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26.07.2016 07:30:06
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DGAP-News: comdirect bank AG
DGAP-News: comdirect: Half-year pre-tax profit of EUR87.9m
26.07.2016 / 07:30 The issuer is solely responsible for the content of this announcement.
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comdirect: Half-year pre-tax profit of EUR87.9m
- Earnings of more than EUR216m in the first half-year
- Non-recurring effect from VISA transaction of around EUR41m
- Profitability target for 2016 as a whole: more than 19% return on equity before tax
- On the way to becoming the first choice in saving, investing and trading with securities: 28,000 more custody accounts and EUR3.5bn net fund inflows to custody accounts
Quickborn, Germany, 26 July 2016. The comdirect group closed the first half of 2016 with a pre-tax profit of EUR87.9m. Behind the significant increase on the previous year (EUR51.3m) is the non-recurring income of around EUR41m before taxes announced in January and resulting from the membership of VISA Europe and its integration in VISA Inc. USA. The market-related decline in net interest income and net commission income was almost made up for by active cost and investment management. "Overall, we can look back on a reasonable first half-year", said Arno Walter, CEO of comdirect bank AG. "We are seeing profitable growth, we are delivering good results and we are developing further strategically. This is demonstrated by the many new products that we have introduced in recent months, from the comdirect trading app to our own consumer loan. We are one of Germany's most profitable retail banks: we are striving for a return on equity of more than 19% for the year as a whole. This corresponds to a pre-tax profit of around EUR110m for the year as a whole."
The comdirect group generated total income of EUR216.1m in the first six months of the year (previous year: EUR190.3m). Of this, EUR41.1m was attributable to the extraordinary income from the VISA transaction, which is reported in the result from financial investments. At EUR108.4m, net commission income remained at a high level, although it was 7% below the previous year's record level (EUR116.1m). The fall is primarily due to the sunken level of the share price, which had an impact on the sales follow-up commission from the funds business and led to a lower average order volume. It is also down to a change in the composition of trades in the B2C business line. At 7.5 million, the number of B2C trades was slightly above the previous year's level (7.4 million) due to the high volatility, particularly at the start and end of the half-year. In view of the still worsened interest environment, net interest income after provisions for possible loan losses fell 9% below the previous year's figure (EUR69.0m) to EUR63.0m. The administrative expenses of EUR128.2m fell 8% below the previous year's figure (EUR138.9m). The decline is due to the active management of other administrative expenses with a focus on the strategic orientation and current market environment. The previous year's value includes significantly higher other administrative expenses, associated, in particular, with the launch of the "Bank. Re-envisioned." campaign.
The number of customers in the B2C business line (comdirect bank AG) has increased by 33 thousand to 2.034 million since the start of the year. Over the same period, the number of custody accounts rose by 28 thousand to 972 thousand and the number of current accounts increased by 44 thousand to 1.310 million. Despite the significant share price decreases, total assets under custody rose to EUR41.1bn in the first half-year, compared with EUR39.9bn at the end of 2015. Net fund inflows stood at EUR2.5bn, of which EUR1.8bn was invested in custody accounts (previous year: EUR0.5bn). According to Walter, "Our customers are increasingly investing in shares and securities savings plans and are not leaving their money to languish in non-interest-bearing accounts. We are very satisfied with this development. This is precisely the core of our strategy: using innovative and smart solutions to get our customers excited about investing, saving and trading with securities." He continued by saying that this would be the focus of product development. As examples of new products, Walter mentioned the comdirect trading app, the extended range of shares savings plans and the bonus savings scheme, with which customers can incidentally invest in ETFs and thereby in their asset accumulation through online shopping discounts.
At 987 thousand, the number of customers in the B2B business line (ebase GmbH) in the first six months almost reached the level at the end of 2015 (988 thousand). The closures of custody accounts for capital-building payments usual in the spring were compensated for by new business. Despite the fallen level of the share price, total assets under custody rose slightly to EUR26.1bn (end 2015: EUR25.6bn). Net fund inflows, which were almost entirely attributable to the portfolio volume, stood at EUR1.8bn. This is partly due to a new partner who transferred their portfolio volumes to ebase.
The comdirect group's total number of customers climbed to a record high of 3.021 million during the first half-year and its total assets under custody rose to EUR67.2bn (year-end 2015: EUR65.5bn). Net fund inflows to the group stood at EUR4.3bn overall, of which EUR3.5bn flowed into custody accounts.
"We have a clear aim for the second half of the year: we want to show our customers that we are earning their trust", said Walter, making reference to a software update error on 18 July. In the course of this, some customers were able to view accounts belonging to others for a short time. No funds could be transferred to other people's accounts, nor could securities be traded. Equally, login details were not visible and could not be changed. "Something happened that cannot be allowed to happen - and we sincerely apologise to all customers for this", said Walter, who also gave a statement regarding the incident in an open letter (https:// www.comdirect.de/cms/brief-des-vorstands.html). The error was corrected as quickly as possible on the same morning and steps were taken to ensure that this does not happen again. Intensive error analyses were also promptly initiated. Based on the results of these investigations, additional measures will be taken to further increase data security.
