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Corporate Communications vom 30.04.2014

DAB Bank books a substantially higher profit in the first quarter of 2014

Profit before taxes of EUR 6.87 million is about 46% higher than the year-ago figure /Considerably higher customer trading activity, with approximately 1.5 million trades executed in the first quarter

Munich, April 30, 2014.

The DAB Bank Group, Munich, generated a substantially higher profit before taxes in the first quarter of the current year. At EUR 6.87 million, this result is about 46 % higher than the corresponding figure for the first quarter of last year (Q1 2013: EUR 4.72 million). We executed approximately 1.5 million trades for our customers in the period from January to March. You would have to go back to 2008 to find such a high level of customer trading activity in a single quarter, said Ernst Huber, Management Board Spokesman of DAB Bank. Besides the strong net commission income in the first quarter, our net interest income also recovered from its low point last year.

At EUR 22.77 million, the bank's net commission income was more than 9 % higher than the corresponding figure for the first quarter of last year. The increase in net interest income was even more impressive, as this figure rose by 41 % from EUR 8.75 in the first quarter of last year to EUR 12.36 million in the period just ended. By contrast, the trading profit/loss and the profit/loss from investments were no longer as high as they have been in prior periods, but were still clearly positive, at EUR 0.65 million.

DAB Bank generated total operating income of EUR 35.78 million in Q1 2014, reflecting an increase of about 14 % over the corresponding year-ago figure. Thanks to the continued practice of strict cost management, administrative expenses rose by only 7.5 %, to EUR 28.48 million, that being much smaller than the increase in total income.

DAB Bank's key operational indicators also exhibited a very positive development. For example, DAB Bank executed 1.49 million trades for its customers in the period from January to March 2014, reflecting an increase of slightly more than 23 % over the already strong year-ago figure. In the time from the end of 2013 to the end of March 2014, DAB Bank increased its customer base by a net addition of slightly more than 7,000 customers, bringing the total to 628,006. Furthermore, customer assets held in custody rose considerably, by EUR 1.1 billion to EUR 33.59 billion, in the first three months of 2014, thanks to persistently strong net fund inflows.

The continuous customer growth and persistently strong net fund inflows prove that our new positioning is succeeding in the market, said Ernst Huber. Founded 20 years ago as Germany's first direct broker, DAB Bank has been expanding its offering of banking products and services for over a year now, with the goal of becoming the first bank for more and more of its customers. The product portfolio was recently expanded further with the addition of installment loans. Furthermore, DAB Bank offers two new savings products, "DAB Zielsparen", featuring a fixed interest rate, depending on the term, and "DAB Stufenzinssparen", featuring an annually increasing rate of interest.

DAB Bank Group: Key Indicators and Operating Results According to IFRS in the First Quarter of 2014:

Key indicators Q1/2014 Q4/2013 Q1/2013
Customers No. 628,.006 620,897 602,661
Securities accounts No. 617,767 617,070 615,374
Bank accounts No. 218,547 204,721 167,669
Trades executed No. 1,494,366 1,247,032 1,211,734
Trades per securities account, annualized No. 9.68 8.06 7.88
Customer assets EUR bn 33.59 32.49 30.18
thereof in investment funds EUR bn 16.11 15.45 14.33
Operating results
Net interest income T EUR 12,361 11,495 8,746
Trading profit/loss and profit/loss from investments T EUR 646 -317 1,923
Net commission income T EUR 22,772 23,346 20,843
Administrative expenses T EUR 28,484 28,526 26,491
Earnings before taxes T EUR 6,873 4,427 4,715
Net profit after taxes T EUR 4,600 2,930 3,243
Cost-income ratio in % 80.6 86.6 84.9
Earnings per share EUR 0.05 0.03 0.04

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