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Corporate Communications vom 26.10.2010

DAB bank generates profit before taxes of EUR 23.70 million in the first nine months of 2010, on track to meet full-year target

DAB bank generates profit before taxes of EUR 23.70 million in the first nine months of 2010, on track to meet full-year target / More trades executed and higher net commission income compared to the year-ago period / Customers show enthusiastic response to new products like no-cost ETF-linked savings plans and the chance to hold physical gold in their securities accounts / Full-year forecast of considerably more than EUR 25 million re-affirmed

Munich, October 26, 2010

The DAB bank Group, Munich, generated a profit before taxes of EUR 23.70 million in the first nine months of 2010 (Q1-Q3 2009: EUR 26.53 million). "Therefore, we are re-affirming our full-year target of considerably more than EUR 25 million. The expectation that our customers would be rather restrained in their trading activity in the summer months was already built into our forecast," said Dr. Markus Walch of the DAB bank Management Board. For the third quarter of 2010, DAB bank generated a profit before taxes of EUR 5.31 million (Q3 2009: EUR 12.14 million).

Compared to the year-ago period, DAB bank executed more trades for customers and generated a higher next commission income in the first nine months of the current year. In the period from January to September, the bank executed 3.25 million trade orders for its customers (Q1-Q3 2009: 3.06 million). And the net commission income of EUR 62.68 million was about EUR 1.3 million higher than the corresponding year-ago figure. Customer assets rose by another half a billion euros in the third quarter to reach EUR 24.93 billion. On a nine-month basis, customer assets were higher than the corresponding year-ago figure by around EUR 1.5 billion, or slightly more than 11 %. At 629,323, the number of securities accounts carried for customers were about 6,000 higher than the corresponding figure at September 30, 2009.

The net financial income, defined as the sum of net interest income, the trading profit/loss and the profit/loss from investments, held firm on a high level. Although the net financial income for the first nine months of 2010, at EUR 48.94 million, was nearly 15 % less than the corresponding year-ago figure, it should be remembered that interest rates were much more favorable and DAB bank also generated an unusually high trading profit in 2009. At EUR 84.78 million, the administrative expenses for the first nine months of 2010 were reduced by nearly 8 % from the corresponding figure for the first nine months of 2009.

Customers responded very well to the new products introduced in the third quarter as part of the bank´s program for the future, "DAB one". They were especially pleased with the permanently no-cost ETF-linked savings plans that DAB bank offers in collaboration with its product partner db x-trackers. "Our customers responded especially well to the new option of purchasing physical gold from DAB bank and having it displayed in their securities accounts," said Markus Gunter of the DAB bank Management Board. "In the near future, we will be launching other product innovations, including a credit card tailored to the needs of traders."

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

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