DGAP-News: DAB Bank generated strong operating growth in financial year 2013

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| Source: EQS Group AG
DGAP-News: DAB Bank AG / Key word(s): Final Results/Preliminary
Results
DAB Bank generated strong operating growth in financial year 2013

26.02.2014 / 07:30

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DAB Bank generated strong operating growth in financial year 2013 

Substantial increases in customer assets and in customers, bank accounts
and trades executed / Profit before taxes lower at EUR19.22 million, due to
lower net interest income and profit from investments

Munich, February 26, 2014. The DAB Bank Group, Munich, generated strong
operating growth in 2013. Customer assets held in custody rose by more than
EUR4 billion to EUR32.49 billion, thanks in particular to high net fund
inflows. Motivated not least of all by rising stock markets, DAB Bank's
customers traded much more frequently in 2013 than in 2012, placing
approximately 4.96 million trade orders, reflecting an increase of slightly
more than 18% compared to 2012. The total number of customers rose by
nearly 24,000 to 620,897, thanks in part to the completely redesigned
checking account that was introduced in February. The number of checking
accounts carried for customers (which DAB Bank had previously offered only
as a supplementary product) grew significantly to 36,754 at the end of
2013. Also as a result of the considerably higher trading activity of our
customers, the net commission income of EUR85.95 million was almost EUR12
million higher than the corresponding figure for 2012.

"The expansion of our business strategy to include a wide range of banking
products has begun to bear fruit. The growth observed in key operational
indicators in 2013 was the highest in years," said Ernst Huber, Management
Board Spokesman of DAB Bank. "But the other new products and services we
introduced in the area of trading - including for example our new stock
trading platform "DAB Best Price," the optimized offering of investment
funds and CFD trading - were very well received by our customers. Also in
this, our anniversary year, our customers can look forward to many new
highlights in products and services." Having been founded in 1994 as the
first direct broker in Germany, DAB Bank will celebrate its 20th
anniversary in May.

Mainly as a result of the historically low level of interest rates, DAB
Bank's net interest income of EUR38.64 million was considerably lower, by
22%, than the EUR49.80 million generated in 2012. Whereas the trading
profit and profit from investment combined had reached a record level of
EUR15.47 million in 2012, due to the outstanding opportunities in the
markets, these items amounted to only EUR6.38 million in 2013.

Although DAB Bank lowered its administrative expenses by EUR2.5 million to
EUR108.73 million in 2013, thanks to rigorous cost discipline, the profit
before taxes fell by around a third to EUR19.22 million (2012: EUR28.03
million), due to the lower net interest income and profit from investments
in 2013. The annual shareholders' meeting to be held on May 15, 2014 will
be asked to approve a dividend payout equal to the full distributable
profit, corresponding to a dividend of 13 cents per share, which will be
paid once again without deduction of the investment income tax.

The figures stated herein are still preliminary. DAB Bank will publish its
Annual Report 2013 containing the final results on March 20, 2014.
 
Key indicators and operating results of DAB Bank (audited, but not yet
officially adopted figures):

<pre>

Key indicators                                     2013      2012    Change
Customers                            No.        620,897   597,128     +4.0%
Securities accounts                  No.        617,070   615,288     +0.3%
Bank accounts                        No.        204,721   155,381    +31.8%
Trades executed                      No.       4,964,739 4,198,272   +18.3%
Trades per securities account,       No.           8.06      6.79    +18.7%
annualized
Customer assets held in custody      EUR bn       32.49     28.38    +14.5%
thereof in investment funds          EUR bn       15.45     13.56    +13.9%

Operating results
Net interest income                  kEUR        38,640    49,796    -22.4%
Trading profit and profit from       kEUR         6,382    15,469    -58.7%
investments
Net commission income                kEUR        85,953    74,181    +15.9%
Administrative expenses              kEUR       108,733   111,346     -2.3%
Earnings before taxes                kEUR        19,217    28,032    -31.4%
Net profit after taxes               kEUR        12,271    18,125    -32.3%
Cost-income ratio                    in %          85.0      79.9     +6.4%
Earnings per share                   EUR           0.13      0.22    -40.1%


</pre>

<pre>

Key indicators                                  Q4/2013   Q3/2013   Q4/2012
Customers                            No.        620,897   615,178   597,128
Securities accounts                  No.        617,070   616,197   615,288
Bank accounts                        No.        204,721   192,528   155,381
Trades executed                      No.       1,247,032 1,211,734  973,395
Customer assets held in custody      EUR bn       32,49     31,08     28,38
thereof in investment funds          EUR bn       15,45     14,71     13,56

Operating results
Net interest income                  kEUR        11,495    10,177    11,640
Trading profit and profit from       kEUR          -317     2,052     6,927
investments
Net commission income                kEUR        23,346    19,827    16,662
Administrative expenses              kEUR        28,526    25,974    28,317
Earnings before taxes                kEUR         4,427     5,289     6,598
Net profit after taxes               kEUR         2,930     2,858     3,788
Earnings per share                   EUR           0.03      0.03      0.05


</pre>

If you have queries, please contact Dr. Jürgen Eikenbusch, DAB Bank AG,
communications@dab.com


End of Corporate News

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Language:    English                                                
Company:     DAB Bank AG                                            
             Landsberger Straße 300                                 
             80687 München                                          
             Germany                                                
Phone:       +49 (0)89 500 68 1696                                  
Fax:         +49 (0)89 500 68 669                                   
E-mail:      ir@dab.com                                             
Internet:    www.dab-bank.de                                        
ISIN:        DE0005072300                                           
WKN:         507230                                                 
Listed:      Regulierter Markt in Frankfurt (Prime Standard);       
             Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,  
             München, Stuttgart                                     
 
 
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254162 26.02.2014