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Corporate Communications vom 27.07.2010

Heightened customer trading activity boosts DAB bank´s profit for the first six months

The profit before taxes for the first six months came to EUR 18.39 million, 28 % higher than the corresponding year-ago figure / DAB bank forecasts a full-year profit of substantially more than EUR 25 million / Numerous new products and services introduced as part of DAB bank´s program for the future, "DAB one"

Munich, July 27, 2010

The DAB bank Group, Munich, which operates in Germany and Austria, generated a profit before taxes of EUR 18.39 million in the first six months of the current fiscal year, 28 % higher than the corresponding year-ago figure (H1 2009: EUR 14.39 million). At EUR 9.85 million, the second-quarter profit was likewise impressive, as it was about 24 % higher than the profit before taxes for the second quarter of last year (Q2 2009: EUR 7.96 million) and also significantly higher than the corresponding figure for the preceding quarter (Q1 2010: EUR 8.54 million). "The profit figure was positively influenced by heightened trading activity on the part of our customers, especially in the months of April and May. We are well positioned to benefit from active markets," said Dr. Markus Walch, of the DAB bank Management Board.

In the first half of 2010, DAB bank executed 2,245,985 trades for its customers, 13 % more than in the period from January to June 2009. Consequently, the net commission income for this period increased by 14 % to EUR 44.31 million. As expected, however, the net financial income (defined as the sum of net interest income, the trading profit/loss and the profit/loss from investments) for the first six months of 2010 was lower than the corresponding year-ago figure, due to the general trend of interest rates. Thanks to active interest rate management and the conservative investment strategy, geared to long-term capital appreciation, which is applied in managing DAB bank´s treasury portfolio, the net financial income declined by only 5 %, from EUR 35.00 million in the first half of 2009 to EUR 33.18 million in the first half of the current year.

Whereas the total income of EUR 75.77 million generated in the first half was slightly higher than the corresponding year-ago figure, the administrative expenses of EUR 57.42 million were 4 % lower than the corresponding year-ago figure of EUR 59.96 million.
At June 30, 2010, DAB bank carried 630,393 securities accounts for its customers, more than 3,000 higher than the number of securities accounts at March 31, 2010. Although many stock indexes lost ground in the second quarter (the DAX by 3 %, for example), the volume of customer assets under custody at DAB bank held steady in the second quarter and amounted to EUR 24.37 billion at June 30, 2010.

Also in the second quarter, DAB bank introduced numerous new products and services in connection with its program for the future, "DAB one". Customers benefited from a variety of new options, including new kinds of trade orders, the completely upgraded trading application DAB Power Trader and the possibility of withdrawing money from Shell gas stations free of charge. "DAB bank fared extremely well in this year´s broker elections. We were elected Certificate Broker of the Year and ETF Broker of the Year and also placed highly in other categories," said Markus Gunter of the DAB bank Management Board. "This good performance provides ample evidence that our new products and services have been well received by customers and the market in general."

DAB bank´s program for the future will bolster its success in the medium-term and long-term future. However, the bank´s business performance in the second half of this year will also be affected by the costs of implementing "DAB one," as well as by other factors, including the lingering sense of uncertainty in the financial markets and traditionally weaker trading activity in the summer months. For the full year 2010, DAB bank forecasts a profit before taxes of substantially more than EUR 25 million.

*Finanzergebnis = Zinsüberschuss vor Kreditrisikovorsorge + Handelsergebnis + Finanzanlageergebnis

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