Mediaboss Marketing

comdirect: record pre-tax profit of EUR 108.1m -  over 2.6 million
customers - dividend proposal of 56 cents per share

Quickborn/Frankfurt/Main, 16 February 2012. The comdirect group closed
financial year 2011 with pre-tax profit of EUR 108.1m. This surpassed the
previous year´s figure of EUR 80.9m by a good third, making it the best
result in the company´s history. ´The high level of profitability confirms
the comdirect group´s sound business model and shows that following growth
in recent years it is able to extensively benefit from developments in the
market, ´ says Dr. Thorsten Reitmeyer, CEO of comdirect bank. After-tax
profit stands at EUR 111.8m and reflects a tax refund amounting to some EUR
37m, which relates to appeal proceedings dating back several years.

Shareholders are set to benefit from this positive development and a
dividend of 56 cents per share (previous year: 42 cents) will be proposed
to the annual general meeting. This constitutes a full distribution based
on the operating profit including the interest payments on the tax refund.
The tax refund itself will be partially retained to strengthen equity with
a view to further growth.

The comdirect group generated income of EUR 340.2m (previous year: EUR
290.9m) in financial year 2011. This record figure stems from the increased
number of trades by customers in a volatile market environment as well as
higher market interest rates compared with the previous year. Consequently,
at EUR 182.6m net commission income was up 6% on the previous year (EUR
172.8m) and net interest income before provisions rose by 48% to EUR 150.8m
(previous year: EUR 102.1m). Other income included interest payments of
around EUR 9m on the tax refund.

The increase in total income of 17% was countered by a disproportionately
lower rise in administrative expenses of 11% to EUR 232.1m (previous year:
EUR 210.0m) resulting in part from intensified marketing activities.

At the year-end, the total number of customers in the comdirect group stood
at 2,630,525 and total assets under custody amounted to EUR 41.59bn. In the
B2C business line (comdirect bank AG) the number of customers has increased
by 73 thousand to 1,632,467 since the start of the year. At EUR 24.90bn at
the end of 2011, assets under custody were down on the level at the end of
2010 (EUR 26.32bn). This was due to the decline in the portfolio volume as
a result of price slides on the stock exchanges, particularly in the third
quarter. 1,235,770 customers had a Tagesgeld PLUS (´call money plus´)
account, which is a rise of 105 thousand. The number of current accounts
increased by 127 thousand to 774,518 and the number of custody accounts by
35 thousand to 783,616.

In the B2B business line (ebase GmbH), the number of customers serviced
climbed by 261 thousand to 998,058 compared with the end of 2010 (737,054).
This rise was attributable to the takeover of customers of renowned
partners in the insurance and investment sectors. Furthermore, around 195
thousand Commerzbank customers have been included following implementation
of a partner-specific white label variant in the second quarter. Assets
under custody rose to EUR 16.69bn (year-end 2010: EUR 16.22bn).

The full annual report 2011 will be published on 27 March 2012. The figures
in this press release are unaudited.

Overview

EUR´000                                  2010    Q1/11    Q2/11    Q3/11
Net interest income before            102,074   33,262   37,624   39,352
provisions
Provisions for possible loan losses      -255     -148     -419     -474
Net commission income                 172,772   50,144   40,308   50,262
Other income                           16,311      324      374   -1,852
Administrative expenses               210,028   58,724   52,322   59,092
Pre-tax profit                         80,874   24,858   25,565   28,196
After-tax profit                       59,634   18,235   18,856   20,458

EUR´000                                  Q4/11      2011   2011 vs. 2010
Net interest income before provisions   40,609   150,847           47.8%
Provisions for possible loan losses       -290    -1,331            n.a.
Net commission income                   41,871   182,585            5.7%
Other income                             9,203     8,049          -50,7%
Administrative expenses                 61,936   232,074           10.5%
Pre-tax profit                          29,457   108,076           33.6%
After-tax profit                        54,214   111,763           87.4%

Length:  3,154 characters including spaces, excluding table

All images for the press and analysts´ conference on 16 February will be
available as of 15.00 hrs at http://www.comdirect.de/bildmaterial
All press releases are available at http://www.comdirect.de/pr

If you no longer wish to receive these press releases, please send an
e-mail to presse@comdirect.de.

End of Corporate News

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DGAP-News: comdirect bank AG: record pre-tax profit of EUR 108.1m - over 2.6 million customers - dividend proposal of ...