DAB bank AG / Half Year Results
28.07.2009
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 financial income was up 30% over the year-ago period; thanks to strict
cost management, administrative expenses were down about 7% from the
year-ago period / Pretax profit of EUR25 million projected for the full
year
2009
Munich, 28 July 2009. The DAB bank Group, Munich, which operates in Germany
and Austria, generated a pretax profit of EUR7.96 million in the second
quarter of 2009. Despite the more difficult market environment, this result
is not far below the pretax profit for the second quarter of last year (Q2
2008: EUR9.05 million) and is was certainly well above the pretax profit
for the first quarter of this year (Q1 2009: EUR6.43 million). Thus, DAB
bank's pretax profit for the first six months came to EUR14.39 million
(Q1-Q2 2008: EUR22.53 million).
'Despite the lower net commission income that resulted from the still
restrained level of trading activity on the part of investors in the stock
markets, we are proud to present solid results for the first six months of
2009,' said Dr. Markus Walch of the DAB bank Management Board. 'The very
good net interest income and strict cost management were especially
important factors contributing to this solid result.'
At EUR35.00 million, the net financial income - defined as the sum of net
interest income before credit risk provisions, the profit or loss from
investments and the trading profit or loss - for the first six months of
2009 was 29.9% higher than the corresponding year-ago figure of EUR26.95
million. The administrative expenses of EUR60.31 million were 6.8% less
than
the corresponding year-ago figure of EUR64.70 million.
In the second quarter of 2009, DAB bank executed 1,065,696 trades for its
customers in the core business segments of B2B and B2C, that being 14.7%
more than in the first quarter. However, the number of trades executed for
B2B and B2C customers in the first six months of 2009 was 18.4% fewer than
the year-ago figure. All together (including FondsServiceBank), DAB bank
executed 3,153,069 trades for its customers in the first half of 2009, that
being 28.9% fewer than in the first six months of 2008. The net commission
income was also lower, in line with customers' reduced trading activity. At
EUR38.93 million, the net commission income for the first six months of
2009 was 30.5% less than the corresponding year-ago figure (Q1-Q2 2008:
EUR56.03 million). Nonetheless, the net commission income rose from
EUR18.63 million in the first quarter to EUR19.97 million in the second
quarter of 2009.
At June 30, 2009, DAB bank carried 1,075,470 securities accounts for its
customers, as compared with 1,088,481 at March 31, 2009. Whereas the number
of securities accounts carried for customers of the B2B and B2C segments
exhibited sideways movement, the figure for FondsServiceBank declined in
the second quarter by nearly 11,000 securities accounts. The customer
assets under custody, on the other hand, increased by almost EUR2 billion,
from EUR22.55 billion at the end of the first quarter to EUR24.47 billion
at June 30, 2009, due to the market trend and net fund inflows.
'In view of the current economic environment, we do not believe that the
number of trades executed for customers will increase significantly in the
coming months. Furthermore, we expect that our net financial income for the
second half of 2009 will be much lower than for the first six months, due
to the general direction of interest rates,' said Dr. Markus Walch.
'Nonetheless, we anticipate a solid full-year profit for 2009.' For the
full year 2009, DAB bank is projecting a pretax profit of EUR25.00 million
(2008: EUR11.49 million). This figure contains the positive, non-recurring
effect from the sale of FondsServiceBank in the amount of approximately
EUR4
million, which is expected to be recognized in the fourth quarter of 2009.
DAB bank Group: Key indicators and operating results according to IFRS:
<pre>
Key indicators Q1-Q2 2009 Q1-Q2 2008
Securities accounts No. 1,075,470 1,095,198
Trades executed No. 3,153,069 4,436,009
Trades executed per securities account, No. 5.82 8.06
annualized
Customer assets held in custody EUR bn 24.47 29.04
thereof in investment funds EUR bn 13.27 15.83
Operating results Q1-Q2 2009 Q1-Q2 2008
Net financial income* kEUR 35,004 26,950
Net commission income kEUR 38,927 56,027
Administrative expenses kEUR 60,307 64,701
Pretax profit kEUR 14,385 22,533
Profit after taxes kEUR 9,986 15,170
Cost-income ratio in % 80.7 74.2
Earnings per share EUR 0.13 0.20
</pre>
<pre>
Key indicators Q2/2009 Q1/2009 Q2/2008
Securities accounts No. 1,075,470 1,088,481 1,095,198
Trades executed No. 1,616,560 1,536,509 2,054,784
Trades executed per securities
account, No., annualized 6.03 5.66 7.48
Customer assets held in custody EUR bn 24.47 22.55 29.04
thereof in investment funds EUR bn 13.27 12.18 15.83
Operating results Q2/2009 Q1/2009 Q2/2008
Net financial income* kEUR 17,468 17,536 11,497
Net commission income kEUR 20,296 18,631 27,030
Administrative expenses kEUR 29,814 30,493 31,022
Pretax profit kEUR 7,959 6,426 9,046
Quarterly profit after taxes kEUR 5,490 4,488 5,990
Cost-income ratio in % 78.9 82.6 77.4
Earnings per share EUR 0.07 0.06 0.08
</pre>
* Net financial income = Net interest income before credit risk provisions
+ Trading profit or loss + Investment profit or loss.
Contact:
If you have queries, pls. contact Dr. Jürgen Eikenbusch, DAB bank, +49 89
500 68 595 oder communications@dab.com.
DGAP 28.07.2009
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Language: English
Issuer: DAB bank AG
Landsberger StraÃe 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, München, Hannover, Düsseldorf, Stuttgart,
Hamburg; Foreign Exchange(s) Paris
End of News DGAP News-Service
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DGAP-News: DAB bank AG: Solid second quarter boosts pretax profit for the first half of 2009 to EUR14.39 million
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