comdirect bank AG

euro adhoc: comdirect bank AG
comdirect bank achieves record profit (E)

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In the 2003 financial year, comdirect bank (ISIN DE0005428007) achieved a consolidated pre-tax profit of 39.1m euros - by far the largest profit since the bank was formed in 1994. This represents a year-on-year improvement of 57.7m euros (year-ago pre-tax profit: -18.6m euros).

The number of executed securities orders was 11.8% higher in 2003 than in  2002, at 6.4m. The volume of deposits (incl. funds) expanded by 50.4% to 7.6bn euros from its end-2002 level. Commission income was 22.4% stronger than a year earlier in 2003, reaching 96.7m euros. Net commission income rose by 7.7% to 83.1m euros (previous year: 77.1m euros). A special effect should be noted here, namely that third-party costs for handling orders were shown for the first time as commission expenses.

The volume of deposits expanded by 41.5% to 2.8bn euros. Net interest income before provisions fell by 10.5% to 57.2m euros. This was mainly due to the fact that the interest expenses caused by ZinsPLUS, a special interest-rate campaign for gaining new customers, have already been recognised in full.

comdirect brought its administrative expenses down to 112.5m euros in 2003 - a decline of 18.6% on 2002. In a year-on-year comparison, personnel costs receded by 18.2% to 31.7m euros; other administrative expenses were reduced by 15.6% to 64.3m euros. Depreciation was 29% lower at 16.5m euros.

The cost/income ratio improved in the past financial year to 74.2 % - down from 96.2% a year earlier.

The results achieved enable comdirect to make its first dividend payment. The management board will propose a distribution to shareholders of 0.16 euro per share.

For the 2004 financial year, comdirect bank is aiming for a further improvement in the pre-tax profit of more than 15% to at least 45m euros.

Information and explanatory notes on this ad hoc release:

All the figures are unaudited; the full annual report will be published on 12 March, 2004.

~
                                    Q4/02  Q3/03  Q4/03  2002      2003      %
                                                                                                2002/2003
EUR thousand
Net interest income      15,444 14,812 11,384 63,896  57,207  10.5
before provisions

Provision for possible -1,574 0         652      -2,037  35         -
loan losses

Comission income          18,847 28,085 25,673 79,024  96,686  22.4

Comission expenses        615      3,817  3,762  1,882    13,579  621.5

Net comission income    18,232 24,268 21,911 77,142  83,107  7.7

Other income                 814      2,430  4,763  3,832    11,247  193.5

Administrative              32,567 24,689 31,493 138,138 112,494 -18.6
expenses

Profit from ordinary    349      16,821 7,217  4,695    39,102  732.8
activities

Pre-tax profit/loss      9,021  16,821 7,217  -18,600 39,102  -

After-tax profit/loss  10,199 10,728 4,008  -9,764  23,361  - ~


end of announcement            euro adhoc 12.02.2004
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Further inquiry note: Daniel Fard-Yazdani

Branche: Banking
ISIN:      DE0005428007
WKN:        542800
Index:    CDAX, Classic All Share, MDAX, Prime All Share, Prime Standard
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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