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Quarterly Report 2009

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Quarterly Report 2009 Interim management report • Quarterly report 2009 Good result achieved – complus launched – opportunities utilised through ebase acquisition WorldReginfo - 4b00285f-e41f-46c9-931b-12735ffa0027 3 > Key figures of the comdirect group 1st quarter 2009 2008 Change in % Customer figures as of 31.3. Total customers 1,368,215 1,072,847 27.5 Customers in the comdirect online business line 1,361,285 1,068,066 27.5 Customers in the comdirect offline business line 48,969 35,892 36.4 comdirect online business line Placed orders 2,247,870 2,976,116 – 24.5 Executed orders 1,747,299 2,426,680 – 28.0 Average order activity per custody account (annualised) 10.0 14.9 – 33.1 Share of fund transactions in executed orders in % 29.7 32.9 – Order volume per executed order in € 4,181 4,643 – 10.0 Total assets under custody as of 31.3. in € million 18,606 19,600 – 5.1 of which: portfolio volume (excluding funds) in € million 5,933 7,618 – 22.1 of which: funds volume in € million 3,093 3,517 – 12.1 of which: deposit volume in € million 9,580 8,464 13.2 Credit volume as of 31.3. in € million 171 207 – 17.4 Number of custody accounts as of 31.3. 704,216 655,825 7.4 Number of securities savings plans as of 31.3. 117,075 151,157 – 22.5 Number of current accounts as of 31.3. 460,824 354,989 29.8 Number of Tagesgeld PLUS (“call money plus”) accounts as of 31.3. 852,630 498,445 71.1 comdirect offline business line Advisers as of 31.3. 183 202 – 9.4 Offices as of 31.3. 32 28 14.3 Commission income in € thousand 3,082 6,303 – 51.1 Earnings ratios Net commission income in € thousand 25,917 36,324 – 28.7 Net interest income before provisions in € thousand 32,519 41,530 – 21.7 Administrative expenses in € thousand 44,863 50,040 – 10.3 Pre-tax profit in € thousand 15,690 27,491 – 42.9 Net profit in € thousand 11,259 20,407 – 44.8 Earnings per share in € 0.08 0.14 – 43.1 Balance sheet key figures as of 31.3. Balance sheet total in € million 10,123 9,033 12.1 Equity in € million 476 493 – 3.4 Equity ratio1) in % 4.9 5.6 – Regulatory indicators under Basel II2) as of 31.3. Risk weighted assets3) in € million 543 539 0.7 Eligible amount for operational risks in € million 18 18 0.0 Own funds4) in € million 357 390 – 8.5 Own funds ratio5) in % 46.8 51.5 – Relative ratios Return on equity before tax (annualised) 6) in % 12.8 22.2 – Cost/income ratio in % 73.5 64.4 – Earnings per customer (annualised) in € 178.3 299.1 – 40.4 Employees’ figures as of 31.3. Employees 915 837 9.3 of which: in the comdirect online business line 847 785 7.9 of which: in the comdirect offline business line 68 52 30.8 Employees full-time basis 819.3 737.3 11.1 1) Equity ratio = Equity (excluding revaluation reserves) / balance sheet total 2) These figures are calculated on the basis of internal calculations; publication is voluntary and the figures are not reported to the Supervisory Authority based on national implementation conversion 3) Risk weighted assets in accordance with Section 10c of the German Banking Act (KWG) (intragroup receivables are zero weighted) 4) Own funds currently correspond to core capital at comdirect bank AG 5) Own funds ratio = own funds / (risk weighted assets + 12.5 x eligible amounts for operational risks) 6) Return on equity = pre-tax profit / average equity (excluding revaluation reserve) in the reporting period WorldReginfo - 4b00285f-e41f-46c9-931b-12735ffa0027 Foreword • > Foreword Dear shareholders, comdirect bank has made a good as well as a promising start to 2009. We have secured our growth and profitability in a difficult market environment. With our complus programme, launched in February, the foundation is being laid for the long-term sustainability of the bank. The agreed acquisition of European Bank for Fund Services GmbH (ebase) provides an additional boost to growth and development: we are increasing the number of customers and assets under custody by more than 50% and gaining broad market access as well as valuable specialist expertise in business with institutional partners. Through these partners, we are addressing new customer groups and expanding our leading position in German online securities business. We can be satisfied with the quarterly pre-tax profit of €15.7m, achieved despite largely restrained stock market trading and steep falls in market interest rates. As expected, we have not matched the record value of the previous year, however the good result shows just how quickly comdirect bank is able to respond to particular challenges in the market. The bank has offset the lower net interest and net commission income compared to the previous quarter through strict cost discipline. Just as pleasing is the fact that although