DAB BANK AG 
By Full-year profit before taxes expected to be on the level of 2010 / Key operational indicators such as trades executed, customer assets and securities accounts on the rise
Munich, July 26, 2011.
The DAB bank Group, Munich, which operates in Germany and Austria, earned a profit before taxes of ?14.73 million in the first half of the current financial year. The profit before taxes was less than the corresponding figure for the first six months of last year (H1 2010: ?18.39 million), due in particular to the lower trading profit, which was favored in the year-ago period by positive non-recurring effects related to the financial markets crisis. The second-quarter profit before taxes amounted to ?6.08 million, as compared to ?9.85 million in the second quarter of last year. In the second half of 2011, DAB bank expects to surpass the respective year-ago figures, so that the full-year profit before taxes for financial year 2011 should be on the level of the profit before taxes for 2010, which amounted to ?28.57 million.
Benefiting from the heightened trading activity of its customers in the first quarter, DAB bank executed 2,473,406 trades in the first six months of 2011, a good 10% more than in the year-ago period. The net commission income for the first six months of 2011 amounted to ?44.96 million, as compared the corresponding year-ago figure of ?44.31 million.
The net financial income declined, as expected, from ?33.18 million to ?28.29 million. This decline can be attributed to the ?normalization? of the trading profit, which had risen to ?6.92 million in the period from January to June 2010 on the strength of catch-up effects after the financial markets crisis. At ?1.56 million, the trading profit for the first half of 2011 was higher than the respective figures for the corresponding periods of 2008 and 2009. The net interest income for the first six months of 2011 was stable, on the whole, having declined only slightly
