DGAP-News: DAB Bank reports continued growth of it

DGAP-News: DAB Bank AG / Key word(s): Quarter Results DAB Bank reports continued growth of its operating business in the third quarter 29.10.2013 / 07:30 --------------------------------------------------------------------- DAB Bank reports continued growth of its operating business in the third quarter New record for customer assets held in custody / Clear upward trend of trades executed and customer numbers / Third-quarter profit before taxes comes to EUR5.29 million Munich, October 29, 2013. The DAB Bank Group, Munich, continued to grow its operating business in the third quarter of the current financial year. Thanks to strong net fund inflows, customer assets increased by around EUR1.5 billion in the period from July to September, reaching the record level of EUR31.08 billion. DAB Bank also increased its customer base by more than 6,000, bringing the total to 615,178 customers. Thus, DAB Bank has added more than 18,000 net new customers since the beginning of the current financial year. The growth in bank accounts carried for customers has been especially impressive, with more than 37,000 bank accounts added since the beginning of this year, bringing the total to 192,528. At 1.21 million, DAB Bank also executed significantly more trades for its customers in the third quarter, compared to the year-ago figure (Q3 2012: 1.00 million). 'The growth program launched at the start of this year, including the redesigned checking account and numerous innovations in our securities-related services, has continued to bear fruit in the past few months. We are currently experiencing strong growth in all our key operational indicators,' said Ernst Huber, Management Board Spokesman of DAB Bank. The growth of DAB Bank's operating business is clearly reflected in the bank's net commission income. At EUR62.61 million, the net commission income generated in the first nine months of the current year is already more than EUR5 million higher than the corresponding year-ago figure (9M 2012: EUR57.52 million). However, DAB Bank's net interest income has been adversely affected by the persistently low level of interest rates. While the third-quarter net interest income of EUR10.18 million was significantly higher than the corresponding figure for the preceding quarter (Q2 2013: EUR8.22 million), it was nonetheless lower than the year-ago figure (Q3 2012: EUR11.80 million). At EUR2.05 million, the trading profit and profit from investments together were slightly lower, as planned, than the respective figures for the second quarter of this year and the third quarter of last year (Q3 2012: EUR2.23 million; Q2 2013 EUR2.72 million). Thanks to active cost management, DAB Bank's third-quarter administrative expenses of EUR25.97 million were significantly lower than the respective comparison figures (Q3 2012: EUR27.49 million; Q2 2013: EUR27.74 million). DAB Bank's third-quarter profit before taxes of EUR5.29 million was higher than the corresponding figure for the second quarter of this year (Q2 2013: EUR4.79 million), but slightly lower than the corresponding year-ago figure (Q3 2012: EUR5.44 million). Thus, the profit before taxes for the first nine months of 2013 came to EUR14.79 million, as compared to EUR21.43 million in the year-ago period. However, the net interest income generated in the first nine months was about EUR11 million less than the corresponding year-ago period, due to the persistently low level of market interest rates. DAB Bank is re-affirming its forecast that the profit before taxes for the full year 2013 will be at least one third less than the corresponding figure for 2012, when the bank generated a profit before taxes of EUR28.03 million. As in prior periods, DAB Bank introduced new products and services to the market in the past few months. In this regard, DAB Bank's new website is especially noteworthy. It was not only optically modernized, but was in fact redesigned from the ground up to make it even more user-friendly than before, based on the feedback received from more than 5,000 customers and other interested parties. Customers' response to the new website has been very positive since it went live in August. DAB Bank Group: Key Indicators and Operating Results According to IFRS: <pre> Key Indicators 9M 2013 9M 2012 Customers No. 615,178 598,529 Securities accounts No. 616,197 617,094 Bank accounts No. 192,528 153,165 Trades executed No. 3,717,707 3,224,877 Trades per securities account, annualized No. 8.05 6.95 Customer assets EUR bn 31.08 27.42 thereof in investment funds EUR bn 14.71 12.98 Operating results 9M 2013 9M 2012 Net interest income kEUR 27,145 38,156 Trading profit and profit form investments kEUR 6,699 8,542 Net commission income kEUR 62,607 57,519 Administrative expenses kEUR 80,207 83,029 Profit before taxes kEUR 14,790 21,434 Net profit after taxes kEUR 9,341 14,337 Cost-income ratio in % 84.4 79.5 Earnings per share EUR 0.10 0.17 </pre> <pre> Key Indicators Q3/2013 Q2/2013 Q3/2012 Customers No. 615,178 609,003 598,529 Securities accounts No. 616,197 615,837 617,094 Bank accounts No. 192,528 179,280 153,165 Trades executed No. 1,211,734 1,294,239 1,001,826 Customer assets EUR bn 31.08 29.61 27.42 thereof in investment funds EUR bn 14.71 14.05 12.98 Operating results Q3/2013 Q2/2013 Q3/2012 Net interest income kEUR 10,177 8,222 11,795 Trading profit and profit from kEUR 2,052 2,724 2,228 investments Net commission income kEUR 19,827 21,937 18,683 Administrative expenses kEUR 25,974 27,742 27,490 Profit before taxes kEUR 5,289 4,786 5,438 Net profit after taxes kEUR 2,858 3,240 3,325 Cost-income ratio in % 83.5 85.3 83.5 Earnings per share EUR 0.03 0.03 0.04 </pre> End of Corporate News --------------------------------------------------------------------- 29.10.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: DAB Bank AG Landsberger Stra�e 300 80687 München Germany Phone: +49 (0)89 500 68 1696 Fax: +49 (0)89 500 68 669 E-mail: ir@dab.com Internet: www.dab-bank.de ISIN: DE0005072300 WKN: 507230 Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 236440 29.10.2013