DAB Bank AG
DAB Bank increases its first-half profit before taxes by almost a third to EUR12.46 million
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 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:
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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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