Source: comdirect bank
comdirect bank (ISIN DE0005428007) achieved new record results again in financial year 2004 with pre-tax profit at group level of EUR 51.1m.
Year-on-year this is a rise of 30.7% (previous year: EUR 39.1m). Growth in net profit was even higher, rising 45.4% to EUR 34.0m.
Net commission income increased by 4.8% to EUR 87.1m (previous year: EUR 83.1m). At EUR 57.0m, net interest income before provisions was virtually unchanged on the previous year (EUR 57.2m).
comdirect further reduced administrative expenses. At EUR 103.6m, costs were down 7.9% on the previous year. Personnel costs fell by 9.1% to EUR 28.8m, while other administrative expenses remained stable at EUR 63.2m (previous year: EUR 64.3m). Depreciation dropped by 30.3% to EUR 11.5m.
The cost/income ratio improved during the financial year to 66.8%, down from 74.2% in 2003.
The board of managing directors is seeking to distribute a dividend of EUR 0.24 per share to shareholders, 50% more than in the previous year.
For financial years 2005 to 2007, the bank is planning to implement a programme for increased growth. The plans to attract increased numbers of customers involve a higher level of expenses. As a result, the bank is expecting pre-tax profit of EUR 35m for financial year 2005.