Active customer trading boosts net commission income /
Continued rise in the number of securities accounts
carried for customers
Munich, October 25, 2011.
The DAB bank Group, Munich, generated a profit before
taxes of €6.66 million in the third quarter, reflecting
an increase of 23% over the corresponding year-ago figure
(Q3 2010: €5.41 million). A major factor contributing to
this increase was the positive development of net
commission income, which rose from €17.65 million in the
third quarter of 2010 to €22.91 million in the quarter
just ended, as a result of strong customer trading
activity in the summer months. In the period from July to
September 2011, DAB bank conducted 1,469,596 trades for
its customers, reflecting an increase of 46% over the
corresponding year-ago figure. "Whereas the trading
activity of our customers is usually restrained in the
third quarter, due to the vacation season, the worldwide
market turmoil caused them to be particularly active this
year," said Markus Gunter, Speaker for the Management
Board of DAB bank AG.
In the first nine months of 2011, the DAB bank Group
generated a profit before taxes of €21.49 million (Q1-Q3
2010: €24.00 million). Assuming the absence of worse
market turmoil, the bank is reaffirming its forecast of
generating a profit before taxes on the level of the
prior-year figure - €28.6 million - in financial year
2011.
Whereas net commission income rose further, net financial
income declined to €12.96 million, as compared to €15.76
million in the third quarter of 2010 and €14.50 million
in the second quarter of 2011. Following a stable trend,
net interest income came to €13.61 million in the third
quarter, which was actually slightly higher than the
corresponding figures for the two preceding quarters. The
profit from investments amounted to
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- DAB Bank AG : DAB bank earns a profit before taxes of €6.66 million in the third quarter, reflecting an increase of more than 20% over Q3 2010