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Business development in the
first nine months of 2011
Dr. Christian Diekmann, CFO
2
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After nine months: comdirect still on course for record results
Growth
€
Profitability
Agenda
Best nine-month result
•
Pre-tax profit of €78.6m – up 25% on previous year
•
Income of €248.8m – increase of €38.6m
•
Administrative expenses of €170.1m – disproportionately lower increase of
€22.9m
2.5 million customers
•
2.52 million customers with assets of €39.4bn
•
Net fund inflow of €1.4bn
•
98 thousand new current accounts in B2C segment
2011 target raised: record pre-tax profit
of > EUR 95m
Range of products and services expanded
•
B2C - complus: successful launch of CFD trading at comdirect
•
B2B – “Fit for the Future”: capital-building contracts with ETFs, savings target plan
and additional white label solution developed
3
8.2 10.0 8.6 8.4 Q3 11 59.1 8.6 Q2 52.3 Q1 58.7 Q4 62.8 Q3 10 48.0 10.2 11.2 10.9 87.3 10.5 77.9 83.6 10.8 80.7 69.3 2.1 2.2 2.5 1.9 Q3 11 28.2 Q2 25.6 Q1 24.9 Q4 17.9 1.2 Q3 10 21.3>
Result rises to €78.6m – strong third quarter
Pre-tax profit Income 16.7 69.5 50.1 26.3 72.8 44.0 Administrative expenses B2C B2B B2C B2B B2C B2B 19.2 59.1 52.8 23.0 67.0 50.5 in €m, comdirect group 22.7 76.8 39.9 24.7 9M/11: 78.6 9M/10: 63.0 248.8 210.2 170.1 147.2
4
10.2 11.2 10.8 10.9 Q3 11 87.3 10.5 Q2 77.9 Q1 83.6 Q4 80.7 Q3 10 69.3>
Strong net commission and net interest income after nine months
Income
Other income
Net interest income (after provisions) Net commission income
10.3 11.2 10.8 10.5 50.3 10.2 40.3 50.1 48.6 40.1 37.4 38.9 37.2 33.1 29.7 25.8 -1.9 0.4 0.3 2.5 3.3 Q3 11 Q2 Q1 Q4 Q3 10 39.4 B2B B2C B2C 69.5 72.8 59.1 29.9 29.9 76.8 in €m, comdirect group 67.0 40.1 Orders* B2C (m) 1.8 2.1 * Executed orders ø 3M-Eu-ribor (%) 0.87 1.02 2.5 1.10 2.0 1.41 B2B 2.5 1.56 9M/11: 248.8 9M/10: 210.2 140.7 124.2 109.2 72.2 -1.2 13.8
5
4.1 3.5 3.5 3.6 3.5 Q3 2011 Q2 Q1 Q4 Q3 2010>
Expenses rise due to other administrative expenses
Depreciation
Other administrative expenses Personnel expenses 36.8 31.8 39.4 42.3 29.5 18.2 17.0 15.8 16.9 15.0 8.2 10.0 8.6 8.4 Q3 11 59.1 8.6 Q2 52.3 Q1 58.7 Q4 62.8 Q3 10 48.0 Administrative expenses 52.8 50.1 B2B B2C 39.9 50.5 in €m, comdirect group 44.0 9M/11: 170.1 9M/10: 147.2 51.0 45.7 108.0 91.1 11.2 10.4
6
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After nine months: comdirect still on course for record results
Growth
€
Profitability
Agenda
2011 target raised:record pre-tax profit of > EUR 95m
Best nine-month result
•
Pre-tax profit of €78.6m – up 25% on previous year
•
Income of €248.8m – increase of €38.6m
•
Administrative expenses of €170.1m – disproportionately lower increase of
€22.9m
2.5 million customers
•
2.52 million customers with assets of €39.4bn
•
Net fund inflow of €1.4bn
•
98 thousand new current accounts in B2C segment
Range of products and services expanded
•
B2C - complus: successful launch of CFD trading at comdirect
•
B2B – “Fit for the Future”: capital-building contracts with ETFs, savings target plan
and additional white label solution developed
7
Q2 2,513 Q1 2,304 Q4 2,296 Q3 10 2,194 Q3 11 2,523>
Increase in customers and accounts: now over 1.2m TG PLUS accounts
Customers B2C 1,559 (+50) 1,593 (+17) B2B 1,685 1,682 1,482 1,482 1,419 1,185 1,161 1,131 1,073 Q2 (+23) Q1 Q4 Q3 10 Q3 11 1.208 B2C B2B Current accounts
Tagesgeld PLUS accounts Custody accounts in ‘000 737 (+52) 919 (+191) 915 910 (-5) 684 (-3) 766 (+8) 775 (+9) 734 (+7) 1,576 (+17) 1,509 (+33) 728 (-9) 685 (-2) 723 758 (+10) 734 748 (+14) 718 688 647 614 (+27) 745 (+30) (+42)
B2C: 202k new accounts/custody accounts in 9M/2011 +27 +98 +77 913 (-6) 1,610 (+17) (+33) (+41) (+30) (+58) (+30) (+24)
8
28.8 33.1 32.1 32.2 28.5>
Valuation effects exceed inflows
Portfolio volume 14.6 16.1 16.2 10.2 10.2 10.4 10.0 10.6 Q3 11 Q2 10.5 0.1 Q1 10.4 0.2 Q4 10.3 0.1 Q3 10 0.1 10.4 Deposit volume B2B Q3 11 39.4 Q2 43.6 Q1 42.5 Q4 42.5 Q3 10 38.4
