21.10.2004 – 07:21

comdirect bank AG

euro adhoc: comdirect bank AG
comdirect bank: nine-month profit figures up by 33%

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

comdirect bank (ISIN DE0005428007) increased its pre-tax profit to
EUR 42.4m in the first nine months of the year, up 33.1% in a
year-on-year comparison (EUR 31.9m). In the third quarter of 2004,
the bank achieved pre-tax profit of EUR 9.4m.

Net commission income rose from EUR 61.2m for the first nine months
of 2003 to EUR 67.4m as of 30 September 2004, an increase of 10.2%.
At EUR 42.8m, net interest income before provisions was down 6.7% on
the comparative figure of EUR 45.8m in the previous year.

Administrative expenses fell by 3.8% compared with the figure for the
previous year (EUR 81.0m) to stand at EUR 77.9m. Personnel costs
declined by 7.3% to EUR 21.2m. Other administrative expenses rose by
3.3% to EUR 47.7m due to increased costs relating to the acquisition
of new customers. Depreciation reduced by 24.6% to EUR 9.0m.

The cost/income ratio improved to 64.6%, compared to 71.4% for the
first nine months of 2003.

The bank’s profit target, which was revised upwards in the spring,
remains unchanged at EUR 50m before tax for the year as a whole.

Information and explanatory notes on this ad hoc release:

~

Q3/03  Q2/04  Q3/04  9M/03  9M/04  % 9M
                                                           03/04
EUR ’000                                                   
Net interest income                                        
before provisions       14,812 13,181 13,334 45,823 42,751 -6.70

Provision for possible                                     
loan losses             0      -60    -184   617    -199   -

Net commission                                             
income                  24,268 19,794 16,764 61,196 67,420 10.17

Other income            2,430  4,432  3,323  6,484  10,380 60.09

Administrative                                             
expenses                24,689 25,319 23,800 81,001 77,914 -3.81

Profit from ordinary                                       
activities              16,821 12,028 9,437  31,885 42,438 33.10

Pre-tax profit          16,821 12,028 9,437  31,885 42,438 33.10

After-tax profit        10,728 9,067  6,024  19,353 28,633 47.95
~

Following the deconsolidation of comdirect ltd as of 31 March 2004, 
the individual items on the group income statement still include
figures for the UK subsidiary from the first quarter 2004.

The latest figures for orders, customer numbers and assets under
custody can be found on our website www.comdirect.de/ir under Facts
and figures/Monthly figures.

end of announcement                    euro adhoc 21.10.2004 06:45:00 

Further inquiry note:

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

Branche: Banking
ISIN: DE0005428007
WKN: 542800
Index: MDAX, Prime Standard, CDAX, Classic All Share, Prime All Share
Börsen: Frankfurter Wertpapierbörse / regulated dealing
Berliner Wertpapierbörse / free trade
Hamburger Wertpapierbörse / free trade
Baden-Württembergische Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Niedersächsische Börse zu Hannover / free trade
Bayerische Börse / free trade
Bremer Wertpapierbörse (BWB) / free trade