comdirect bank AG

euro adhoc: comdirect bank AG
comdirect bank: nine-month profit figures up by 33%

---------------------------------------------------------------------   Disclosure announcement transmitted by euro adhoc.   The issuer is responsible for the content of this announcement. ---------------------------------------------------------------------

comdirect bank (ISIN DE0005428007) increased its pre-tax profit to EUR 42.4m in the first nine months of the year, up 33.1% in a year-on-year comparison (EUR 31.9m). In the third quarter of 2004, the bank achieved pre-tax profit of EUR 9.4m.

Net commission income rose from EUR 61.2m for the first nine months of 2003 to EUR 67.4m as of 30 September 2004, an increase of 10.2%. At EUR 42.8m, net interest income before provisions was down 6.7% on the comparative figure of EUR 45.8m in the previous year.

Administrative expenses fell by 3.8% compared with the figure for the previous year (EUR 81.0m) to stand at EUR 77.9m. Personnel costs declined by 7.3% to EUR 21.2m. Other administrative expenses rose by 3.3% to EUR 47.7m due to increased costs relating to the acquisition of new customers. Depreciation reduced by 24.6% to EUR 9.0m.

The cost/income ratio improved to 64.6%, compared to 71.4% for the first nine months of 2003.

The bank’s profit target, which was revised upwards in the spring, remains unchanged at EUR 50m before tax for the year as a whole.

Information and explanatory notes on this ad hoc release:

~

                                      Q3/03  Q2/04  Q3/04  9M/03  9M/04  % 9M
                                                                                              03/04
EUR ’000                                                                                
Net interest income                                                                
before provisions          14,812 13,181 13,334 45,823 42,751 -6.70
                                                                                              
Provision for possible                                                          
loan losses                    0         -60      -184    617      -199    -
                                                                                              
Net commission                                                                        
income                            24,268 19,794 16,764 61,196 67,420 10.17
                                                                                              
Other income                  2,430  4,432  3,323  6,484  10,380 60.09
                                                                                              
Administrative                                                                        
expenses                         24,689 25,319 23,800 81,001 77,914 -3.81
                                                                                              
Profit from ordinary                                                              
activities                      16,821 12,028 9,437  31,885 42,438 33.10
                                                                                              
Pre-tax profit                16,821 12,028 9,437  31,885 42,438 33.10
                                                                                              
After-tax profit            10,728 9,067  6,024  19,353 28,633 47.95
~

Following the deconsolidation of comdirect ltd as of 31 March 2004, the individual items on the group income statement still include figures for the UK subsidiary from the first quarter 2004.

The latest figures for orders, customer numbers and assets under custody can be found on our website www.comdirect.de/ir under Facts and figures/Monthly figures.

end of announcement                                euro adhoc 21.10.2004 06:45:00
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Further inquiry note: Daniel Fard-Yazdani, Investor Relations, comdirect bank AG, Pascalkehre 15, D-25451 Quickborn, Tel.: +49(0)4106-704-1966, Fax: +49(0)4106-704-1969, e-mail: investorrelations@comdirect.de

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



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