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Corporate Communications vom 30.10.2014

DAB Bank: Nine-month profit before taxes 27% higher than year-ago

Uninterrupted customer growth and net fund inflows / High trade numbers even in the summer months

Munich, October 30, 2014.

The DAB Bank Group (Munich) continued its operational growth in the third quarter, generating a profit before taxes of EUR 6.35 million in the months from July to September, 20% more than the corresponding year-ago figure (Q3 2013: EUR 5.29 million). At EUR 18.80 million, the profit before taxes for the first three quarters of 2014 was roughly 27% higher than the year-ago figure (9M 2013: EUR 14.79 million). "Thus, we are well on the way to achieving our target of an up to 20% increase in the operating profit for the full year 2014," said Ernst Huber, Management Board Spokesman of DAB Bank. "Precisely during the summer months, when business is usually somewhat slower because of the vacation season, we acquired many new customers for DAB Bank, and our customers were very active as well."

DAB Bank executed 1.33 million trades for its customers in the months from July to September. That number is more than 9% higher than trades executed in the third quarter of last year, and more than 10% higher than trades executed in the second quarter of 2014. The 4.01 million trades executed in the first nine months of 2014 were more than 8% higher than the corresponding year-ago figure.

On a net basis, DAB Bank increased its customer base by more than 8,000 customers in the third quarter, more than any one of the very good preceding quarters. As of September 30, DAB Bank served a total of 642,580 customers. Customer assets held in custody also increased in the third quarter. Thanks to continuously good net fund inflows, customer assets rose by nearly EUR 0.9 billion to EUR 35.75 billion, marking a new all-time record for DAB Bank.

In line with the generally positive performance, DAB Bank generated net commission income of EUR 64.10 million in the first nine months of 2014, roughly EUR 1.5 million higher than the year-ago figure. In particular, the net interest income of EUR 37.23 million was 37% higher than the corresponding figure for the first nine months of 2013. As planned, the trading profit and profit from investments fell considerably, from EUR 6.70 million in the year ago period to EUR 2.12 million in the period just ended.

At EUR 103.16 million, total operating income for the period from January to September was 7% higher than the year-ago figure. By contrast, administrative expenses rose by only slightly more than 4% over the year-ago figure to EUR 83.56 million, in a reflection of the strict cost management practiced at DAB Bank.

On July 31, HypoVereinsbank announced that it had reached an agreement with BNP Paribas on the sale of its majority interest in DAB Bank. The necessary regulatory approvals are expected in the coming weeks, after which the deal will be closed.

DAB Bank Group: Key Indicators and Operating Results According to IFRS:

Key indicators 9M 2014 9M 2013
Customers No. 642,580 615,178
Securities accounts No. 622,007 616,197
Bank accounts No. 242,694 192,528
Trades executed No. 4,020,946 3,717,707
Trades per securities account, annualized No. 8.65 8.05
Customer assets held in custody EUR bn 35.75 31.08
thereof in investment funds EUR bn 17.81 14.71
Operating results
Net interest income k EUR 37,234 27,145
Trading profit/loss and profit/loss from investments k EUR 2,124 6,699
Net commission income k EUR 64,099 62,607
Administrative expenses k EUR 83,562 80,207
Profit before taxes k EUR 18,804 14,790
Net profit after taxes k EUR 12,601 9,341
Cost-income ratio in % 81.6 84.4
Earnings per share EUR 0.14 0.10

Key indicators Q3/2014 Q2/2014 Q3/2013
Customers No. 642,580 634,354 615,178
Securities accounts No. 622,007 619,302 616,197
Bank accounts No. 242,694 230,691 192,528
Trades executed No. 1,326,120 1,200,460 1,211,734
Customer assets held in custody EUR bn 35.75 34.87 31.08
thereof in investment funds EUR bn 17.81 17.03 14.71
Operating results
Net interest income k EUR 12,466 12,407 10,177
Trading profit/loss and profit/loss from investments k EUR 142 1,336 2,052
Net commission income k EUR 20,941 20,386 19,827
Administrative expenses k EUR 26,955 28,123 25,974
Profit before taxes k EUR 6,347 5,584 5,289
Net profit after taxes k EUR 4,253 3,748 2,858
Cost-income ratio in % 80.9 83.4 83.5
Earnings per share EUR 0.05 0.04 0.03

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