DAB bank AG / Quarter Results
04.05.2010 07:32
Dissemination of a Corporate News, transmitted by
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First-quarter profit before taxes is about EUR2 million or 33% higher than
the year-ago figure / Technical migration of FondsServiceBank (FSB)
successfully completed / Numerous product and service innovations launched
as part of the 'DAB one' program for the future
Munich, May 4, 2010. The DAB bank Group, Munich, generated a solid profit
before taxes of EUR8.54 million in the first quarter of 2010, representing
an increase of about EUR2 million or 33% over the corresponding year-ago
figure (Q1 2009: EUR6.43 million), despite the continued difficult
conditions in the financial markets. As in the preceding quarters, the
strong trading profit, which amounted to EUR3.80 million in the first
quarter of 2010, contributed to the solid profit before taxes.
Thanks to higher trading activity and the good quality of trade orders
placed, moreover, the net commission income of EUR22.46 million generated
in the first quarter of 2010 was 21% higher than the corresponding year-ago
figure (Q1 2009: EUR18.63 million). Despite the higher number of trade
orders, the administrative expenses of EUR29.64 million were only slightly
less than the corresponding year-ago figure (Q1 2009: EUR30.32 million),
thanks to the continued practice of strict cost discipline. As expected,
the net interest income of EUR13.19 million was less than the year-ago
figure (Q1 2009: EUR17.09 million).
DAB bank sold the customer base of the FondsServiceBank (FSB) unit to
FondsDepot Bank, Hof, in fiscal year 2009. The migration of customer data
was successfully conducted in early April, so that the transaction has now
been completed.
DAB bank added new net customers in its B2C business in the first quarter
of 2010, bringing the total number of B2C securities accounts to 516,149 at
March 31, 2010 (Q4 2009: 511,526). At 110,941, the number of securities
accounts carried for business customers in the B2B segment was slightly
lower, by 1,286, than the corresponding figure at the end of the preceding
quarter (Q4 2009: 112,227). The total number of customers was 627,090 at
the end of the first quarter (Q4 2009: 623,753).
DAB bank executed 1,047,967 trades for its customers in the first quarter,
representing a strong increase of 12.7% over the corresponding year-ago
period (Q1 2009: 929,560). Customer assets also exhibited a positive
development. At EUR24.48 billion, the total volume of customer assets held
in the securities accounts and deposit accounts of DAB bank was about 5%
higher than the corresponding figure at the end of last year (Q4 2009:
EUR23.30 billion).
'We are thoroughly satisfied with our pretax profit in the first quarter.
DAB bank posted gains in all key operational indicators. Especially
considering the impossibility of predicting future market developments,
however, we expect that the coming quarters will be very challenging,' said
Dr. Markus Walch of the DAB bank Management Board.
Thanks to its new program for the future known as DAB one, DAB bank will
offer its customers even better conditions for successfully investing in
money markets and securities. The 'one' in 'DAB one' stands for the claim
of being the best direct bank for investors, traders and independent asset
managers. As part of this program, DAB bank took several important steps in
the first quarter, including the introduction of FOREX currency trading,
mobileTAN authorization and the DAB Gift Card. DAB bank also substantially
optimized and improved the quality of the 'Markets & Prices' section of its
website and broadened its offering of ETF-linked savings plans and SFDs.
Also, DAB Start!, the first tool available in the market for asset managers
seeking to start their own businesses, went live in February. 'By means of
the numerous new products we introduced as part of our program for the
future, DAB one, in the first quarter of 2010, we are actively responding
to the market situation and addressing the needs of our customers,' said
Markus Gunter of the DAB bank Management Board. 'And you can look forward
to other products that we plan to introduce over the next few months.'
Key operational indicators and operating results of DAB bank AG in the
first quarter of 2010, according to IFRS:
In connection with the sale of FondsServiceBank, the key operational
indicators for the preceding quarters have been adjusted for the effects of
the business conducted for FSB, for the sake of comparability.
|[![CDATA[|[pre|]]]|]
Key operational indicators Q1/2010 Q4/2009 Q1/2009
Securities accounts No. 627,090 623,753 630,280
Trades executed No. 1,047,967 1,051,135 929,560
Trades per securities account No. 6.75 6.79 5.98
(annualized)
Customer assets EUR bn 24.48 23.30 19.05
thereof in investment funds EUR bn 11.78 11.09 8.71
Operating results Q1/2010 Q4/2009 Q1/2009
Net financial income1) kEUR 16,989 18,886 17,536
Net commission income kEUR 22,461 21,591 18,631
Administrative expenses kEUR 29,643 27,479 30,323
Profit before taxes kEUR 8,538 7,050 6,426
Profit after taxes kEUR 5,869 4,991 4,488
Cost-income ratio in % 77.6 85.8 82.5
Earnings per share EUR 0.08 0.07 0.06
|[![CDATA[|[/pre|]]]|]
1) Net financial income = Net interest income before credit risk
provisions + Trading profit/loss + Profit/loss from investments.
Contact:
If you have queries, pls. contact Dr. Jürgen Eikenbusch, DAB bank,
+49 89 500 68 595 oder communications@dab.com.
04.05.2010 07:32 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]
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Language: English
Company: 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 reports solid pretax profit of EUR8.54 million
| Source: EQS Group AG