DGAP-News: comdirect: High half-year profit in light of volatility on securities exchanges
The sharp upturn in profit is thanks to exceptionally high trading activity on the part of customers due to stock market volatility.
DGAP-News: comdirect bank AG / Key word(s): Half Year Results comdirect: High half-year profit in light of volatility on securities exchanges 30.07.2020 / 07:30 The issuer is solely responsible for the content of this announcement. comdirect: High half-year profit in light of volatility on securities exchanges
Quickborn, 30 July 2020. comdirect group closed the first half of 2020 with a pre-tax profit of €146.2m, up significantly on the figure for the previous year (€30.9m*). The sharp upturn in profit is thanks to exceptionally high trading activity on the part of customers due to stock market volatility. "Not only did we see a record number of trades in the first six month of 2020, we also reported the largest customer growth within a half-year in more than ten years," said Frauke Hegemann, CEO of comdirect bank AG. "In the last few months, more and more people have discovered how simple and practical online and mobile banking can be and have opened an account with us." Number of customers, assets under control and net fund inflows at record high comdirect partners up with o2 Banking Net commission income more than doubles - net interest income down on previous year At €144.8m, administrative expenses remained on par with the previous year's level despite the high number of trades and customer enquiries (€145.7m). In addition to lower sales expenses, this reflects improved cost-efficiency thanks to systematically digitalising processes. comdirect group's pre-tax profit amounted to €146.2m in the reporting period, significantly bettering the prior-year figure (€30.9m for continued activities, €41.5m for the group). Consolidated net profit amounted to €104.4m (previous year: €24.5m for continued activities, €32m for the group). Full-year forecast raised Merger of comdirect with Commerzbank planned Overview
*from continued activities (not including contributions by ebase GmbH, which was sold in July 2019)
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30.07.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
Language: | English |
Company: | comdirect bank AG |
Pascalkehre 15 | |
25451 Quickborn | |
Germany | |
Phone: | + 49 (0) 4106/704-0 |
Fax: | + 49 (0) 4106/708-2580 |
E-mail: | [email protected] |
Internet: | www.comdirect.de |
ISIN: | DE0005428007 |
WKN: | 542800 |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 1105277 |
End of News | DGAP News Service |
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1105277 30.07.2020