DAB bank AG / Half Year Results/Quarter Results
29.07.2008
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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First-half pretax profit on the level of the year-ago figure, despite the
much weaker market environment in 2008 / Net financial income for the first
half of 2008 twice as high as the year-ago figure / Substantially reduced
costs / Profit after taxes higher than the year-ago figure
Munich, July 29, 2008. The DAB bank Group (Munich), which operates in
Germany and Austria, generated a pretax profit of 22.53 million in the
first six months of 2008, that being on the level of the corresponding
figure for the first half of 2007 (Q1-Q2 2007: 22.67 million). The pretax
profit for the second quarter of 2008 was 9.05 million (Q2 2007: 10.08
million). At 15.17 million, the profit after taxes and minority interests
for the first six months of 2008 was nearly 5% higher than the year-ago
figure (Q1-Q2 2007: 14.50 million).
'Thanks to the solid increase in the net financial income and the practice
of strict cost management, we managed to earn a profit in the first half of
2008 that was on the level of the profit for the first half of 2007,
although the market situation was immeasurably worse and the number of
trades executed were substantially less in the current year, as compared
with last year,' said Alexander von Uslar of the DAB bank Executive Board.
'As there have been no signs for a market recovery up to now, we anticipate
that the full-year profit for 2008 will likewise be somewhere on the level
of the profit for 2007.'
Investor sentiment was dampened by the falling stock market indexes, with
the DAX losing about 20% from the beginning of this year to the end of
July. Other negative factors weighing on the markets were the rising
interest rates in the euro zone, surging food and energy prices, which
pushed the rate of inflation higher, and slowing economic growth. Amid
these conditions, DAB bank executed 4,436,009 trades for its customers in
the months from January to June 2008, that being 25.1% less than in the
corresponding year-ago period (Q1-Q2 2007: 5,919,593). Consequently, the
net commission income of 56.03 million was 23.6% less than the
corresponding figure for the first half of 2007 (Q1-Q2 2007: 73.36
million).
On a positive note, the net financial income of DAB bank exhibited strong
growth. At 26.95 million, the net financial income for the first six
months of 2008 was twice as high as the corresponding year-ago figure
(Q1-Q2 2007: 13.48 million). At the same time, DAB bank lowered its costs
considerably from the year-ago period. The administrative expenses for the
period from January to June 2008 amounted to only 64.70 million, as
compared with 68.29 million for the first six months of 2007.
As of June 30, 2008, the number of securities accounts administered by DAB
bank amounted to 1,095,198. Whereas the number of securities accounts
carried for individual investors (B2C segment) and for business customers
(B2B segment) were little changed, the number of securities accounts in the
FondsServiceBank segment was reduced by nearly 12,000, as planned.
Moreover, the volume of customer assets under administration declined
slightly, from 29.48 billion at the end of the first quarter to 29.04
billion at the end of the second quarter. This decrease was caused by the
continued decline of stock market indexes around the world.
Key indicators and operating results of the DAB bank Group according to
IFRS, first half<pre>
Key indicators First Half First Half
2008 2007
Securities accounts No. 1,095,198 1,085,324
Trades executed No. 4,436,009 5,919,593
Trades per securities account No. 8.06 11.25
(annualized)
Customer assets under administration bn 29.04 32.84
thereof in investment funds bn 15.83 18.04
Operating results First Half First Half
2008 2007
Net financial income* k 26,950 13,478
Net commission income k 56,027 73,362
Administrative expenses k 64,701 68,292
Profit before taxes k 22,533 22,672
Net profit k 15,170 14,496
Cost-income ratio in % 74.2 75.1
Earnings per share 0.20 0.19</pre>
Key indicators and operating results of the DAB bank Group according to
IFRS, by quarter<pre>
Key indicators Q2/2008 Q1/2008 Q2/2007
Securities accounts No. 1,095,198 1,107,685 1,085,324
Trades executed No. 2,054,783 2,381,226 2,712,782
Trades per securities account No. 7.48 8.63 10.05
(annualized)
Customer assets under bn 29.04 29.48 32.84
administration
thereof in investment funds bn 15.83 15.92 18.04
Operating results Q2/2008 Q1/2008 Q2/2007
Net financial income* k 11,497 15,453 4,360
Net commission income k 27,030 28,997 34,453
Administrative expenses k 31,022 33,679 33,219
Profit before taxes k 9,046 13,487 10,081
Net profit for the quarter k 5,934 9,236 6,480
Cost-income ratio in % 77.4 71.4 76.7
Earnings per share 0.08 0.12 0.09</pre>
* Net financial income = Net interest income before credit risk provisions
+ Trading profit/loss + Profit/loss from investments.
Contact:
If you have queries, please contact Dr. Jürgen Eikenbusch, DAB bank, +49 89
500 68 595 or communications@dab.com.
DGAP 29.07.2008
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Language: English
Issuer: DAB bank AG
Landsberger Straße 300
80687 München
Deutschland
Phone: +49 (0)89 500 68 595
Fax: +49 (0)89 500 68 669
E-mail: communications@dab.com
Internet: www.dab.com
ISIN: DE0005072300
WKN: 507230
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Hannover, Stuttgart, München, Hamburg, Düsseldorf;
Foreign Exchange(s) Paris
End of News DGAP News-Service
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DGAP-News: DAB bank generates first-half profit on the level of the year-ago period
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