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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
Customers No. 615,178 598,529
Securities accounts No. 616,197 617,094
Bank accounts No. 192,528 153,165
Trades executed No. 3,717,707 3,224,877
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
Administrative expenses kEUR 80,207 83,029
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
Cost-income ratio EUR 0.10 0.17

Key Indicators Q3/2013 Q2/2013 Q3/2012
Customers No 615,178 609,003 598,529
Securities accounts No. 616,197 615,837 617,094
Bank accounts No. 192,528 179,280 153,165
Trades executed No. 1,211,734 1,294,239 1,001,826
Customer assets EUR bn 31.08 29.61 27.42
thereof in investment funds EUR bn 14.71 14.05 12.98
Operating results Q3/2013 Q2/2013 Q3/2012
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
Administrative expenses kEUR 25,974 27,742 27,490
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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