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Corporate Communications vom 26.07.2011

DAB bank earns a profit before taxes of EUR 14.73 million in the first six months of 2011

DAB bank earns a profit before taxes of EUR 14.73 million in the first six months of 2011 / Full-year profit before taxes expected to be on the level of 2010 / Key operational indicators such as trades executed, customer assets and securities accounts on the rise

Munich, July 26, 2011

The DAB bank Group, Munich, which operates in Germany and Austria, earned a profit before taxes of EUR 14.73 million in the first half of the current financial year. The profit before taxes was less than the corresponding figure for the first six months of last year (H1 2010: EUR 18.39 million), due in particular to the lower trading profit, which was favored in the year-ago period by positive non-recurring effects related to the financial markets crisis. The second-quarter profit before taxes amounted to EUR 6.08 million, as compared to EUR 9.85 million in the second quarter of last year. In the second half of 2011, DAB bank expects to surpass the respective year-ago figures, so that the full-year profit before taxes for financial year 2011 should be on the level of the profit before taxes for 2010, which amounted to EUR 28.57 million.

Benefiting from the heightened trading activity of its customers in the first quarter, DAB bank executed 2,473,406 trades in the first six months of 2011, a good 10 % more than in the year-ago period. The net commission income for the first six months of 2011 amounted to EUR 44.96 million, as compared the corresponding year-ago figure of EUR 44.31 million.

The net financial income declined, as expected, from EUR 33.18 million to EUR 28.29 million. This decline can be attributed to the "normalization" of the trading profit, which had risen to EUR 6.92 million in the period from January to June 2010 on the strength of catch-up effects after the financial markets crisis. At EUR 1.56 million, the trading profit for the first half of 2011 was higher than the respective figures for the corresponding periods of 2008 and 2009. The net interest income for the first six months of 2011 was stable, on the whole, having declined only slightly from EUR 27.13 million in the year-ago period to EUR 25.94 million in the period just ended.

Despite the investments made in the bank´s portfolio of products and services in connection with its program for the future, "DAB one" the administrative expenses exhibited only a moderate increase, from EUR 57.61 million in the first half of 2010 to EUR 58.35 million in the first six months of 2011.

At EUR 27.08 billion, the volume of customer assets held in custody was a good 11 % higher than the corresponding figure in mid-2010. And the number of securities accounts was also higher: At June 30, 2011, DAB bank carried 621,128 securities accounts for its customers, almost 1,700 more than at March 31, 2011. There were minor shifts between the B2B and B2C business units, as about 10,000 securities accounts were transferred to the B2C segment after a B2B partner pulled out of the market.

"Our latest new customer acquisition campaign, which rewards our customers for placing trade orders, has been successful in attracting more active investors and traders," said Markus Gunter of the DAB bank Management Board. "The numerous awards and top grades we received in the second quarter make it clear that our campaign of new products and services is the right strategy for us." Among other distinctions, DAB bank was honored for having the Best Offering of ETF-Linked Savings Plans and as the Best-Loved FOREX Broker in the second quarter of this year. Also, DAB bank´s offering of order functions was given the top grade of "very good" in an independent study. This assessment was surely helped by the introduction of trailing stop loss orders on all German stock exchanges and with numerous over-the-counter trading partners. Thus, DAB bank is one of the German banks with the broadest selection of stock-exchange and over-the-counter order options.

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

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