12.02.2004 – 07:17

comdirect bank AG

euro adhoc: comdirect bank AG
comdirect bank achieves record profit (E)

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

In the 2003 financial year, comdirect bank (ISIN DE0005428007)
achieved a consolidated pre-tax profit of 39.1m euros - by far the
largest profit since the bank was formed in 1994. This represents a
year-on-year improvement of 57.7m euros (year-ago pre-tax profit:
-18.6m euros).

The number of executed securities orders was 11.8% higher in 2003
than in  2002, at 6.4m. The volume of deposits (incl. funds) expanded
by 50.4% to 7.6bn euros from its end-2002 level. Commission income
was 22.4% stronger than a year earlier in 2003, reaching 96.7m euros.
Net commission income rose by 7.7% to 83.1m euros (previous year:
77.1m euros). A special effect should be noted here, namely that
third-party costs for handling orders were shown for the first time
as commission expenses.

The volume of deposits expanded by 41.5% to 2.8bn euros. Net interest
income before provisions fell by 10.5% to 57.2m euros. This was
mainly due to the fact that the interest expenses caused by ZinsPLUS,
a special interest-rate campaign for gaining new customers, have
already been recognised in full.

comdirect brought its administrative expenses down to 112.5m euros in
2003 - a decline of 18.6% on 2002. In a year-on-year comparison,
personnel costs receded by 18.2% to 31.7m euros; other administrative
expenses were reduced by 15.6% to 64.3m euros. Depreciation was 29%
lower at 16.5m euros.

The cost/income ratio improved in the past financial year to 74.2 % -
down from 96.2% a year earlier.

The results achieved enable comdirect to make its first dividend
payment. The management board will propose a distribution to
shareholders of 0.16 euro per share.

For the 2004 financial year, comdirect bank is aiming for a further
improvement in the pre-tax profit of more than 15% to at least 45m
euros.

Information and explanatory notes on this ad hoc release:

All the figures are unaudited; the full annual report will be
published on 12 March, 2004.

~
                       Q4/02  Q3/03  Q4/03  2002    2003    %
                                                            2002/2003
EUR thousand
Net interest income    15,444 14,812 11,384 63,896  57,207  10.5
before provisions

Provision for possible -1,574 0      652    -2,037  35      -
loan losses

Comission income       18,847 28,085 25,673 79,024  96,686  22.4

Comission expenses     615    3,817  3,762  1,882   13,579  621.5

Net comission income   18,232 24,268 21,911 77,142  83,107  7.7

Other income           814    2,430  4,763  3,832   11,247  193.5

Administrative         32,567 24,689 31,493 138,138 112,494 -18.6
expenses

Profit from ordinary   349    16,821 7,217  4,695   39,102  732.8
activities

Pre-tax profit/loss    9,021  16,821 7,217  -18,600 39,102  -

After-tax profit/loss  10,199 10,728 4,008  -9,764  23,361  -
~

end of announcement        euro adhoc 12.02.2004

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