Hitt og þetta 24. apríl 2006

comdirect: record pre-tax profit for Q1 of EUR 25m

Quickborn/Frankfurt/Main, 24 April 2006. comdirect bank (www.comdirect.de) generated pre-tax profit of EUR 25.2m in the first quarter of 2006, almost doubling the figure for the previous year (EUR 13.0m). "The second year of our comvalue growth programme has got off to a fantastic start," said Andre Carls, CEO of comdirect bank. He continued: "We have achieved strong growth and new record profits."

Compared to the previous year, comdirect bank's customers have carried out trades more frequently and invested more in funds and certificates. With 2.53 million orders executed in the first quarter, following a figure of 1.56 million for the previous year, the number of orders reached the highest level since 2000. Net commission income rose year-on-year by 75.6% to total EUR 39.1m. Carls explained: "The excellent commission income result shows that, as Germany's leading online broker, we continue to utilise the opportunities offered by securities business. At the same time, through the enhancement of our banking and advisory offering, we are achieving sustained growth and more stable earnings." As a result of the increase in customer deposits and the increase in interest in the first quarter, net interest income before provisions was up 24.9% to EUR 19.0m.

The number of customers rose 10.0% in the first quarter to total 721,836 - the highest level in the bank's history. Around two thirds of the total increase of 65,772 new customers is attributable to the acquisition of the customer portfolio from American Express Bank GmbH at the beginning of the year. The number of current accounts was up 20.2% to 187,406, while the number of custody accounts rose 5.2% to 579,477 and the number of securities savings plans climbed 16.3% to 107,440 overall. Total assets under custody posted growth of 16.3% in the first quarter, also reaching a new record high with EUR 14.98m. According to Carls: "The bank is continuing its value-oriented growth in 2006, with all key value drivers recording significant improvement."

Administrative expenses rose year-on-year as scheduled by 27.5% to stand at EUR 33.3m. The increase is attributable to the comvalue growth programme, which was launched in the first quarter of 2005 and began to take effect in the following quarter. Overall, other administrative expenses were up 36.7% to EUR 23.5m. Personnel costs increased by 12.4% to EUR 7.6m and depreciation by 1.4% to EUR 2.2m. As a result of the favourable earnings situation, the cost/income ratio improved from 66.3% to 56.1%.

Linked to the comvalue growth programme is a product and market offensive. As in previous quarters, the bank has invested considerably in marketing and sales as well as adopting numerous measures to improve the product and service offering in brokerage, banking and advice. Carls announced: "We will continue to proactively drive forward our product offensive as we did in the first quarter." According to Carls, the range of securities savings plans in brokerage will be extended, a completely revised mobile banking offering will be introduced in banking and a training and qualifications drive with a particular focus on financial investments will be promoted in advice. comdirect's market offensive is also continuing: since April, the bank has had a new TV spot for the only current account that pays you.

Key figures

+-------------------------------------------------------------------+ | EUR '000 | Q1/05 | Q4/05 | Q1/06 | Q1/06 vs. | | | | | | Q1/05 | |----------------------------+--------+--------+--------+-----------| | Net interest income before | 15,222 | 16,056 | 19,017 | 25% | | provisions | | | | | |----------------------------+--------+--------+--------+-----------| | Provisions | -221 | -333 | -854 | 286% | |----------------------------+--------+--------+--------+-----------| | Net commission income | 22,234 | 28,543 | 39,051 | 76% | |----------------------------+--------+--------+--------+-----------| | Other income | 1,943 | -2,174 | 1,305 | -33% | |----------------------------+--------+--------+--------+-----------| | Administrative expenses | 26,136 | 34,163 | 33,324 | 28% | |----------------------------+--------+--------+--------+-----------| | Pre-tax profit | 13,042 | 7,929 | 25,195 | 93% | |----------------------------+--------+--------+--------+-----------| | After-tax profit | 8,289 | 4,047 | 16,149 | 95% | +-------------------------------------------------------------------+

Press contact: Ullrike Hamer, comdirect bank AG, tel. +49 4106 704 1960, e-mail: presse@comdirect.de.