Overview
thousand euro Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Net interest income after provisions 35,179 33,771 32,869 32,690 32,024 30,973 Net commission income 60,519 55,596 58,659 53,591 54,876 53,568 Other income 2,370 2,818 1,104 1,422 1,804 42,827 Administrative expenses 73,408 65,515 66,086 74,971 64,977 63,217 Pre-tax profit 24,660 26,670 26,546 12,732 23,727 64,151 After-tax profit 18,016 19,569 19,135 8,322 17,270 49,037
thousand euro H1 15 H1 16 H1 16 vs. H1 15 Net interest income after provisions 68,950 62,997 - 8.6% Net commission income 116,115 108,444 - 6.6% Other income 5,188 44,631 760.3% Administrative expenses 138,923 128,194 - 7.7% Pre-tax profit 51,330 87,878 71.2% After-tax profit 37,585 66,307 76.4%
Contacts for this press release Annette Siragusano Tel. +49 (0)41 06 704 1960 Email: annette.siragusano@comdirect.de
Ullrike Hamer Tel. +49 (0)41 06 704 1960 Email: ullrike.hamer@comdirect.de Information for editorial teams You can find more information about business development in the first half of 2016 here: https://www.comdirect.de/cms/ueberuns/de/investorrelations/ veroeffentlichungen.html
All our press releases are available at www.comdirect.de/presse News about digital trends and innovations in all things finance can be found on the comdirect Board of Managing Directors blog at www.bank-neu- denken.de Follow us on Twitter at https://twitter.com/comdirect or https:// twitter.com/Arno_Walter
If you do not wish to receive any information, please let us know by writing to presse@comdirect.de
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26.07.2016 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
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Language: English Company: comdirect bank AG Pascalkehre 15 25451 Quickborn Germany Phone: + 49 (0) 4106/704-0 Fax: + 49 (0) 4106/708-2580 E-mail: info@comdirect.de Internet: www.comdirect.de ISIN: DE0005428007 WKN: 542800 Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange End of News DGAP News Service ---------------------------------------------------------------------------
485445 26.07.2016
DGAP-News: comdirect bank AG / Key word(s): Half Year Results comdirect: Half-year pre-tax profit of EUR87.9m
26.07.2016 / 07:30 The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
comdirect: Half-year pre-tax profit of EUR87.9m
- Earnings of more than EUR216m in the first half-year
- Non-recurring effect from VISA transaction of around EUR41m
- Profitability target for 2016 as a whole: more than 19% return on equity before tax
- On the way to becoming the first choice in saving, investing and trading with securities: 28,000 more custody accounts and EUR3.5bn net fund inflows to custody accounts
Quickborn, Germany, 26 July 2016. The comdirect group closed the first half of 2016 with a pre-tax profit of EUR87.9m. Behind the significant increase on the previous year (EUR51.3m) is the non-recurring income of around EUR41m before taxes announced in January and resulting from the membership of VISA Europe and its integration in VISA Inc. USA. The market-related decline in net interest income and net commission income was almost made up for by active cost and investment management. "Overall, we can look back on a reasonable first half-year", said Arno Walter, CEO of comdirect bank AG. "We are seeing profitable growth, we are delivering good results and we are developing further strategically. This is demonstrated by the many new products that we have introduced in recent months, from the comdirect trading app to our own consumer loan. We are one of Germany's most profitable retail banks: we are striving for a return on equity of more than 19% for the year as a whole. This corresponds to a pre-tax profit of around EUR110m for the year as a whole."
The comdirect group generated total income of EUR216.1m in the first six months of the year (previous year: EUR190.3m). Of this, EUR41.1m was attributable to the extraordinary income from the VISA transaction, which is reported in the result from financial investments. At EUR108.4m, net commission income remained at a high level, although it was 7% below the previous year's record level (EUR116.1m). The fall is primarily due to the sunken level of the share price, which had an impact on the sales follow-up commission from the funds business and led to a lower average order volume. It is also down to a change in the composition of trades in the B2C business line. At 7.5 million, the number of B2C trades was slightly above the previous year's level (7.4 million) due to the high volatility, particularly at the start and end of the half-year. In view of the still worsened interest environment, net interest income after provisions for possible loan losses fell 9% below the previous year's figure (EUR69.0m) to EUR63.0m. The administrative expenses of EUR128.2m fell 8% below the previous year's figure (EUR138.9m). The decline is due to the active management of other administrative expenses with a focus on the strategic orientation and current market environment. The previous year's value includes significantly higher other administrative expenses, associated, in particular, with the launch of the "Bank. Re-envisioned." campaign.
