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Corporate Communications vom 28.04.2015

DAB Bank's key operational indicators reach new record levels in Q1/2015

Trades executed and customer assets reach new records / First-quarter profit before taxes comes to EUR 6.43 million

Munich, April 28, 2015.

The customers of the DAB Bank Group, Munich, were never as active in a three-month period as they were in the first quarter of this year, when they placed 1.97 million trade orders. Motivated by the continued positive performance of financial markets, they placed almost 32% more trade orders than they did in the very active first quarter of last year. Customer assets held in custody with DAB Bank also reached a new record high of EUR 40.79 billion as of March 31, 2015. In the first quarter alone, customer assets increased by a net total of approximately EUR 4.4 billion, thanks to market effects and net fund inflows. Furthermore, DAB Bank added slightly more than 12,300 new customers in the first quarter, bringing the total to 662,891. This is the biggest quarterly increase in the number of customers since 2007. Moreover, the number of securities accounts carried for customers rose by almost 7,000 to 632,689. "Rarely in the history of DAB Bank have our operating results been as good as in the first quarter of this year," said Ernst Huber, Spokesman of the Management Board of DAB Bank. "This excellent performance can be credited to our convincing line-up of products and services. The numerous awards and distinctions we have received in customer surveys and product tests prove that DAB Bank is one of the best institutions in both brokerage and banking."

The consolidated profit before taxes of the DAB Bank Group amounted to EUR 6.43 million in the first quarter of 2015. This amount is modestly below the profit before taxes for the first quarter of last year (Q1 2014: EUR 6.87 million), but well above the profit before taxes (adjusted for non-recurring effects) of the preceding quarter (Q4 2014: EUR 4.63 million). Thanks to the very high number of trades executed, the net commission income of EUR 29.42 million was 29% higher than the year-ago figure. The net interest income earned in the first quarter of 2015 was considerably less than the corresponding figure for the fourth quarter of 2014, when interest income was generated on the liquidation of direct investments held with the previous majority shareholder UniCredit Bank AG in connection with the acquisition of a majority interest by BNP Beteiligungsholding AG. Also due to the generally lower level of interest rates, first-quarter net interest income came to only EUR 8.04 million, representing a 35% decrease from the corresponding year-ago figure. The trading profit and profit from investments rose from EUR 0.65 million in Q1 2014 to EUR 1.05 million in Q1 2015. The total operating income of EUR 37.90 million was 5.9% higher than the corresponding year-ago figure.

At EUR 30.11 million, administrative expenses were 5.7% higher than the corresponding figure for Q1 2014, particularly as a result of the higher clearing and settlement expenses incurred in connection with the high number of trades executed.

On March 27, 2015, the new majority shareholder BNP Paribas Beteiligungsholding AG announced that the cash compensation to be paid to the minority shareholders in connection with the squeeze-out resolution to be adopted at the annual shareholders' meeting planned for May 29, 2015 will be EUR 4.78 per share. After the squeeze-out, DAB Bank AG will be merged into BNP Paribas Beteiligungsholding AG. The corresponding merger agreement was already signed on April 13 of this year. It is subject to the condition precedent that the resolution of the annual shareholders' meeting ordering the transfer of shares held by the remaining minority shareholders to BNP Paribas Beteiligungsholding AG as the principal shareholder will be recorded in the Commercial Register of DAB Bank AG.

Key operational indicators and operating results of DAB Bank in Q1 2015 according to IFRS:

Key operational indicators Q1/2015 Q4/2014 Q1/2014
Customers No. 662,891 650,549 628,006
Securities accounts No. 632,689 625,769 617,767
Bank accounts No. 266,969 252,892 218,547
Trades executed No. 1,967,876 1,496,450 1,494,366
Trades per securities account, annualized No. 12.51 8.88 9.68
Customer assets held in custody EUR bn 40.79 36.37 33.59
thereof in investment funds EUR bn 20.30 17.91 16.11
Operating results
Net interest income k EUR 8,035 32,177 12,361
Trading profit and profit from investments k EUR 1,046 3,749 646
Net commission income k EUR 29,420 21,606 22,772
Administrative expenses k EUR 30,111 27,273 28,484
Profit before taxes k EUR 6,428 29,529 6,873
Profit after taxes k EUR 4,364 19,418 4,600
Cost-income ratio in % 82.4 48.0 80.6
Earnings per share EUR 0.05 0.21 0.05

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