DGAP-News: DAB Bank AG / Key word(s): Quarter Results
DAB Bank's key operational indicators reach new record levels in
Q1/2015
28.04.2015 / 07:15
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DAB Bank's key operational indicators reach new record levels in Q1/2015
Trades executed and customer assets reach new records / First-quarter
profit before taxes comes to EUR6.43 million
Munich, April 28, 2015. The customers of the DAB Bank Group, Munich, were
never as active in a three-month period as they were in the first quarter
of this year, when they placed 1.97 million trade orders. Motivated by the
continued positive performance of financial markets, they placed almost 32%
more trade orders than they did in the very active first quarter of last
year. Customer assets held in custody with DAB Bank also reached a new
record high of EUR40.79 billion as of March 31, 2015. In the first quarter
alone, customer assets increased by a net total of approximately EUR4.4
billion, thanks to market effects and net fund inflows. Furthermore, DAB
Bank added slightly more than 12,300 new customers in the first quarter,
bringing the total to 662,891. This is the biggest quarterly increase in
the number of customers since 2007. Moreover, the number of securities
accounts carried for customers rose by almost 7,000 to 632,689. "Rarely in
the history of DAB Bank have our operating results been as good as in the
first quarter of this year," said Ernst Huber, Spokesman of the Management
Board of DAB Bank. "This excellent performance can be credited to our
convincing line-up of products and services. The numerous awards and
distinctions we have received in customer surveys and product tests prove
that DAB Bank is one of the best institutions in both brokerage and
banking."
The consolidated profit before taxes of the DAB Bank Group amounted to
EUR6.43 million in the first quarter of 2015. This amount is modestly below
the profit before taxes for the first quarter of last year (Q1 2014:
EUR6.87 million), but well above the profit before taxes (adjusted for
non-recurring effects) of the preceding quarter (Q4 2014: EUR4.63 million).
Thanks to the very high number of trades executed, the net commission
income of EUR29.42 million was 29% higher than the year-ago figure. The net
interest income earned in the first quarter of 2015 was considerably less
than the corresponding figure for the fourth quarter of 2014, when interest
income was generated on the liquidation of direct investments held with the
previous majority shareholder UniCredit Bank AG in connection with the
acquisition of a majority interest by BNP Beteiligungsholding AG. Also due
to the generally lower level of interest rates, first-quarter net interest
income came to only EUR8.04 million, representing a 35% decrease from the
corresponding year-ago figure. The trading profit and profit from
investments rose from EUR0.65 million in Q1 2014 to EUR1.05 million in Q1
2015. The total operating income of EUR37.90 million was 5.9% higher than
the corresponding year-ago figure.
At EUR30.11 million, administrative expenses were 5.7% higher than the
corresponding figure for Q1 2014, particularly as a result of the higher
clearing and settlement expenses incurred in connection with the high
number of trades executed.
On March 27, 2015, the new majority shareholder BNP Paribas
Beteiligungsholding AG announced that the cash compensation to be paid to
the minority shareholders in connection with the squeeze-out resolution to
be adopted at the annual shareholders' meeting planned for May 29, 2015
will be EUR4.78 per share. After the squeeze-out, DAB Bank AG will be
merged into BNP Paribas Beteiligungsholding AG. The corresponding merger
agreement was already signed on April 13 of this year. It is subject to the
condition precedent that the resolution of the annual shareholders' meeting
ordering the transfer of shares held by the remaining minority shareholders
to BNP Paribas Beteiligungsholding AG as the principal shareholder will be
recorded in the Commercial Register of DAB Bank AG.
Key operational indicators and operating results of DAB Bank in Q1 2015
according to IFRS:
<pre>
Key operational indicators Q1/2015 Q4/2014 Q1/2014
Customers No. 662,891 650,549 628,006
Securities accounts No. 632,689 625,769 617,767
Bank accounts No. 266,969 252,892 218,547
Trades executed No. 1,967,876 1,496,450 1,494,366
Trades per securities account, No. 12.51 8.88 9.68
annualized
Customer assets held in custody EUR bn 40.79 36.37 33.59
Thereof in investment funds EUR bn 20.30 17.91 16.11
Operating results Q1/2015 Q4/2014 Q1/2014
Net interest income kEUR 8,035 32,177 12,361
Trading profit and profit from kEUR 1,046 3,749 646
investments
Net commission income kEUR 29,420 21,606 22,772
Administrative expenses kEUR 30,111 27,273 28,484
Profit before taxes kEUR 6,428 29,529 6,873
Profit after taxes kEUR 4,364 19,418 4,600
Cost-income ratio in % 82.4 48.0 80.6
Earnings per share EUR 0.05 0.21 0.05
</pre>
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28.04.2015 Dissemination of a Corporate News, transmitted by DGAP - a
service 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: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover,
Munich, Stuttgart
End of News DGAP News-Service
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349199 28.04.2015
DGAP-News: DAB Bank's key operational indicators reach new record levels in Q1/2015
| Source: EQS Group AG