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Corporate Communications vom 27.10.2009

DAB bank generates outstanding pretax profit of EUR 12.14 million in the third quarter of 2009

Pretax profit for the first nine months of 2009 reaches EUR 26.53 million / Full-year forecast raised from EUR 25 million to substantially more than EUR 30 million / Net financial income hits record level in the third quarter / Net commission income slightly higher than in the preceding quarters

Munich, October 27, 2009

The DAB bank Group, Munich, posted a pretax profit of EUR 12.14 million for the third quarter of 2009 (Q3 2008: EUR -21.05 million). Accordingly, the pretax profit for the first nine months of this year came to EUR 26.53 million (9M 2008: EUR 1.48 million). In view of the strong performance in the third quarter, DAB bank is raising its full-year pretax profit forecast from the original target of EUR 25 million to substantially more than EUR 30 million.

The positive performance was driven in large part by the outstanding net financial income of EUR 22.50 million, the highest that DAB bank has ever earned in one quarter. At EUR 16.48 million, the net interest income was again higher than the strong figure for the preceding quarter (Q2 2009: EUR 16.14 million) and substantially higher than the year-ago figure (Q3 2008: EUR 13.61 million). An impressive contribution was made by the profit from investments, which hit a record level of EUR 5.50 million in the third quarter (Q2 2009: EUR 1.08 million; Q3 2008: EUR -27.82 million). "We have taken full advantage of the opportunities which the market is presenting right now, in the best interests of DAB bank. The recovery of the bond markets, for example, fueled substantial gains in our conservative and security-oriented treasury portfolio," said Markus Gunter of the DAB bank Management Board.

The net commission income rose from EUR 20.30 million in the second quarter to EUR 22.39 million in the third quarter of 2009, but was still below the corresponding year-ago figure (Q3 2008:EUR 23.18 million). The year-on-year decline can be attributed to the continued reluctance of German investors to trade, which was reflected in the number of trades executed for customers of DAB bank. The seasonal drop-off in trading activity that usually occurs in the summer months failed to materialize. Thus, the trades executed in the third quarter, at 1,603,279, were nearly the same as the trades executed in the preceding quarter (Q2 2009: 1,616,560). Nonetheless, they were lower, by 18.9 %, than the corresponding year-ago figure (Q3 2008: 1,977,271).

Another factor contributing to the strong pretax profit was the strict cost discipline practiced by DAB bank. At EUR 92.29 million, the administrative expenses for the first nine months of 2009 were about EUR 3 million less than the corresponding year-ago figure (9M 2008: EUR 95.11 million).

Thanks in no small part to the positive development of stock markets, the volume of customer assets administered by DAB bank rose 7.4 %, from EUR 24.47 billion at the end of June to EUR 26.28 billion at the end of September. The number of securities accounts carried by DAB bank was nearly unchanged from the previous period. That number was 1,064,304 at September 30, 2009, as compared to 1,075,470 at June 30, 2009. The slight decrease can be attributed mainly to FondsServiceBank.

In spite of the very positive performance in the third quarter, DAB bank continues to be cautious in its outlook for the future. "Due to the current situation of interest rates, the net interest income will be lower in the coming months. As for the profit from investments, we anticipate that it will revert to the level of the first two quarters of this year. Furthermore, we do not anticipate a sustained increase in the number of trades executed, and therefore also not in the net commission income," Markus Gunter said.

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

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