comdirect bank AG

euro adhoc: comdirect bank AG
Quarterly or Semiannual Financial Statements
comdirect bank AG with substantial quarterly profit (E)

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In a weak market environment, comdirect bank AG achieved a group after-tax profit of 2.4m euros in the first quarter, compared with -1.8 million euros in the same quarter of 2002. Its profit from ordinary activities rose from 0.3 million to 4.7 million euros, thus reaching after only three months the level for 2002 as a whole. Thanks to tight cost management, comdirect was able to counter a 16.7% market-induced decline in overall earnings with a disproportionate strong reduction of 28.1% in its administrative expenses in a quarter-on-quarter comparison. Net commission income fell by 27.4% to 15.9 million euros. Net interest income before provisions sank from 16.7 million to 15.4 million euros. While strict cost management is being systematically maintained, comdirect's transformation into a one-to-one bank for the modern investor is progressing according to plan. Once again in the first quarter, the bank invested on a selective basis to expand its product range and develop its special area of competence in financial advisory. End of the release

end of announcement            euro adhoc 13.05.2003
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Further inquiry note: Silke Härtl Head of Investor Relations comdirect bank AG Pascalkehre 15 D-25451 Quickborn Phone +49(0)4106-704-1966 Fax +49(0)4106-704-1969 E-mail Silke.Haertl@comdirect.de

Branche: Banking
ISIN:      DE0005428007
WKN:        542800
Index:    Prime Standard, SDAX
Börsen:  Frankfurter Wertpapierbörse / regulated dealing
              Niedersächsische Börse zu Hannover / free trade
              Berliner Wertpapierbörse / free trade
              Bayerische Börse / free trade
              Hamburger Wertpapierbörse / free trade
              Bremer Wertpapierbörse (BWB) / free trade
              Börse Düsseldorf / free trade
              Baden-Württembergische Wertpapierbörse / free trade



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