Hitt og þetta 24. júlí 2007

comdirect bank at the end of H1 2007: record profit of EUR 47.4m ...

comdirect bank at the end of H1 2007: record profit of EUR 47.4m - further intensified growth planned Quickborn/Frankfurt/Main, 24 July 2007. comdirect bank (www.comdirect.de) generated a record pre-tax profit of EUR 47.4m in the first six months of the year, exceeding even the EUR 46.9m of the previous year. "After an excellent start to financial year 2007, business activities also developed very well in the second quarter. For the year as a whole, we aim to achieve pre-tax profit of more than EUR 75m," said Andre Carls, CEO of comdirect bank. On the earnings side, a record value of EUR 134.7m was achieved in the first half of the year, representing a rise of 17.3% on the first six months of 2006. This was triggered by the development in net interest income before provisions, which at EUR 58.0m significantly outstripped the previous year's figure (EUR 40.9m) as a result of the sharp rise in the deposit volume since the start of the year (up by more than EUR 2.2bn). With a slight increase in the number of orders executed to 5.16 million in the first half of 2007, at EUR 77.1m, net commission income remained at a high level (previous year: EUR 76.6m). The total number of customers rose in the second quarter by 50,658 to 888,056, up by around 83,000 overall since the start of the year. On 30 June 2007, total assets under custody reached a new record high of EUR 19.6bn - an increase of 36.9% on the previous year. This was due to strong growth in the deposit volume as well as the success of our Tagesgeld PLUS ("call money plus") account. Launched in November 2006, the product was being used by 253,000 customers by the middle of this year, which is 93,000 more than at the end of the first quarter. "The figures show that this year we are successfully continuing our strong growth course from the previous year," explained Carls. As planned, increased earnings were countered by higher administrative expenses under the comvalue growth programme. In the first half of 2007 these were up 28.4% year-on-year to EUR 87.3m (previous year: EUR 68.0m). The majority of these costs were attributable to other administrative expenses, which rose by 34.5% to EUR 63.5m due to the costs of the intensified market and product offensive. Personnel costs increased as a result of the rise in the number of employees from EUR 16.1m to EUR 19.1m. This also pushed up the cost/income ratio from 58.5% in the first half of 2006 to 64.5%. Given the positive trend in earnings, comdirect bank intends to further intensify and increase the costs for the comvalue growth programme in the second half-year. The overall planned growth budget from 2007 to 2009 is up to EUR 150m. Up to EUR 50m is to be made available for comvalue in 2007. "We will boost comvalue even further in the second half of the year and are therefore reinforcing our investment in a comprehensive market and product offensive as well as in the expansion of our customer services and IT infrastructure," added Carls. Continuing, he explained that the bank aims to gain new customers for the entire range of products and services, with a focus on banking. Despite the additional costs for the growth programme, the target for financial year 2007 as a whole is to achieve pre-tax profit of more than EUR 75m. Overview +---------------------------------------------------------------------+ |EUR thousand | Q2/06| Q1/07| Q2/07| H1/06| H1/07| H1/07| | | | | | | | vs| | | | | | | | H1/06| |--------------------------+------+------+------+------+------+-------| |Net interest income before|21,910|28,567|29,413|40,927|57,980| 41.7%| |provisions | | | | | | | |--------------------------+------+------+------+------+------+-------| |Provisions | -417| -495| -231|-1,271| -726|- 42.9%| |--------------------------+------+------+------+------+------+-------| |Net commission income |37,544|39,073|37,998|76,595|77,071| 0.6%| |--------------------------+------+------+------+------+------+-------| |Other income |-2,717| 1,100| -761|-1,412| 339| -| |--------------------------+------+------+------+------+------+-------| |Administrative |34,628|42,382|44,884|67,952|87,266| 28.4%| |expenses | | | | | | | |--------------------------+------+------+------+------+------+-------| |Pre-tax profit |21,692|25,863|21,535|46,887|47,398| 1.1%| |--------------------------+------+------+------+------+------+-------| |After-tax profit |13,982|16,837|14,161|30,131|30,998| 2.9%| +---------------------------------------------------------------------+ Length: 3,177 characters incl. spaces, excl. table Press contact: Johannes Friedemann, comdirect bank AG, Tel.: +49 4106-704 3402, e-mail: presse@comdirect.de Note for editors: All press releases are available at http://www.comdirect.de/pr If you no longer wish to receive press releases, please send an e-mail to this effect to presse@comdirect.de --- End of Message --- comdirect bank AG Pascalkehre 15 Quickborn WKN: 542800; ISIN: DE0005428007; Index: CDAX, CLASSIC All Share, Prime All Share, SDAX; Listed: Prime Standard in Frankfurter Wertpapierbörse, Geregelter Markt in Frankfurter Wertpapierbörse, Freiverkehr in Börse Berlin Bremen, Freiverkehr in Börse Düsseldorf, Freiverkehr in Hanseatische Wertpapierbörse zu Hamburg, Freiverkehr in Niedersächsische Börse zu Hannover, Freiverkehr in Bayerische Börse München, Freiverkehr in Börse Stuttgart;