DGAP-News: DAB Bank increases its first-half profit before taxes by almost a third to EUR12.46 million


DGAP-News: DAB Bank AG / Key word(s): Half Year Results
DAB Bank increases its first-half profit before taxes by almost a
third to EUR12.46 million

28.07.2014 / 07:15

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DAB Bank increases its first-half profit before taxes by almost a third to
EUR12.46 million

Customer assets and number of customers reach new record levels / DAB Bank
is aiming to increase its full-year profit before taxes by up to 20%

Munich, July 28, 2014. The DAB Bank Group, Munich, increased its first-half
profit before taxes in the current fiscal year by 31% to EUR12.46 million.
The profit before taxes for the second quarter amounted to EUR5.58 million,
reflecting an increase of about 17% over the corresponding figure for the
second quarter of last year. "We continued on our course of growth in the
second quarter. Therefore, we anticipate a clear increase in our full-year
profit before taxes," said Ernst Huber, Management Board Spokesman of DAB
Bank. Specifically, DAB Bank will strive to increase its profit before
taxes in 2014 by up to 20% over the prior-year figure. The profit before
taxes in 2013 amounted to EUR19.22 million.

Whereas net commission income rose slightly to EUR43.16 million in the
first six months of 2014, due in part to brisker trading activity on the
part of the bank's customers, net interest income exhibited a very strong
46% increase, rising from EUR16.97 million in the first half of last year
to EUR24.77 million in the period just ended. By contrast, the trading
profit/loss and profit/loss from investments were well below the respective
figures for the first half of 2013, as expected. However, the contribution
of these two items was still very positive, at EUR1.98 million.

While operating income rose by 9% to EUR69.63 million in the first half of
2014, administrative expenses increased by only 4% to EUR56.61 million,
thanks to the continued practice of strict cost discipline.

DAB Bank's operational indicators also registered considerable increases.
For example, customer assets held in custody increased by another EUR1.3
billion to EUR34.87 billion in the second quarter. Since mid-2013, DAB Bank
has increased customer assets by more than EUR5 billion, mostly as a result
of net fund inflows. DAB Bank's customer base has likewise grown steadily,
rising by more than 25,000 in the last 12 months to reach the current
number of 634,354 customers.

Even though its customers were not quite as active in the second quarter as
they had been in the very strong first quarter, DAB Bank still executed a
total of 2.69 million trades in the first half of 2014, that being roughly
8% more than in the period from January to June 2013.

DAB Bank continues to underscore its innovation leadership position by
coming out with new products and services. In the second quarter, DAB Bank
introduced the DAB Finanzmanager, a clearly organized, easy-to-use
analytical tool for individual financial planning. With the help of this
online budget tool, users of the award-winning DAB checking account can
easily track their income and expenses and quickly identify savings
potential. "In developing the DAB Finanzmanager, we placed special emphasis
on attractive design and ease of use. It is yet another reason to open an
account with DAB Bank," said Ernst Huber. In the last few weeks, DAB Bank
has begun to offer completely paperless account openings, as one of the
first German banks to do so.

 DAB Bank Group: Key Indicators and Operating Results According to IFRS:
<pre>

Key indicators                                            H1 2014   H1 2013
Customers                                      No.        634,354   609,003
Securities accounts                            No.        619,302   615,837
Bank accounts                                  No.        230,691   179,280
Trades executed                                No.       2,694,826
2,505,973
Trades per securities account, annualized      No.           8.72      8.14
Customer assets held in custody                EUR bn       34.87     29.61
thereof in investment funds                    EUR bn       17.03     14.05

Operating results                                         H1 2014   H1 2013
Net interest income                            kEUR        24,768    16,968
Trading profit/loss and profit/loss from       kEUR         1,982     4,647
investments
Net commission income                          kEUR        43,158    42,780
Administrative expenses                        kEUR        56,607    54,233
Profit before taxes                            kEUR        12,457     9,501
Net profit after taxes                         kEUR         8,348     6,483
Cost-income ratio                              in %          82.0      85.1
Earnings per share                             EUR           0.09      0.07


</pre>

<pre>

Key Indicators                                  Q2/2014   Q1/2014   Q2/2013
Customers                                 No.   634,354   628,006   609,003
Securities accounts                       No.   619,302   617,767   615,837
Bank accounts                             No.   230,691   218,547   179,280
Trades executed                           No.  1,200,460 1,494,366
1,294,239
Customer assets held in custody        EUR bn     34.87     33.59     29.61
thereof in investment funds            EUR bn     17.03     16.11     14.05

Operating results                               Q2/2014   Q1/2014   Q2/2013
Net interest income                      kEUR    12,407    12,361     8,222
Trading profit/loss and profit/loss      kEUR     1,336       646     2,724
from investments
Net commission income                    kEUR    20,386    22,772    21,937
Administrative expenses                  kEUR    28,123    28,484    27,742
Profit before taxes                      kEUR     5,584     6,873     4,786
Net profit after taxes                   kEUR     3,748     4,600     3,240
Cost-income ratio                        in %      83.4      80.6      85.3
Earnings per share                        EUR      0.04      0.05      0.03


</pre>


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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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279390 28.07.2014