07.11.2003 – 07:23

comdirect bank AG

euro adhoc: comdirect bank AG
comdirect bank AG produces best quarterly result since it was founded and expects record annual result (E)

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

In the third quarter of this year, comdirect bank AG (ISIN
DE0005428007) achieved another record profit. Its result at group
level of 16.8m euros before tax is the highest quarterly profit since
the company was founded in 1994. In the first nine months of this
year, comdirect raised its pre-tax profit to 31.9m euros (previous
year: -27.6m euros).

The number of securities orders executed between January and
September was 10.9% higher than a year earlier at 4.7m. In the third
quarter, 1.8m trades were executed, which meant that 12.3% more
orders were dealt with than in the previous quarter of this year.
Since end-2002, portfolio volume has expanded by 33.0% to 6.7bn
euros. In the first nine months of 2003, commission income was 18.0%
stronger than in the corresponding year-ago period, reaching 71.0m
euros. Deposit volume expanded by 32.3% to 2.6bn euros. Net interest
income before provisions declined 5.4% to 45.8m euros.

comdirect cut its administrative expenses further in the third
quarter to 24.7m euros, thereby reducing them to 81.0m euros over the
nine-month period - 23.3% lower than in the corresponding period of
2002. Personnel costs were down by 14.2% on the previous quarter to
6.8 million euros. Other administrative expenses were trimmed by
16.8% to 13.7m euros. Through these measures, the cost/income ratio
improved to 59.5% in the third quarter. For the first nine months of
the year, therefore, this ratio was 71.4% (previous year: 96.7%).

With the result for the first nine months, the company has already
achieved its goal of being able to pay a dividend. For 2003 as a
whole, it expects to achieve a record annual pre-tax profit of 36-38m
euros, provided that the capital market remains stable.

comdirect also announces that the supervisory board has complied with
the wish of management board member Hans-Joachim Nitschke (54) to be
released from his duties with effect from 6 November, 2003. The
generation change initiated in mid-2002 in the bank’s board of
managing directors has thus been completed. In future, comdirect will
be managed by its CEO, Dr. Achim Kassow (37), and his fellow board
member Dr. Andre Carls (40).

End of the ad hoc release

Information and details related to this ad hoc release

~
                       Q2/03  Q3/03  9M/02   9M/03  % 9M
                                                    02/03
EUR thousand
Net interest income    15,641 14,812 48,452  45,823 -5.43
before provisions

Provision for possible 247    0      463     617    33.26
loan losses

Comission income       24,208 28,085 60,177  71,013 18.01

Other income           2,322  2,430  3,018   6,484  114.84

Administrative         28,351 24,689 105,571 81,001 -23.27
expenses

Pre-tax profit/loss    10,366 16,821 -27,621 31,885 -

After-tax profit/loss  6,202  10,728 -19,963 19,353 -
~

end of announcement        euro adhoc 07.11.2003

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