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>
End of Corporate News
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28.07.2014 Dissemination of a Corporate News, transmitted by DGAP - a
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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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279390 28.07.2014
DGAP-News: DAB Bank increases its first-half profit before taxes by almost a third to EUR12.46 million
| Source: EQS Group AG