21.07.2004 – 07:18

comdirect bank AG

euro adhoc: comdirect bank AG
comdirect bank: half-year profit doubled (E)

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

comdirect bank (ISIN DE0005428007) achieved pre-tax profit of
EUR33.0m in the first six months of 2004, thereby more than doubling
its profit in a year-on-year comparison (EUR15.1m).

The number of executed securities orders in the German market rose
25.3% to 3.4m, up from 2.7m in the previous year. The second quarter
failed to match the exceptional figure achieved in the first three
months, but the downturn of less than 22% was considerably lower than
on the German stock markets overall (-27.6%). Compared to the 2003
year-end (EUR6.8bn), the portfolio volume (including funds volume) in
Germany increased by 10.2% to EUR7.5bn. comdirect increased net
commission income by 37.2% year-on-year, up from EUR36.9m (of which
comdirect ltd EUR2.6m) to EUR50.7m (of which comdirect ltd EUR3.1m).

Compared with the record level as of 31 December 2003 of EUR2.6bn,
the volume of deposits fell by 6.9% to EUR2.4bn. Net interest income
before provisions came in at EUR29.4m (of which EUR1.2m comdirect
ltd); last year it amounted to EUR31.0m (of which EUR1.3m comdirect
ltd).

The number of comdirect bank customers in Germany rose by 6.8% since
the beginning of the year to reach a new record level of 630,927.

At EUR54.1m (of which EUR4.1m comdirect ltd), administrative expenses
were down 3.9% on the first half of 2003. Personnel costs fell by
12.3% to EUR14.1m. Other operating expenses rose year-on-year by 3.6%
to EUR33.7m. Depreciation reduced by 18% to EUR6.3m.

The cost/income ratio improved as a result of the strong earnings
performance in the first quarter and stable costs overall to 62.1%,
down from 78.2% in the first half of 2003.

The sale of comdirect ltd lead to a profit contribution of EUR2.4m in
the second quarter. comdirect ltd was deconsolidated as of 31 March
2004.

For the year as a whole, the bank’s profit target remains unchanged
at at least EUR50m before tax.

Information and explanatory notes on this ad hoc release: 
~
                        Q2/03  Q1/04  Q2/04  H1/03  H1/04  % H1
                                                           03/04
EUR thousand
Net interest income
before provisions       15,641 16,236 13,181 31,011 29,417 -5.1

Provision for possible
loan losses             -247   45     -60    -617   -15    -97.6

Net commission
income                  21,001 30,862 19,794 36,928 50,656 37.2

Other
income                  2,322  2,625  4,432  4,054  7,057  74.1

Administrative
expenses                28,351 28,795 25,319 56,312 54,114 -3.9

Profit from ordinary
activities              10,366 20,973 12,028 15,064 33,001 119.1

Pre-tax profit          10,366 20,973 12,028 15,064 33,001 119.1

After-tax profit        6,202  13,542 9,067  8,625  22,609 162.1
~

end of announcement        euro adhoc 21.07.2004

Further inquiry note:

Daniel Fard-Yazdani, Investor Relations, comdirect bank AG,
Pascalkehre 15, D-25451 Quickborn, phone +49(0)4106-704-1966, fax
+49(0)4106-704-1969, e-mail investorrelations@comdirect.de

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