DAB bank AG / Quarter Results
28.04.2009
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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Net interest income hits record level / Administrative expenses nearly 10%
lower than the year-ago quarter / 12,500 net new securities accounts in the
B2C segment
Munich, April 28, 2009. The DAB bank Group (Munich) generated a solid
pretax profit of EUR6.43 million in the first quarter of 2009. In the first
quarter of the previous year, when the market environment was much
healthier, the direct bank had posted a record pretax profit of EUR13.49
million.
DAB bank increased its net interest income substantially, by 27.3%, over
the year-ago period to reach a new all-time-high of EUR17.09 million (Q1
2008: EUR13.42 million). At EUR18.63 million, the net commission income
generated in the first quarter of 2009 was 35.8% less than the
corresponding year-ago figure (Q1 2008: EUR29.00 million). This increase
was caused mainly by the lower number of trades executed for customers of
DAB bank, in a development that mirrored the trend of the overall market.
In the B2C segment, DAB bank's customers who are individual investors
executed 30.6% fewer trades in the first quarter of 2009, as compared with
the first quarter of 2008. On a Groupwide basis, including
FondsServiceBank, DAB bank executed 1,536,509 trades for its customers in
the first quarter, indicative of a 35.5% decrease from the first quarter of
2008. On the other hand, DAB bank managed to lower its administrative
expenses substantially, by 9.5%, from EUR33.68 million in the first quarter
of 2008 to EUR30.50 million in the first quarter of 2009.
'We can be proud of our results in the first quarter. The fact that we
earned a pretax profit of more than EUR6 million in spite of the
considerable restraint practiced by investors in the first quarter shows
that the business model of DAB bank is robust and that we can operate on a
profitable basis even under extremely weak market conditions,' said
Alexander von Uslar of the DAB bank Management Board.
DAB bank registered a net increase in the number of securities accounts
carried for individual investors in its B2C segment. At March 31, DAB bank
administered a total of 515,907 B2C securities accounts, that being almost
12,500 more than at the end of 2008. As a result of further planned
closures of securities accounts at FondsServiceBank, the Groupwide total
number of securities accounts was nearly unchanged at 1,088,481 (Q4 2008:
1,091,013).
The volume of customer assets held up well compared to the level at the end
of 2008. Although the leading stock market indexes fell further in the
first quarter, with the DAX losing about 16%, the volume of customer assets
held in the securities accounts and cash deposits of DAB bank at March 31,
2009 fell only 2.6% from their level at year-end 2008, to EUR22.55 billion.
Key indicators and operating results of DAB bank AG in the first quarter of
2009,
according to IFRS: <pre>
Key indicators Q1/2009 Q4/2008 Q1/2008
Securities accounts No. 1,088,481 1,091,013 1,107,685
Trades executed No. 1,536,509 2,821,754 2,381,226
Trades per securities account No. 5.66 10.36 8.63
(annualized)
Customer assets under adm. EUR bn 22.55 23.16 29.48
thereof in investment funds EUR bn 12.18 12.34 15.92
Operating results Q1/2009 Q4/2008 Q1/2008
Net financial income* kEUR 17,536 15,768 15,453
Net commission income kEUR 18,631 29,210 28,997
Administrative expenses kEUR 30,493 34,097 33,679
Pretax profit kEUR 6,426 10,006 13,487
Net profit for the quarter kEUR 4,488 7,477 9,285
Cost-income ratio in % 82.6 77.3 71.4
Earnings per share EUR 0.06 0.10 0.12</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. Juergen Eikenbusch, DAB bank, +49
89 500 68 595 oder communications@dab.com.
Contact:
Bei Rückfragen wenden Sie sich bitte an Dr. Jürgen Eikenbusch, DAB bank,
+49 89 500 68 595 oder communications@dab.com.
DGAP 28.04.2009
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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 reports solid quarterly profit of EUR6.43 million
| Source: EQS Group AG