comdirect publishes 2009 annual report
(Thomson Reuters ONE) -
comdirect bank AG / comdirect publishes 2009 annual report processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
Pre-tax profit of EUR 76m - comdirect group with over 2.1 million customers
Quickborn, Frankfurt/Main, 22 March 2010. The comdirect group publishes its
annual report for 2009 today. This confirms the figures presented at the press
conference in February. The comdirect group achieved pre-tax profit of EUR 76m,
thereby narrowly outperforming its target of EUR 75m. The operating result
stands at around EUR 85m before extraordinary effects comprising around EUR 9m
in restructuring expenses for the reduction of comdirect private finance and
efficiency improvements at ebase. A dividend of 41 cents per share will be
proposed to the annual general meeting.
In 2009, comdirect grew both organically as well as through the acquisition of
ebase. The result: the number of customers increased by 800 thousand and
customer assets by EUR 15bn.
In the B2C business line (comdirect bank AG), the number of customers increased
during the year by 101,423 to 1,450,720. At EUR 22.2bn at the end of December,
assets under custody were up 9% on the level at the end of 2008 (EUR
20.3bn). 533,928 customers have a current account, which is a rise of 108,779
accounts, or 26%, in 2009. The number of Tagesgeld PLUS ("call money PLUS")
accounts was up by 18% to 960,935 and the number of custody accounts by 3% to
719,194.
In the B2B business line (ebase GmbH), the number of custody accounts at the end
of 2009 stood at 699,843, down 4% on the previous year. This was due in
particular to seasonal effects, with capital-building savings contracts maturing
at the start of the year. Furthermore, new customer business was muted due to
market strains. Assets under custody increased by 26% to EUR 3.3bn as a result
of price gains and new business.
Going forward, comdirect bank is to be further expanded through the complus
growth programme to become a main bank. The focus is on even better customer
support as well as further development of the Anlageberatung PLUS investment
advice service and the current account. In addition, the comdirect platform will
be further optimised through a newly-developed IT architecture. In the B2B
business line, ebase is set to benefit from the first cost synergies.
Furthermore, the offering here will be supplemented with fixed-term deposits and
call money accounts. Moreover, ebase will drive forward white label banking.
Consequently, in addition to custody account solutions, B2B partners are set to
benefit in future from individually tailored banking products under their own
brand.
By 2013, the comdirect group intends to achieve pre-tax profit of between EUR
150m and EUR 170m and, at the same time, increase the number of customers to 3
million, with assets under custody of EUR 50bn.
The new comdirect annual report is now available to download as a pdf file
atwww.comdirect.de/publications
annual report will also be published as an English online version on 30 March.
The online version has a number of additional functions such as the full text
search and Quick Analyser, which enables the user to show and compare figures
interactively. The "My annual report" function also allows the user to
individually compile selected sections of the annual report. The most important
tables in the financial report can also be downloaded in Excel format.
Overview
+--------------------+--------+------+------+------+------+-------+------------+
|EUR thousand | 2008*| Q1/09| Q2/09| Q3/09| Q4/09| 2009| 2009 vs.|
| | | | | | | | 2008*|
+--------------------+--------+------+------+------+------+-------+------------+
|Net interest income | 162,372|32,648|27,565|23,052|25,428|108,693| -33.1% |
|before provisions | | | | | | | |
+--------------------+--------+------+------+------+------+-------+------------+
|Provisions for | -1,172| -477| 25| 402| 1,349| 1,299| -|
|possible loan losses| | | | | | | |
+--------------------+--------+------+------+------+------+-------+------------+
|Net commission | 138,441|34,477|36,576|38,073|39,631|148,757| +7.5%|
|income | | | | | | | |
+--------------------+--------+------+------+------+------+-------+------------+
|Other income |- 13,133| 3,866| 8,294|12,027| 920| 25,107| -|
+--------------------+--------+------+------+------+------+-------+------------+
|Administrative | 208,748|52,738|48,689|48,710|48,781|198,918| -4.7%|
|expenses | | | | | | | |
+--------------------+--------+------+------+------+------+-------+------------+
|Pre-tax profit | 77,760|17,776|23,771|24,844| 9,602| 75,993| -2.3%|
+--------------------+--------+------+------+------+------+-------+------------+
|After-tax profit | 57,692|12,729|18,229|18,550| 7,116| 56,624| -1.9%|
+--------------------+--------+------+------+------+------+-------+------------+
*Excluding contributions from ebase GmbH
Length: 3,207 characters including spaces, excluding table
Press information:
All press releases are available athttp://www.comdirect.de/pr.
If you no longer wish to receive these press releases,
please send an e-mail topresse(at)comdirect.de
[HUG#1395860]
--- End of Message ---
comdirect bank AG
Pascalkehre 15 Quickborn Germany
WKN: 542800;ISIN: DE0005428007;Index:CLASSIC All Share,Prime All Share,CDAX,SDAX;
Listed: Freiverkehr in Börse Stuttgart,
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Regulierter Markt in Frankfurter Wertpapierbörse;
Press Release as PDF: http://hugin.info/131920/R/1395860/352461.pdf
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