR 22.91 million in the quarter just ended, as a result of strong customer trading activity in the summer months. In the period from July to September 2011, DAB bank conducted 1,469,596 trades for its customers, reflecting an increase of 46 % over the corresponding year-ago figure. "Whereas the trading activity of our customers is usually restrained in the third quarter, due to the vacation season, the worldwide market turmoil caused them to be particularly active this year," said Markus Gunter, Speaker for the Management Board of DAB bank AG.

In the first nine months of 2011, the DAB bank Group generated a profit before taxes of EUR 21.49 million (Q1-Q3 2010: EUR 24.00 million). Assuming the absence of worse market turmoil, the bank is reaffirming its forecast of generating a profit before taxes on the level of the prior-year figure - EUR 28.6 million – in financial year 2011.

Whereas net commission income rose further, net financial income declined to EUR 12.96 million, as compared to EUR 15.76 million in the third quarter of 2010 and EUR 14.50 million in the second quarter of 2011. Following a stable trend, net interest income came to EUR 13.61 million in the third quarter, which was actually slightly higher than the corresponding figures for the two preceding quarters. The profit from investments amounted to EUR 0.68 million. Under the influence of turbulent market conditions, however, net financial income was reduced by a trading loss of EUR 1.33 million in the third quarter, due to the mark-to-market measurement of relevant positions of the treasury portfolio at the period closing date of September 30.

At EUR 29.23 million, the administrative expenses incurred in the third quarter of 2011 were higher than the corresponding figure for the third quarter of last year (Q3 2010: EUR 26.66 million) and the corresponding figure for the second quarter of the current year (Q2 2011: EUR 27.70 million), due not least of all to the higher clearing and settlement expenses associated with the greater number of trades executed, but also due to heightened investments in the bank´s product and service portfolio and in marketing.

The rising trend of securities accounts continued in the summer months. At September 30, DAB bank carried 624,448 securities accounts for its customers, reflecting an increase of more than 3,300 over the corresponding figure three months ago. On the other hand, the reduced level of stock market indexes made a dent in the volume of customer assets held in custody: Having reached a record level of EUR 27.08 billion at June 30, customer assets amounted to only EUR 24.56 billion at the end of the third quarter, close to the level of the year-ago quarter (Q3 2010: EUR 24.93 billion).

The new products introduced by DAB bank in the last few months were focused mainly on traders. By making use of our Futures Margin Trading function, our customers can trade various different futures with selectable margins within defined limits, using the same platform as for FOREX Currency Trading. Our traders also benefitted from the new automatic chart pattern recognition tool, which monitors the technical charts of more than 1,000 securities. When the tool detects an interesting chart formation, customers are notified in real-time by means of a push process, making it easy and convenient for them to take advantage of the opportunities arising from the chart development.

Key indicators and operating results according to IFRS

As of September 30, 2011, SRQ FinanzPartner AG has been classified as discontinued operation and the profit/loss contributions attributable to SRQ have been presented separately. The comparison figures (operating results) have been adjusted accordingly, for the sake of comparability.

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

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