we have slowed the pace of our marketing activities, comdirect bank has remained on its growth course. The number of customers increased by 18,918, the number of current accounts rose by as many as 35,675, and even investment accounts recor- ded significant growth despite the notable adjustment in interest rates. The fact that portfolio, fund and deposit volumes declined at the same time is understandable in light of developments in interest rates and the capital market, and does not change the positive overall statement: par- ticularly in the financial market and banking crisis, customers trust the comdirect brand and are making more active use of its products than before. Michael Mandel High levels of customer satisfaction and brand power are key factors in a CEO of comdirect bank direct banking market, which is moving more than ever. Traditional bank models are being scrutinised; customers are looking for clear product and service advantages, transparent offerings and fair advice. Through our new complus pro- gramme, we are certain to benefit from this development. We launched the programme in the first quarter and set to work immediately on achieving the first milestone: the launch of the new current account with satis- faction guarantee. This account is fee-free, regardless of the amount paid in per month, and also offers attractive bonuses. As a thank-you for actively using the account, there is a €50 bonus three months after the account is opened. If, contrary to expectations, we are unable to convince the customer of the services and qual- ity we offer and the account is cancelled after 12 months, the customer receives a further €50. This is our satisfaction guarantee, under the catchy slogan “€50 if you like us. €100 if you don’t”. WorldReginfo - 4b00285f-e41f-46c9-931b-12735ffa0027 1 The new current account clearly highlights one of the four key elements of complus: we aim to attract customers willing to switch from other banks with an attractive and clear range of products and services, which is unique in the market and suit- able for broad target groups. The other key elements comprise direct and individual contact with special customer groups, a modern and effective banking platform as well as independent and transparent advisory models. And because much is already in development, we will be addressing the next milestones at a fast pace in the coming quarters. Through our financial strength, we are in a position to utilise specific opportunities in the market in addition to organic growth and to expand our business carrying out attractive acquisitions. With the agreed acquisition of ebase, comdirect will in future be both the first choice direct bank for modern investors and a leading direct “With the agreed bank for institutional customers. Including ebase and excluding group customers, acquisition of ebase, assets under custody will increase to around €30bn and the number of customers to over 2 million. comdirect will in future be both the From this considerably broader base, we now aim to achieve further growth with two strong brands and pooled competence in private and institutional business. first choice direct ebase is able to offer its customers the complete range of products provided by comdirect bank and comdirect bank is reaching new demanding target groups bank for modern through ebase’s institutional partners. As a result, we are gaining expertise, for investors and a example in occupational pensions, and decisively expanding our direct banking platform. leading direct bank for institutional The bank’s priority remains organic growth through the complus programme. Our ambitious target is unchanged; in our direct banking business we intend to increase customers.” the number of customers by 1 million within five years and to double assets under custody to more than €40bn. Furthermore, we naturally aim to chart a proactive course in the ongoing challenging environment and to secure the bank’s profi- tability against the backdrop of the changed framework conditions. In addition to expanding our business model through complus, this means timely product optimi- sations as well as sustained cost efficiency. With the two brands comdirect and ebase, the bank is making very good progress and is on a promising course for customers and shareholders. Sincerely yours, Michael Mandel CEO WorldReginfo - 4b00285f-e41f-46c9-931b-12735ffa0027 2 Interim management report • > Interim management report as of 31 March 2009 > Value-driven strategy The tasks to be carried out immediately after the closing of the transaction are the amalgamation of comdirect bank’s existing institutional business with ebase and the start of In February 2009 we launched complus, our programme joint market cultivation.
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