Distribution of company announcements to the professional platforms, finance portals and syndication of important corporate news to a wide variety of news aggregators and financial news systems.
Corporate news announcement processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- --------------
Pre-tax profit of EUR 60.8 million after nine months Profit target 2008 confirmed at EUR 70 million comvalue target: 1.3 million customers as good as achieved
Quickborn / Frankfurt/Main, 23 October 2008. comdirect bank (www.comdirect.de) has achieved pre-tax profit of EUR 60.8 million in the first nine months of this year (previous year: EUR 70.8 million). After-tax, the profit was on a par with the previous year (2007: EUR 45.0 million) at EUR 44.9 million. "Despite the difficult banking market, we have achieved good results. Moreover, we have also invested 50 percent more into growth compared to previous year and consistently implemented our growth programme. Our main comvalue target of inspiring 1.3 million customers to choose comdirect is as good as achieved," said Michael Mandel, CEO of comdirect bank. Since the start of the year, the number of customers has risen by 284,458, or 28%, to 1,285,180. Assets under custody at comdirect bank increased by 4% to EUR 21.2 billion. This development was attributable, in particular, to customer deposits which were up by 39% to stand at EUR 10.67bn at the end of September. 736,409 customers maintained a Tagesgeld PLUS ("call money plus") account, a rise of 84% in nine months. In the same period, the number of current accounts rose by 12% to 379,402 and the number of custody accounts by 4% to 670,365. Advisory subsidiary, comdirect private finance, serviced 42,282 customers, 30% more than at the end of 2007.
In the first nine months of 2008, comdirect bank generated total income of EUR 215.4 million, a rise of 5% year-on-year. This increase was driven by net interest income, which was up by 37% before provisions to EUR 124.2 million (previous year: EUR 90.7 million) as a result of growth in customer deposits and higher money market interest rates. At EUR 97.0 million, net commission income was down by 16% on the previous year's high figure (EUR 115.5 million) as a result of market conditions. Higher expenses for the comvalue growth programme led to a 14% increase in administrative expenses to EUR 154.5 million.
comdirect bank aims to continue its expansion in the fourth quarter. Mandel: "We are now putting in the final spurt with the launch of additional product offensives - in banking we will be running another current account campaign, for example. In total, we will be investing more than EUR 70 million in growth this year. In the beginning of the new year, we will present new targets and initiatives for the further development of comdirect bank."
Despite increased investment in growth and the difficult banking market, the bank is still set to achieve pre-tax profit of EUR 70 million for financial year 2008. The target for 2010 is pre-tax profit of more than EUR 100 million.
comdirect bank AG Pascalkehre 15 Quickborn Germany
WKN: 542800; ISIN: DE0005428007; Index: CDAX, CLASSIC All Share, Prime All Share, SDAX; Listed: Prime Standard in Frankfurter Wertpapierbörse, Geregelter Markt in Frankfurter Wertpapierbörse, Freiverkehr in Börse Berlin, Freiverkehr in Börse Düsseldorf, Freiverkehr in Hanseatische Wertpapierbörse zu Hamburg, Freiverkehr in Niedersächsische Börse zu Hannover, Freiverkehr in Bayerische Börse München, Freiverkehr in Börse Stuttgart;
