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

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