22.04.2004 – 07:18

comdirect - eine Marke der Commerzbank AG

euro adhoc: comdirect bank AG
comdirect bank: best quarter (E)

  Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.

comdirect bank (ISIN DE0005428007) closed the first three months of
2004 with a new record profit. Before taxes, the group result is EUR
21.0m - after EUR4.7m in the first quarter of 2003.

The number of executed securities orders increased by 62.0%
year-on-year to 2.1m, thus achieving the highest number of orders for
three years. Against the 2003 year end (EUR7.6bn), the portfolio
volume (incl. funds volume) increased considerably to  EUR8.5bn. At
EUR30.9m, net commission income almost doubled against the equivalent
period of the previous year.

Against the record level of 31 December 2003 the volume of deposits
declined by 6.3% from EUR2.8bn to EUR2.6bn. This was due not only to
shifting of customer deposits into securities but also the fact that
after the expiry of a limited special interest rate period, some of
the deposits were transferred back to investors. Net interest income
before provisions increased by 5.6% year-on-year to EUR16.2m.

The number of comdirect customers, at 661,488, reached the highest
level in the history of the bank - an increase of 3.3 % since the
beginning of the year.

At EUR28.8m, administrative expenses were 3.0% down on the figure of
the equivalent period of the previous year. Personnel costs declined
by 3.0% to EUR7.9m, with other administrative expenses moving up 8.5
% against the value of the previous year to EUR17.5m. At EUR3.4m,
depreciation was 7.8 % down on the figure of the previous year of
EUR3.7m.

With the very good earnings performance and stable costs in the first
three months of 2004, the cost/income ratio improved to 57.9% after
84.7% in the first quarter of 2003.

For the whole year, the Board of Management is increasing its target
for pre-tax profits for the bank to at least EUR50m.

Information and explanatory notes on this ad hoc release: 
~
                                   Q1/03  Q4/03  Q1/04  %
                                                        Q104/Q103
EUR thousand
Net interest income                15,370 11,384 16,236 5,6
before provisions

Provision for possible loan losses -370   652    45     -

Net commission income              15,927 21,911 30,862 93.8

Other income                       1,732  4,763  2,625  51.6

Administrative expenses            27,961 31,493 28,795 3.0

Profit from ordinary               4,698  7,217  20,973 346.4
activities

Pre-tax profit                     4,698  7,217  20,973 346.4

After-tax profit                   2,423  4,008  13,542 458.9
~

end of announcement        euro adhoc 22.04.2004

Further inquiry note:

Daniel Fard-Yazdani

Branche: Banking
ISIN: DE0005428007
WKN: 542800
Index: CDAX, Classic All Share, MDAX, Prime All Share, Prime Standard
Börsen: Frankfurter Wertpapierbörse / regulated dealing
Niedersächsische Börse zu Hannover / free trade
Berliner Wertpapierbörse / free trade
Bayerische Börse / free trade
Hamburger Wertpapierbörse / free trade
Bremer Wertpapierbörse (BWB) / free trade
Börse Düsseldorf / free trade
Baden-Württembergische Wertpapierbörse / free trade

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