DAB bank AG

euro adhoc: DAB bank AG
Quarterly or Semiannual Financial Statements
3rd Quarter results 2002 (E)

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Munich, November 14, 2002. In the 3rd quarter of  2002 DAB bank AG posted  -15.36 EUR million  in group result after taxes and minority interests  (Q2/2002: -12.92 EUR million). Total revenues came to 39.49 EUR million  (Q2/2002: 36.54 EUR million), of which 16.12 EUR million are net interest income (Q2/2002: 10.83 EUR million), 23.77 EUR million of gross commission income (Q2/2002: 21.72 EUR million) and 1.81 EUR million of other income (Q2/2002: 3.97 EUR million).

In spite of the first-time consolidation of direktanlage.at in the 3rd quarter of  2002, administrative expenses continued to decline, to  42.33 EUR million  (Q2/2002: 42.75 EUR million). At the same time, net commission income in the 3rd quarter rose to 17.62 EUR million (Q2/2002: 15.57 EUR million). In the past quarter DAB reduced personnel expenses despite the costs of the workforce reduction and the first-time consolidation of direktanlage.at to  13.28 EUR million (Q2/2002: 13.37 EUR million). In Germany alone, the number of employees was reduced by 39 during the last quarter, to 572; since the end of the 3rd quarter of 2001 a total of 231 jobs have been cut at this location.

Throughout the Group, the number of net new accounts managed by DAB bank grew by 40,101 (Q2/2002: 7,221). This figure includes the 26,300 customers of direktanlage.at for the first time. In Germany, DAB bank managed to gain 5,228 net new accounts (Q2/2002: -1,824). The total number of accounts managed by DAB bank as at September 30, 2002 amounted to 606,020 (Q2/ 2002: 565,919). The volume of assets under management amounted to  9.86 EUR bn  (Q2/2002: 10.93EUR bn) and thus outperformed the European market indices. The number of transactions rose by approx. 13% compared with the previous quarter, to 1.21 million (Q2/2002: 1.07 million).

Key facts and figures of the DAB bank Group for the 3rd Quarter of 2003

~
Key figures                                Q 3/2002*  Q 2/2002  Q 3/2001
Accounts Number                          606,020      565,919    526,124
Net new customers Number              40,101**      7,221      25,175
Executed transactions Number  1,215,150  1,072,074 1,288,586
Transactions per average account (Annualized) Number
                                                      8.29          7.63        10.04
Customer assets
under management EUR bn                 9.86         10.93        10.53
Of which, in mutual funds EUR bn  4.12          4.44         4.08

Results                                      Q 3/2002    Q 2/2002  Q 3/2001
Net interest income (before provisions) EUR mn
                                                    16.12         10.83          7.2
Net commission income EUR mn        17.62         15.57         16.25
Administrative expenses EUR mn    42.33         42.75         53.88
Earnings after tax and minority interests EUR mn
                                                  -15.36        -12.92        -26.14
Earnings per share EUR                 -0.20         -0.19         -0.38
~

* As at July 31, 2002 the austrian direktanlage.at AG was consolidated for the first-time. ** Including 26,300 customers of direktanlage.at.

end of announcement            euro adhoc 14.11.2002
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Further inquiry note: Dariush Yazdani Tel: +49(0) 172-8502560 E-Mail: dariush.yazdani.com

Branche: Financial & Business Services
ISIN:      DE0005072300
WKN:        507230
Index:    Nemax 50
Börsen:  Baden-Württembergische Wertpapierbörse / free trade
              Bayerische Börse / free trade
              Berliner Wertpapierbörse / free trade
              Börse Düsseldorf / free trade
              Bremer Wertpapierbörse (BWB) / free trade
              Hamburger Wertpapierbörse / free trade
              Niedersächsische Börse zu Hannover / free trade
              Frankfurter Wertpapierbörse / Neuer Markt



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