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Corporate Communications vom 29.07.2008

DAB bank generates first-half profit on the level of the year-ago period

<h1>DAB bank generates first-half profit on the level of the year-ago period</h1> <div class="editor"> <p>First-half pretax profit on the level of the year-ago figure, despite the much weaker market environment in 2008 / Net financial income for the first half of 2008 twice as high as the year-ago figure / Substantially reduced costs / Profit after taxes higher than the year-ago figure</p> <p class="MsoNormal" style="margin-right: 1.3pt;"><strong>Munich, July 29, 2008.</strong><br> The DAB bank Group (Munich), which operates in Germany and Austria, generated a pretax profit of &euro;22.53 million in the first six months of 2008, that being on the level of the corresponding figure for the first half of 2007 (Q1-Q2 2007: &euro;22.67 million). The pretax profit for the second quarter of 2008 was &euro;9.05 million (Q2 2007: &euro;10.08 million). At &euro;15.17 million, the profit after taxes and minority interests for the first six months of 2008 was nearly 5% higher than the year-ago figure (Q1-Q2 2007: &euro;14.50 million).</p> <p class="MsoNormal" style="margin-right: 1.3pt;">&ldquo;Thanks to the solid increase in the net financial income and the practice of strict cost management, we managed to earn a profit in the first half of 2008 that was on the level of the profit for the first half of 2007, although the market situation was immeasurably worse and the number of trades executed were substantially less in the current year, as compared with last year,&rdquo; said Alexander von Uslar of the DAB bank Executive Board. &ldquo;As there have been no signs for a market recovery up to now, we anticipate that the full-year profit for 2008 will likewise be somewhere on the level of the profit for 2007.&rdquo;</p> </div> <div class="editor"> <p class="MsoNormal" style="margin-right: 1.3pt;">Investor sentiment was dampened by the falling stock market indexes, with the DAX losing about 20% from the beginning of this year to the end of July. Other negative factors weighing on the markets were the rising interest rates in the euro zone, surging food and energy prices, which pushed the rate of inflation higher, and slowing economic growth. Amid these conditions, DAB bank executed 4,436,009 trades for its customers in the months from January to June 2008, that being 25.1% less than in the corresponding year-ago period (Q1-Q2 2007: 5,919,593). Consequently, the net commission income of &euro;56.03 million was 23.6% less than the corresponding figure for the first half of 2007 (Q1-Q2 2007: &euro;73.36 million).</p> <p class="MsoNormal" style="margin-right: 1.3pt;">On a positive note, the net financial income of DAB bank exhibited strong growth. At &euro;26.95 million, the net financial income for the first six months of 2008 was twice as high as the corresponding year-ago figure (Q1-Q2 2007: &euro;13.48 million). At the same time, DAB bank lowered its costs considerably from the year-ago period. The administrative expenses for the period from January to June 2008 amounted to only &euro;64.70 million, as compared with &euro;68.29 million for the first six months of 2007.</p> </div> <div class="editor"> <p>As of June 30, 2008, the number of securities accounts administered by DAB bank amounted to 1,095,198. Whereas the number of securities accounts carried for individual investors (B2C segment) and for business customers (B2B segment) were little changed, the number of securities accounts in the FondsServiceBank segment was reduced by nearly 12,000, as planned. Moreover, the volume of customer assets under administration declined slightly, from &euro;29.48 billion at the end of the first quarter to &euro;29.04 billion at the end of the second quarter. This decrease was caused by the continued decline of stock market indexes around the world.</p> </div> <div class="tableContainerWide"> <h3>Key indicators and operating results of the DAB bank Group according to IFRS, first half</h3> <table width="100%" cellspacing="0" cellpadding="1" border="1" align="" class="tableContent"> <thead> <tr class="each"> <th scope="col" class=""><strong>Key indicators</strong></th> <th scope="col" class=""><strong><br></strong></th> <th scope="col" class=""><strong>First Half 2008</strong></th> <th scope="col" class="last"><strong>First Half 2007</strong></th> </tr> </thead> <tbody> <tr class="odd"> <td class="">Securities accounts</td> <td class="">No.</td> <td class="">1,095,198</td> <td class="last">1,085,324</td> </tr> <tr class="each"> <td class="">Trades executed</td> <td class="">No.</td> <td class="">4,436,009</td> <td class="last">5,919,593</td> </tr> <tr class="odd"> <td class="">Trades per securities account (annualized)</td> <td class="">No.