The number of customers in the B2C business line (comdirect bank AG) has increased by 33 thousand to 2.034 million since the start of the year. Over the same period, the number of custody accounts rose by 28 thousand to 972 thousand and the number of current accounts increased by 44 thousand to 1.310 million. Despite the significant share price decreases, total assets under custody rose to EUR41.1bn in the first half-year, compared with EUR39.9bn at the end of 2015. Net fund inflows stood at EUR2.5bn, of which EUR1.8bn was invested in custody accounts (previous year: EUR0.5bn). According to Walter, "Our customers are increasingly investing in shares and securities savings plans and are not leaving their money to languish in non-interest-bearing accounts. We are very satisfied with this development. This is precisely the core of our strategy: using innovative and smart solutions to get our customers excited about investing, saving and trading with securities." He continued by saying that this would be the focus of product development. As examples of new products, Walter mentioned the comdirect trading app, the extended range of shares savings plans and the bonus savings scheme, with which customers can incidentally invest in ETFs and thereby in their asset accumulation through online shopping discounts.
At 987 thousand, the number of customers in the B2B business line (ebase GmbH) in the first six months almost reached the level at the end of 2015 (988 thousand). The closures of custody accounts for capital-building payments usual in the spring were compensated for by new business. Despite the fallen level of the share price, total assets under custody rose slightly to EUR26.1bn (end 2015: EUR25.6bn). Net fund inflows, which were almost entirely attributable to the portfolio volume, stood at EUR1.8bn. This is partly due to a new partner who transferred their portfolio volumes to ebase.
The comdirect group's total number of customers climbed to a record high of 3.021 million during the first half-year and its total assets under custody rose to EUR67.2bn (year-end 2015: EUR65.5bn). Net fund inflows to the group stood at EUR4.3bn overall, of which EUR3.5bn flowed into custody accounts.
"We have a clear aim for the second half of the year: we want to show our customers that we are earning their trust", said Walter, making reference to a software update error on 18 July. In the course of this, some customers were able to view accounts belonging to others for a short time. No funds could be transferred to other people's accounts, nor could securities be traded. Equally, login details were not visible and could not be changed. "Something happened that cannot be allowed to happen - and we sincerely apologise to all customers for this", said Walter, who also gave a statement regarding the incident in an open letter (https:// www.comdirect.de/cms/brief-des-vorstands.html). The error was corrected as quickly as possible on the same morning and steps were taken to ensure that this does not happen again. Intensive error analyses were also promptly initiated. Based on the results of these investigations, additional measures will be taken to further increase data security.
Overview
thousand euro Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Net interest income after provisions 35,179 33,771 32,869 32,690 32,024 30,973 Net commission income 60,519 55,596 58,659 53,591 54,876 53,568 Other income 2,370 2,818 1,104 1,422 1,804 42,827 Administrative expenses 73,408 65,515 66,086 74,971 64,977 63,217 Pre-tax profit 24,660 26,670 26,546 12,732 23,727 64,151 After-tax profit 18,016 19,569 19,135 8,322 17,270 49,037
thousand euro H1 15 H1 16 H1 16 vs. H1 15 Net interest income after provisions 68,950 62,997 - 8.6% Net commission income 116,115 108,444 - 6.6% Other income 5,188 44,631 760.3% Administrative expenses 138,923 128,194 - 7.7% Pre-tax profit 51,330 87,878 71.2% After-tax profit 37,585 66,307 76.4%
Contacts for this press release Annette Siragusano Tel. +49 (0)41 06 704 1960 Email: annette.siragusano@comdirect.de
Ullrike Hamer Tel. +49 (0)41 06 704 1960 Email: ullrike.hamer@comdirect.de Information for editorial teams You can find more information about business development in the first half of 2016 here: https://www.comdirect.de/cms/ueberuns/de/investorrelations/ veroeffentlichungen.html
All our press releases are available at www.comdirect.de/presse News about digital trends and innovations in all things finance can be found on the comdirect Board of Managing Directors blog at www.bank-neu- denken.de Follow us on Twitter at https://twitter.com/comdirect or https:// twitter.com/Arno_Walter
If you do not wish to receive any information, please let us know by writing to presse@comdirect.de
---------------------------------------------------------------------------
26.07.2016 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
---------------------------------------------------------------------------
Language: English Company: comdirect bank AG Pascalkehre 15 25451 Quickborn Germany Phone: + 49 (0) 4106/704-0 Fax: + 49 (0) 4106/708-2580 E-mail: info@comdirect.de Internet: www.comdirect.de ISIN: DE0005428007 WKN: 542800 Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange End of News DGAP News Service ---------------------------------------------------------------------------
485445 26.07.2016
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