Assets under custody
26.5 26.3 in €bn 17.1 16.2 13.8 16.1 17.0** B2C 26.5 16.0 24.5 13.9 B2C B2B 16.3 15.8 DAX* 6,229 6,914 7,041
* Index level as of quarter end
** First-time reporting of €1.3bn portfolio volume of Commerzbank customers serviced by ebase through new white label custody account solution
7,376
B2B B2C
Group: €1.4bn net fund inflow in 9M/2011
5,502 24.2 15.2 13.8 15.1 Change in prices 9M 2011: €- 5.8bn
9
>
After nine months: comdirect still on course for record results
Growth
€
Profitability
Agenda
2011 target raised:record pre-tax profit of > EUR 95m
Best nine-month result
•
Pre-tax profit of €78.6m – up 25% on previous year
•
Income of €248.8m – increase of €38.6m
•
Administrative expenses of €170.1m – disproportionately lower increase of
€22.9m
2.5 million customers
•
2.52 million customers with assets of €39.4bn
•
Net fund inflow of €1.4bn
•
98 thousand new current accounts in B2C segment
Range of products and services expanded
•
B2C - complus: successful launch of CFD trading at comdirect
•
B2B – “Fit for the Future”: capital-building contracts with ETFs, savings target plan
and additional white label solution developed
10
>
comdirect launches CFD trading with market maker Commerzbank
Easy access to currency, futures and commodity markets with over 1,200 underlying assets
Price guarantee for CFD offering – immediate order execution, no orders rejected through requotes
Transparent quotations – the price of a CFD is directly based on the underlying asset
Trade on rising or falling prices – benefit from falling prices as well as direct investment
11
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New dimension in CFD trading
Professional trading platform
Limit risk easily at no extra cost
Interactive portal and
dedicated CFD support team
Attractive T&Cs as well as free demo account
As of 30.09.2011: > 1,000 CFD customers
12
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ebase: expansion of white labelling and products and services
ETFs for capital-building
contracts ebase Depot flex
custody account
White label fixed-term deposit
accounts
Coming soon: Solutions for indiv.
prem. reserve acts
B2B product highlights 2011
Expanded B2B products and services
No.1 B2B direct bank B2B white label platform ebase network: roadshow 2011 ebase mobile: B2B & B2C app Network banking: raising connectivity
13
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Profit target 2011 raised to more than EUR 95 million
Pre-tax profit 78.6 77.8 90.5 85.6 53.0 9M 2011 2010 80.9 2009 76.0 2008 2007 2006 2005 in €m, comdirect group 2011 target raised: > €95m
14
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comdirect on course for record results – 2011 profit target raised
•
Result of €78.6m up 25% on previous year
•
2.52 million customers with assets of €39.4bn
•
Range of products and services expanded – CFD trading launched
15
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Agenda
16
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Consolidated balance sheet - in accordance with IFRS/IAS
Assets 2010 30.09.2011
Cash reserve 185 328
Claims on banks 5,894 6,462
Claims on customers 236 218
Financial investments 4,671 4,119
Fixed assets and intangible assets 43 41
Other assets 11 26
Total assets 11,040 11,194
Liabilities and equity
Liabilities to customers 10,368 10,588
Provisions 44 44
Other liabilities 114 71
Equity
- of which revaluation reserve
514 31
491 10
Total liabilities and equity 11,040 11,194
17
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comdirect share
AS OF: 30.09.2011
ISIN:
Stock exchange segment: Index: Reuters/Bloomberg code: 141,220,815 Outstanding shares: Free float 19.47 Commerzbank 80.53
Shareholder structure (%) Price per share (Xetra/EUR)
€7.42 €1,048m 73,267 6,460 Price: Market capitalisation:
Av. daily turnover 9M/2011 (No.) - Xetra: - Frankfurt: 8.65 6.38 Q3 Q3 10 6.55 7.20 7.98 Q4 7.62 Q2 Q1 11 7.42 DE0005428007 Prime Standard SDAX CDBG.DE/COM GR