</td> <td class="">8.06</td> <td class="last">11.25</td> </tr> <tr class="each"> <td class="">Customer assets under administration</td> <td class="">&euro; bn</td> <td class="">29.04</td> <td class="last">32.84</td> </tr> <tr class="odd"> <td class="">thereof in investment funds</td> <td class="">&euro; bn</td> <td class="">15.83</td> <td class="last">18.04</td> </tr> <tr class="each"> <td class=""><strong>Operating results</strong></td> <td class=""><strong><br></strong></td> <td class=""><strong>First Half 2008</strong></td> <td class="last"><strong>First Half 2007</strong></td> </tr> <tr class="odd"> <td class="">Net financial income*<br></td> <td class="">k&euro;</td> <td class="">26,950</td> <td class="last">13,478</td> </tr> <tr class="each"> <td class="">Net commission income</td> <td class="">k&euro;</td> <td class="">56,027</td> <td class="last">73,362</td> </tr> <tr class="odd"> <td class="">Administrative expenses</td> <td class="">k&euro;</td> <td class="">64,701</td> <td class="last">68,292</td> </tr> <tr class="each"> <td class="">Profit before taxes</td> <td class="">k&euro;</td> <td class="">22,533</td> <td class="last">22,672</td> </tr> <tr class="odd"> <td class="">Net profit</td> <td class="">k&euro;</td> <td class="">15,170</td> <td class="last">14,496</td> </tr> <tr class="each"> <td class="">Cost-income ratio</td> <td class="">in %<br></td> <td class="">74.2</td> <td class="last">75.1</td> </tr> <tr class="odd"> <td class="">Earnings per share</td> <td class="">&euro;<br></td> <td class="">0.20</td> <td class="last">0.19</td> </tr> </tbody> </table> </div> <div class="tableContainerWide"> <h3>Key indicators and operating results of the DAB bank Group according to IFRS, by quarter</h3> <table width="100%" cellspacing="0" cellpadding="1" border="1" align="" class="tableContent"> <thead> <tr class="each"> <th scope="col" class=""><strong>Key indicators</strong></th> <th scope="col" class=""><strong><br></strong></th> <th scope="col" class=""><strong>Q2/2008</strong></th> <th scope="col" class=""><strong>Q1/2008</strong></th> <th class="last" scope="col"><strong>Q2/2007</strong></th> </tr> </thead> <tbody> <tr class="odd"> <td class="">Securities accounts</td> <td class="">No.</td> <td class="">1,095,198<br></td> <td class="">1,107,685</td> <td class="last">1,085,324</td> </tr> <tr class="each"> <td class="">Trades executed</td> <td class="">No.</td> <td class="">2,054,783</td> <td class="">2,381,226</td> <td class="last">2,712,782</td> </tr> <tr class="odd"> <td class="">Trades per securities account (annualized)</td> <td class="">No.</td> <td class="">7.48</td> <td class="">8.63</td> <td class="last">10.05</td> </tr> <tr class="each"> <td class="">Customer assets under administration</td> <td class="">&euro; bn</td> <td class="">29.04</td> <td class="">29.48</td> <td class="last">32.84</td> </tr> <tr class="odd"> <td class="">thereof in investment funds</td> <td class="">&euro; bn</td> <td class="">15.83</td> <td class="">15.92</td> <td class="last">18.04</td> </tr> <tr class="each"> <td class=""><strong>Operating results</strong></td> <td class=""><strong><br></strong></td> <td class=""><strong>Q2/2008</strong></td> <td class=""><strong>Q1/2008</strong></td> <td class="last"><strong>Q2/2007</strong></td> </tr> <tr class="odd"> <td class="">Net financial income*</td> <td class="">k&euro;</td> <td class="">11,497</td> <td class="">15,453</td> <td class="last">4,360</td> </tr> <tr class="each"> <td class="">Net commission income</td> <td class="">k&euro;</td> <td class="">27,030</td> <td class="">28,997</td> <td class="last">34,453</td> </tr> <tr class="odd"> <td class="">Administrative expenses</td> <td class="">k&euro;</td> <td class="">31,022</td> <td class="">33,679</td> <td class="last">33,219</td> </tr> <tr class="each"> <td class="">Profit before taxes</td> <td class="">k&euro;</td> <td class="">9,046</td> <td class="">13,487</td> <td class="last">10,081</td> </tr> <tr class="odd"> <td class="">Net profit for the quarter</td> <td class="">k&euro;</td> <td class="">5,934</td> <td class="">9,236</td> <td class="last">6,480</td> </tr> <tr class="each"> <td class="">Cost-income ratio</td> <td class="">in %<br></td> <td class="">77.4</td> <td class="">71.4</td> <td class="last">76.7</td> </tr> <tr class="odd"> <td class="">Earnings per share</td> <td class="">&euro;<br></td> <td class="">0.08</td> <td class="">0.12</td> <td class="last">0.09</td> </tr> </tbody> </table> </div> <div class="smallText"> <p class="MsoNormal"></p> <p class="MsoNormal">* Net financial income = Net interest income before credit risk provisions + Trading profit/loss + Profit/loss from investments.</p> </div>
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