13.03.2003 – 08:46

comdirect bank AG

euro adhoc: comdirect bank AG
Annual Reports
euro adhoc: comdirect bank AG
Annual Reports
comdirect bank AG: comdirect’s operating profit in the black - new perspectives after turnaround (E)

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

Quickborn, 13.03.2003 - The group’s profit from ordinary activities
was EUR 4.7m in 2002, as against EUR -52.3m a year earlier. Thanks to
strict cost management, comdirect lowered its group admin-istrative
expenses by a substantial 38 percent, from EUR 224.3m to EUR 138.1m.
While personnel costs were reduced from their 2001 level of EUR 51.4m
to EUR 38.7m, other administrative expenses sank at a
disproportionately strong rate, from EUR 144.2m in 2001 to EUR 76.2m
in 2002. In a weak market environment, overall group earnings were
down by 17 percent, from EUR 172.0m in 2001 to EUR 142.8m in 2002.
The extraordinary result in the past financial year amounted to EUR
-23.3m, which included non-recurring expenses of  EUR -32m from the
com one programme for the future. In the previous year, the
extraordinary result had been EUR -98.3m. Accordingly, the net loss
for the year of EUR 160.7m in 2001 was reduced to EUR 9.8m. After the
turnaround in its operating profits, the bank is repositioning itself
in three areas of competence: online investment, direct banking and
also financial advisory.

As from 2004, customers of comdirect bank will be looked after by
personal advisers in the areas of asset accumulation and provision
for old age.

end of announcement        euro adhoc 13.03.2003

Further inquiry note:

comdirect bank AG Silke Härtel Tel. 04106/7041966 E-Mail: silke.haertel@comdirect.de

Branche: Banking
ISIN: DE0005428007
WKN: 542800
Index: Nemax 50, Prime Standard
Börsen: Frankfurter Wertpapierbörse / Neuer Markt
Baden-Württembergische Wertpapierbörse / free trade
Bayerische Börse / free trade
Berliner Wertpapierbörse / free trade
Bremer Wertpapierbörse (BWB) / free trade
Börse Düsseldorf / free trade
Hamburger Wertpapierbörse / free trade
Niedersächsische Börse zu Hannover / free trade