Corporate Communications vom 29.10.2013
DAB Bank reports continued growth of its operating business in the third quarter
New record for customer assets held in custody / Clear upward trend of trades executed and customer numbers / Third-quarter profit before taxes comes to EUR 5.29 million
Munich, October 29, 2013.
The DAB Bank Group, Munich, continued to grow its operating business in the third quarter of the current financial year. Thanks to strong net fund inflows, customer assets increased by around EUR 1.5 billion in the period from July to September, reaching the record level of EUR 31.08 billion. DAB Bank also increased its customer base by more than 6,000, bringing the total to 615,178 customers. Thus, DAB Bank has added more than 18,000 net new customers since the beginning of the current financial year. The growth in bank accounts carried for customers has been especially impressive, with more than 37,000 bank accounts added since the beginning of this year, bringing the total to 192,528. At 1.21 million, DAB Bank also executed significantly more trades for its customers in the third quarter, compared to the year-ago figure (Q3 2012: 1.00 million). "The growth program launched at the start of this year, including the redesigned checking account and numerous innovations in our securities-related services, has continued to bear fruit in the past few months. We are currently experiencing strong growth in all our key operational indicators," said Ernst Huber, Management Board Spokesman of DAB Bank.
The growth of DAB Bank's operating business is clearly reflected in the bank's net commission income. At EUR 62.61 million, the net commission income generated in the first nine months of the current year is already more than EUR 5 million higher than the corresponding year-ago figure (9M 2012: EUR 57.52 million). However, DAB Bank's net interest income has been adversely affected by the persistently low level of interest rates. While the third-quarter net interest income of EUR 10.18 million was significantly higher than the corresponding figure for the preceding quarter (Q2 2013: EUR 8.22 million), it was nonetheless lower than the year-ago figure (Q3 2012: EUR 11.80 million). At EUR 2.05 million, the trading profit and profit from investments together were slightly lower, as planned, than the respective figures for the second quarter of this year and the third quarter of last year (Q3 2012: EUR 2.23 million; Q2 2013 EUR 2.72 million).
Thanks to active cost management, DAB Bank's third-quarter administrative expenses of EUR 25.97 million were significantly lower than the respective comparison figures (Q3 2012: EUR 27.49 million; Q2 2013: EUR 27.74 million). DAB Bank's third-quarter profit before taxes of EUR 5.29 million was higher than the corresponding figure for the second quarter of this year (Q2 2013: EUR 4.79 million), but slightly lower than the corresponding year-ago figure (Q3 2012: EUR 5.44 million). Thus, the profit before taxes for the first nine months of 2013 came to EUR 14.79 million, as compared to EUR 21.43 million in the year-ago period. However, the net interest income generated in the first nine months was about EUR 11 million less than the corresponding year-ago period, due to the persistently low level of market interest rates. DAB Bank is re-affirming its forecast that the profit before taxes for the full year 2013 will be at least one third less than the corresponding figure for 2012, when the bank generated a profit before taxes of EUR 28.03 million.
As in prior periods, DAB Bank introduced new products and services to the market in the past few months. In this regard, DAB Bank's new website is especially noteworthy. It was not only optically modernized, but was in fact redesigned from the ground up to make it even more user-friendly than before, based on the feedback received from more than 5,000 customers and other interested parties. Customers' response to the new website has been very positive since it went live in August.
DAB Bank Group: Key Indicators and Operating Results According to IFRS:
|Key Indicators||9M 2013||9M 2012|
|Trades per securities account, annualized||No.||8.05||6.95|
|Customer assets||EUR bn||31.08||27.42|
|thereof in investment funds||EUR bn||14.71||12.98|
|Operating results||9M 2013||9M 2012|
|Net interest income||kEUR||27,145||38,156|
|Trading profit and profit form investments||kEUR||6,699||8,542|
|Net commission income||kEUR||62,607||57,519|
|Profit before taxes||kEUR||14,790||21,434|
|Net profit after taxes||kEUR||9,341||14,337|
|Cost-income ratio||in %||84.4||79.5|
|Customer assets||EUR bn||31.08||29.61||27.42|
|thereof in investment funds||EUR bn||14.71||14.05||12.98|
|Net interest income||kEUR||10,177||8,222||11,795|
|Trading profit and profit from investments||kEUR||2,052||2,724||2,228|
|Net commission income||kEUR||19,827||21,937||18,683|
|Profit before taxes||kEUR||5,289||4,786||5,438|
|Net profit after taxes||kEUR||2,858||3,240||3,325|
|Cost-income ratio||in %||83.5||85.3||83.5|
|Earnings per share||EUR||0.03||0.03||0.04|
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