DAB bank AG / Quarter Results
27.10.2009
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Pretax profit for the first nine months of 2009 reaches EUR26.53 million /
Full-year forecast raised from EUR25 million to substantially more than
EUR30 million / Net financial income hits record level in the third quarter
/ Net commission income slightly higher than in the preceding quarters
Munich, October 27, 2009. The DAB bank Group, Munich, posted a pretax
profit of EUR12.14 million for the third quarter of 2009 (Q3 2008:
EUR-21.05 million). Accordingly, the pretax profit for the first nine
months of this year came to EUR26.53 million (9M 2008: EUR1.48 million). In
view of the strong performance in the third quarter, DAB bank is raising
its full-year pretax profit forecast from the original target of EUR25
million to substantially more than EUR30 million.
The positive performance was driven in large part by the outstanding net
financial income of EUR22.50 million, the highest that DAB bank has ever
earned in one quarter. At EUR16.48 million, the net interest income was
again higher than the strong figure for the preceding quarter (Q2 2009:
EUR16.14 million) and substantially higher than the year-ago figure (Q3
2008: EUR13.61 million). An impressive contribution was made by the profit
from investments, which hit a record level of EUR5.50 million in the third
quarter (Q2 2009: EUR1.08 million; Q3 2008: EUR-27.82 million). 'We have
taken full advantage of the opportunities which the market is presenting
right now, in the best interests of DAB bank. The recovery of the bond
markets, for example, fueled substantial gains in our conservative and
security-oriented treasury portfolio,' said Markus Gunter of the DAB bank
Management Board.
The net commission income rose from EUR20.30 million in the second quarter
to EUR22.39 million in the third quarter of 2009, but was still below the
corresponding year-ago figure (Q3 2008: EUR23.18 million). The year-on-year
decline can be attributed to the continued reluctance of German investors
to trade, which was reflected in the number of trades executed for
customers of DAB bank. The seasonal drop-off in trading activity that
usually occurs in the summer months failed to materialize. Thus, the trades
executed in the third quarter, at 1,603,279, were nearly the same as the
trades executed in the preceding quarter (Q2 2009: 1,616,560). Nonetheless,
they were lower, by 18.9%, than the corresponding year-ago figure (Q3 2008:
1,977,271).
Another factor contributing to the strong pretax profit was the strict cost
discipline practiced by DAB bank. At EUR92.29 million, the administrative
expenses for the first nine months of 2009 were about EUR3 million less
than the corresponding year-ago figure (9M 2008: EUR95.11 million).
Thanks in no small part to the positive development of stock markets, the
volume of customer assets administered by DAB bank rose 7.4%, from EUR24.47
billion at the end of June to EUR26.28 billion at the end of September. The
number of securities accounts carried by DAB bank was nearly unchanged from
the previous period. That number was 1,064,304 at September 30, 2009, as
compared to 1,075,470 at June 30, 2009. The slight decrease can be
attributed mainly to FondsServiceBank.
In spite of the very positive performance in the third quarter, DAB bank
continues to be cautious in its outlook for the future. 'Due to the current
situation of interest rates, the net interest income will be lower in the
coming months. As for the profit from investments, we anticipate that it
will revert to the level of the first two quarters of this year.
Furthermore, we do not anticipate a sustained increase in the number of
trades executed, and therefore also not in the net commission income,'
Markus Gunter said.
Key indicators and operating results of the DAB bank Group, according to
IFRS, for the first nine months:
|[![CDATA[|[pre|]]]|]
Key indicators 9M 2009 9M 2008
Securities accounts No. 1,064,304 1,086,945
Trades executed No. 4,756,348 6,413,280
Trades per securities account, No. 5.88 7.80
annualized
Customer assets EUR bn 26.28 26.33
thereof in investment funds EUR bn 14.29 14.22
Operating results 9M 2009 9M 2008
Net financial income* EUR thsd 57,500 12,595
Net commission income EUR thsd 61,321 79,209
Administrative expenses EUR thsd 92,294 95,109
Pretax profit EUR thsd 26,525 1,481
Net profit EUR thsd 18,319 1,009
Cost-income ratio in % 77.7 98.5
Earnings per share EUR 0.24 0.01
|[![CDATA[|[/pre|]]]|]
Key indicators and operating results of the DAB bank Group, according to
IFRS, for the third quarter:
|[![CDATA[|[pre|]]]|]
Key indicators Q3/2009 Q2/2009 Q3/2008
Securities accounts No. 1,064,304 1,075,470 1,086,945
Trades executed No. 1,603,279 1,616,560 1,977,271
Trades per securities acc., No. 6.01 6.03 7.27
annualized
Customer assets EUR bn 26.28 24.47 2 6.33
thereof in investment funds EUR bn 14.29 13.27 14.22
Operating results Q3/2009 Q2/2009 Q3/2008
Net financial income* EUR thsd 22,496 17,468 -14,355
Net commission income EUR thsd 22,394 20,296 23,182
Administrative expenses EUR thsd 31,987 29,814 30,408
Pretax profit EUR thsd 12,140 7,959 -21,052
Net profit for the quarter EUR thsd 8,341 5,490 -14,266
Cost-income ratio in % 72.5 78.9 325.0
Earnings per share EUR 0.11 0.07 -0.19
|[![CDATA[|[/pre|]]]|]
* Net financial income = Net interest income before credit risk provisions
+ Trading profit/loss + Profit/loss from investments
Contact:
Bei Rückfragen wenden Sie sich bitte an Dr. Jürgen Eikenbusch, DAB bank,
+49 89 500 68 595 oder communications@dab.com.
27.10.2009 |[![CDATA[|[a href="http://www.dgap.de"|]Financial News transmitted by DGAP|[/a|]]]|]
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Language: English
Company: DAB bank AG
Landsberger StraÃe 300
80687 München
Deutschland
Phone: +49 (0)89 500 68 595
Fax: +49 (0)89 500 68 669
E-mail: communications@dab.com
Internet: www.dab.com
ISIN: DE0005072300
WKN: 507230
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, München, Hannover, Düsseldorf, Stuttgart, Hamburg;
Foreign Exchange(s) Paris
End of News DGAP News-Service
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DGAP-News: DAB bank generates outstanding pretax profit of EUR12.14 million in the third quarter of 2009
| Source: EQS Group AG