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 StraÃe 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
End of News DGAP News-Service
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254162 26.02.2014
DGAP-News: DAB Bank generated strong operating growth in financial year 2013
| Source: EQS Group AG