Result of EUR 41.7m on par with previous year - growth course continues - target profit of EUR 80m for 2010

ID: 1018011
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(Thomson Reuters ONE) -
comdirect bank AG / Result of EUR 41.7m on par with previous year - growth course continues - target profit of EUR 80m for 2010 processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.

Quickborn/Frankfurt/Main, 22 July 2010. The comdirect group (www.comdirect.de)
closed the first half of 2010 with pre-tax profit of EUR 41.7m (previous year:
EUR 41.5m). The total number of customers in the comdirect group stands at
2,162,819 and total assets under custody at EUR 37.47bn. "We stepped up the pace
of growth again in the second quarter - proving our profitability at the same
time," says Michael Mandel, CEO of comdirect bank.

In the B2C business line (comdirect bank AG), the number of customers increased
in the first six months by 25,231 to 1,475,951. At EUR 23.79bn at the end of
June, assets under custody were 7% higher than the level at the end of 2009 (EUR
22.2bn). 1,030,591 customers had a call money account, which is a rise of
69,656 in six months. Over the same period, the number of current accounts
increased by 9% to 583,613 and the number of custody accounts climbed by 7,973
to 727,167.
In the B2B business line (ebase GmbH), the number of custody accounts stood at
686,868 at the end of the first six months - down 2% on the figure at the end of
2009. Assets under custody increased by 3% to EUR 13.68bn as a result of net
fund inflows in particular.

In the first six months of the year, comdirect bank generated total income of
EUR 140.9m, almost matching the level in the first half of 2009. While net
interest income before provisions amounted to EUR 46.6m at the end of June
(previous year: EUR 60.2m), at EUR 84.1m net commission income was higher than
in the previous year (EUR 71.1m). In contrast, administrative expenses reduced
as a result of consistent cost management, and at EUR 99.2m were down 2%


compared with the previous year (EUR 101.4m) despite increased investment in
marketing in the second quarter.

For the full financial year 2010, pre-tax profit is set to amount to EUR 80m.
Overview
+------------------+------+------+------+------+------+-------+------+---------+
|EUR thousand | Q2/09| Q3/09| Q4/09| Q1/10| Q2/10| H1/09| H1/10|H1/10 vs.|
| | | | | | | | | H1/09|
+------------------+------+------+------+------+------+-------+------+---------+
|Net interest |27,565|23,052|25,428|23,973|22,627| 60,213|46,600| -22.6 %|
|income before | | | | | | | | |
|provisions | | | | | | | | |
+------------------+------+------+------+------+------+-------+------+---------+
|Provisions for | 25| 402| 1,349| -79| -178| -452| -257| -43.1%|
|possible loan | | | | | | | | |
|losses | | | | | | | | |
+------------------+------+------+------+------+------+-------+------+---------+
|Net commission |36,576|38,073|39,631|38,791|45,293| 71,053|84,084| 18.3%|
|income | | | | | | | | |
+------------------+------+------+------+------+------+-------+------+---------+
|Other income | 8,294|12,027| 920| 7,122| 3,368| 12,160|10,490| -13.7%|
+------------------+------+------+------+------+------+-------+------+---------+
|Administrative |48,689|48,710|48,781|48,625|50,584|101,427|99,209| -2.2%|
|expenses | | | | | | | | |
+------------------+------+------+------+------+------+-------+------+---------+
|Pre-tax profit |23,771|24,844| 9,602|21,182|20,526| 41,547|41,708| 0.4%|
+------------------+------+------+------+------+------+-------+------+---------+
|After-tax profit |18,229|18,550| 7,116|15,682|15,127| 30,958|30,809| -0.5%|
+------------------+------+------+------+------+------+-------+------+---------+

Length: 1,980 characters including spaces, excluding table

Press information:


All press releases are available at www.comdirect.de/presse. If you no longer
wish to receive these press releases, please send an e-mail
topresse(at)comdirect.de.


[HUG#1432975]



--- End of Message ---

comdirect bank AG
Pascalkehre 15 Quickborn Germany

WKN: 542800;ISIN: DE0005428007;Index:SDAX,Prime All Share,CDAX,CLASSIC All Share;
Listed: Freiverkehr in Börse Stuttgart,
Freiverkehr in Hanseatische Wertpapierbörse zu Hamburg,
Freiverkehr in Börse Berlin,
Freiverkehr in Börse Düsseldorf,
Freiverkehr in Bayerische Börse München,
Freiverkehr in Niedersächsische Börse zu Hannover,
Prime Standard in Frankfurter Wertpapierbörse,
Regulierter Markt in Frankfurter Wertpapierbörse;


Press Release as PDF: http://hugin.info/131920/R/1432975/378905.pdf



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Source: comdirect bank AG via Thomson Reuters ONE




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Date: 07/22/2010 - 01:31
Language: English
News-ID 1018011
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