DAB Bank AG
Increased customer activity boosts DAB Bank’s net commission income in the second quarter
DAB bank AG / Key word(s): Half Year Results/Quarter Results Increased customer activity boosts DAB Bank’s net commission income in the second quarter Second-quarter profit before taxes comes to EUR4.79 million / Trades executed and customer count on the rise Munich, July 25, 2013. German and Austrian investors traded more securities in the second quarter. DAB Bank’s customers were also more active, executing nearly 1.3 million trades in the months from April to June, reflecting an increase of about 30% over the second quarter of last year. The increased trading activity also boosted DAB Bank’s net commission income, which rose to EUR21.94 million, reflecting an increase of about EUR4 million over the year-ago figure (Q2 2012: EUR17.76 million). ‘We are more than satisfied with our operating performance in the second quarter. Thanks in large part to new initiatives like the ‘DAB Best Price,’ DAB Bank’s trades executed and commission income are on the rise,’ said Ernst Huber, Management Board Speaker of DAB Bank. ‘We are also pleased with the number of new customers and newly opened bank accounts, not to mention the continuation of very strong net fund inflows.’ On the other hand, the quarterly result was particularly burdened by the interest rate environment, which remained very challenging. Thus, net interest income declined from EUR12.49 in Q2 2012 to EUR8.22 million in Q2 2013. Furthermore, the profit from trading and investments, at EUR2.72 million, was significantly less than the outstandingly high figure reported in the second quarter of last year (Q2 2012: EUR3.98 million). In addition, the administrative expenses of EUR27.74 million were slightly higher than the administrative expenses of EUR27.09 million reported in the second quarter of 2012. However, the administrative expenses for the first six months of 2013 were less than the corresponding year-ago figure. Particularly as a result of the lower net interest income, the DAB Bank Group generated a profit before taxes of EUR4.79 million in the second quarter; while this figure was slightly higher than the first-quarter profit before taxes (Q1 2013: EUR4.72 million), it was significantly less than the corresponding figure for the second quarter of last year (Q2 2012: EUR7.49 million). Thus, the profit before taxes for the first half of 2013 came to EUR9.50 million, as compared to EUR16.00 million in the first half of last year. DAB Bank anticipates that the profit before taxes for the full year 2013 will be at least one third less than the 2012 profit before taxes, due in part to the challenging interest rate environment this year, causing a sharp drop in the net interest income, and due in part to the expectation that it will not be possible to match the unusually high profit from trading and investments reported in 2012. The number of customers served by DAB Bank exhibited a very positive development in the second quarter, rising by more than 6,000 from the first quarter to reach 609,003 as of June 30. Even more impressively, the number of bank accounts carried for customers rose by more than 11,500 to 179,280 in the months from April to June of this year. DAB Bank’s redesigned checking account, which was repeatedly honored as one of the best banking products in Germany in the last few months, has been very especially popular with the bank’s customers. As of June 30, 2013, customer assets held in custody amounted to EUR29.61 billion, reflecting an increase of nearly EUR4 billion over the year-ago figure, thanks in no small part to very strong net fund inflows.
* Financial result = Net interest income + Trading profit/loss + Profit/loss from investments. End of Corporate News 25.07.2013 Dissemination of a Corporate News, transmitted by DGAP – a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
Language: | English | |
Company: | DAB bank AG | |
Landsberger Straße 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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