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Corporate Communications vom 26.02.2014

DAB Bank generated strong operating growth in financial year 2013

Substantial increases in customer assets and in customers, bank accounts and trades executed / Profit before taxes lower at EUR 19.22 million, due to lower net interest income and profit from investments

Munich, February 26, 2014.

The DAB Bank Group, Munich, generated strong operating growth in 2013. Customer assets held in custody rose by more than EUR 4 billion to EUR 32.49 billion, thanks in particular to high net fund inflows. Motivated not least of all by rising stock markets, DAB Bank´s customers traded much more frequently in 2013 than in 2012, placing approximately 4.96 million trade orders, reflecting an increase of slightly more than 18 % compared to 2012. The total number of customers rose by nearly 24,000 to 620,897, thanks in part to the completely redesigned checking account that was introduced in February. The number of checking accounts carried for customers (which DAB Bank had previously offered only as a supplementary product) grew significantly to 36,754 at the end of 2013. Also as a result of the considerably higher trading activity of our customers, the net commission income of EUR 85.95 million was almost EUR 12 million higher than the corresponding figure for 2012.

"The expansion of our business strategy to include a wide range of banking products has begun to bear fruit. The growth observed in key operational indicators in 2013 was the highest in years," said Ernst Huber, Management Board Spokesman of DAB Bank. "But the other new products and services we introduced in the area of trading -including for example our new stock trading platform "DAB Best Price", the optimized offering of investment funds and CFD trading - were very well received by our customers. Also in this, our anniversary year, our customers can look forward to many new highlights in products and services." Having been founded in 1994 as the first direct broker in Germany, DAB Bank will celebrate its 20th anniversary in May.

Mainly as a result of the historically low level of interest rates, DAB Bank's net interest income of EUR 38.64 million was considerably lower, by 22 %, than the EUR 49.80 million generated in 2012. Whereas the trading profit and profit from investment combined had reached a record level of EUR 15.47 million in 2012, due to the outstanding opportunities in the markets, these items amounted to only EUR 6.38 million in 2013.

Although DAB Bank lowered its administrative expenses by EUR 2.5 million to EUR 108.73 million in 2013, thanks to rigorous cost discipline, the profit before taxes fell by around a third to EUR 19.22 million (2012: EUR 28.03 million), due to the lower net interest income and profit from investments in 2013. The annual shareholders' meeting to be held on May 15, 2014 will be asked to approve a dividend payout equal to the full distributable profit, corresponding to a dividend of 13 cents per share, which will be paid once again without deduction of the investment income tax.

The figures stated herein are still preliminary. DAB Bank will publish its Annual Report 2013 containing the final results on March 20, 2014.

Key indicators and operating results of DAB Bank
(audited, but not yet officially adopted figures):

Key indicators 2013 2012 Change
Customers No. 620,897 597,128 +4.0 %
Securities accounts No. 617,070 615,288 +0.3 %
Bank accounts No. 204,721 155,381 +31.8 %
Trades executed No. 4,964,739 4,198,272 +18.3 %
Trades per securities account, annualized No. 8.06 6.79 +18.7 %
Customer assets held in custody EUR bn 32.49 28.38 +14.5 %
thereof in investment funds EUR bn 15.45 13.56 +13.9 %
Operating results
Net interest income k EUR 38,640 49,796 -22.4 %
Trading profit and profit from investments k EUR 6,382 15,469 -58.7 %
Net commission income k EUR 85,953 74,181 +15.9 %
Net commission income k EUR 108,733 111,346 -2.3 %
Earnings before taxes k EUR 19,217 28,032 -31.4 %
Net profit after taxes k EUR 12,271 18,125 -32.3 %
Cost-income ratio in % 85.0 79.9 +6.4 %
Earnings per share EUR 0.13 0.22 -40.1 %

Key indicators Q4/2013 Q3/2013 Q4/2012
Customers No. 620,897 615,178 597,128
Securities accounts No. 617,070 616,197 615,288
Bank accounts No. 204,721 192,528 155,381
Trades executed No. 1,247,032 1,211,734 973,395
Customer assets held in custody EUR bn 32.49 31.08 28.38
thereof in investment funds EUR bn 15.45 14.71 13.56
Operating results
Net interest income k EUR 11,495 10,177 11,640
Trading profit and profit from investments k EUR -317 2,052 6,927
Net commission income k EUR 23,346 19,827 16,662
Administrative expenses k EUR 28,526 25,974 28,317
Earnings before taxes k EUR 4,427 5,289 6,598
Net profit after taxes k EUR 2,930 2,858 3,788
Earnings per share EUR 0.03 0.03 0.05

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