DGAP-News: DAB Bank AG / Key word(s): Quarter Results
DAB Bank books a substantially higher profit in the first quarter of
2014
30.04.2014 / 07:30
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DAB Bank books a substantially higher profit in the first quarter of 2014
Profit before taxes of EUR6.87 million is about 46% higher than the
year-ago figure / Considerably higher customer trading activity, with
approximately 1.5 million trades executed in the first quarter
Munich, April 30, 2014. The DAB Bank Group, Munich, generated a
substantially higher profit before taxes in the first quarter of the
current year. At EUR6.87 million, this result is about 46% higher than the
corresponding figure for the first quarter of last year (Q1 2013: EUR4.72
million). "We executed approximately 1.5 million trades for our customers
in the period from January to March. You would have to go back to 2008 to
find such a high level of customer trading activity in a single quarter,"
said Ernst Huber, Management Board Spokesman of DAB Bank. "Besides the
strong net commission income in the first quarter, our net interest income
also recovered from its low point last year."
At EUR22.77 million, the bank's net commission income was more than 9%
higher than the corresponding figure for the first quarter of last year.
The increase in net interest income was even more impressive, as this
figure rose by 41% from EUR8.75 in the first quarter of last year to
EUR12.36 million in the period just ended. By contrast, the trading
profit/loss and the profit/loss from investments were no longer as high as
they have been in prior periods, but were still clearly positive, at
EUR0.65 million.
DAB Bank generated total operating income of EUR35.78 million in Q1 2014,
reflecting an increase of about 14% over the corresponding year-ago figure.
Thanks to the continued practice of strict cost management, administrative
expenses rose by only 7.5%, to EUR28.48 million, that being much smaller
than the increase in total income.
DAB Bank's key operational indicators also exhibited a very positive
development. For example, DAB Bank executed 1.49 million trades for its
customers in the period from January to March 2014, reflecting an increase
of slightly more than 23% over the already strong year-ago figure. In the
time from the end of 2013 to the end of March 2014, DAB Bank increased its
customer base by a net addition of slightly more than 7,000 customers,
bringing the total to 628,006. Furthermore, customer assets held in custody
rose considerably, by EUR1.1 billion to EUR33.59 billion, in the first
three months of 2014, thanks to persistently strong net fund inflows.
"The continuous customer growth and persistently strong net fund inflows
prove that our new positioning is succeeding in the market," said Ernst
Huber. Founded 20 years ago as Germany's first direct broker, DAB Bank has
been expanding its offering of banking products and services for over a
year now, with the goal of becoming the first bank for more and more of its
customers. The product portfolio was recently expanded further with the
addition of installment loans. Furthermore, DAB Bank offers two new savings
products, "DAB Zielsparen", featuring a fixed interest rate, depending on
the term, and "DAB Stufenzinssparen", featuring an annually increasing rate
of interest.
DAB Bank Group: Key Indicators and Operating Results According to IFRS in
the First Quarter of 2014
<pre>
Key indicators Q1/2014 Q4/2013 Q1/2013
Customers No. 628,006 620,897 602,661
Securities accounts No. 617,767 617,070 615,374
Bank accounts No. 218,547 204,721 167,669
Trades executed No. 1,494,366 1,247,032
1,211,734
Trades per securities account, No. 9.68 8.06 7.88
annualized
Customer assets EUR bn 33.59 32.49 30.18
thereof in investment funds EUR bn 16.11 15.45 14.33
Operating results Q1/2014 Q4/2013 Q1/2013
Net interest income kEUR 12,361 11,495 8,746
Trading profit/loss and profit/loss kEUR 646 -317 1,923
from investments
Net commission income kEUR 22,772 23,346 20,843
Administrative expenses kEUR 28,484 28,526 26,491
Earnings before taxes kEUR 6,873 4,427 4,715
Net profit after taxes kEUR 4,600 2,930 3,243
Cost-income ratio in % 80.6 86.6 84.9
Earnings per share EUR 0.05 0.03 0.04
</pre>
End of Corporate News
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30.04.2014 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
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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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265445 30.04.2014
DGAP-News: DAB Bank books a substantially higher profit in the first quarter of 2014
| Source: EQS Group AG