DAB bank targets 10% to 15% increase in its profit before
taxes for the full year 2012
Munich, July 31, 2012.
The Munich-based DAB bank Group, which operates in Germany
and Austria, increased its profit before taxes by 8% to
€16.00 million in the first half of 2012 (H1 2011: €14.83
million). It also increased the second-quarter profit
before taxes substantially, by 20%, from €6.24 million in
the year-ago period to €7.49 million in the second quarter
of 2012.
DAB bank's positive performance in the first half was aided
in particular by the very good net financial income, which
rose from €28.29 million in the year-ago period to €34.34
million in the first half of 2012. The net interest income
rose from €25.95 million to €28.02 million. At €6.31
million, the sum of the trading profit and the profit from
investments in the first six months of 2012 was
considerably higher than the corresponding year-ago figure
(H1 2011: €2.34 million).
The high level of cost discipline practiced at DAB bank
also produced a positive effect. Despite the further
investments made in the product portfolio and IT
infrastructure, the administrative expenses of €55.54
million were 2% lower than the corresponding figure for the
first six months of 2011.
By contrast, the net commission income declined by almost
15%, from €43.54 in the year-ago period to €37.17 million
in the first six months of 2012. Due to the persistent
uncertainties affecting financial markets, DAB bank's
customers were restrained in their trading activity,
placing only 2.22 million trade orders in the period from
January to June 2012, as compared to 2.47 million trade
orders in the first half of 2011
"Despite the difficulty in predicting the future direction
of markets, we are still confident that we will generate a
higher profit before taxes in 2012 than in 2011. Subject to
the condition of commensurate market trends and customer
activity in the second half, we are striving for an
increase of 10% to 15%," said Markus Gunter, Speaker of the
Management Board of DAB bank. DAB bank had generated a
profit before taxes of €25.73 million in financial year
2011.
Compared to June 30, 2011, the number of customers rose by
slightly more than 9,000 to 598,278. Also, the number of
securities accounts rose slightly to 617,566, while the
number of bank accounts rose by more than 24,000 to
169,833. Due to the fact that index levels have fallen,
however, the volume of customer assets held in custody has
declined since June 2011 to reach €25.65 billion at June
30, 2012. Compared to the end of 2011, however, customer
assets have risen by approximately €1.4 billion, due not
least of all to substantial net inflows of new customer
assets.
A few weeks ago, DAB bank introduced another new product
for active traders, LOGOS. "Our LOGOS platform is unique in
Germany. It creates a new dimension in trading. Also by
means of this new product, DAB bank is positioned as the
best bank for investors, traders and assets managers,"
Markus Gunter said.
* Net financial income = Net interest income before credit risk provisions + trading profit/loss + profit/loss from investments.
distributed by |