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1 Quartalsbericht 2007 > Quarterly report 2007 Strong start: earnings at record levels significantly propelled growth 3

2 > Key figures of comdirect bank group 1 st quarter Change in % Customer figures as of Total customers 837, , Customers in the business line comdirect online 834, , Customers in the business line comdirect offline 23,341 10, Business line comdirect online Placed orders 3,321,572 3,333, Executed orders 2,569,854 2,527, Average order activity per custody account (annualised) Share of fund transactions in executed orders in % Order volume per executed order in 5,096 5, Total assets under custody as of in million 17,712 14, of which: portfolio volume (excluding funds) in million 8,411 7, of which: funds volume in million 3,713 3, of which: deposit volume in million 5,588 3, Credit volume as of in million Number of custody accounts as of , , Number of securities savings plans as of , , Number of current accounts as of , , Number of Tagesgeld PLUS ( call money plus ) accounts as of ,642 0 Business line comdirect offline Advisers as of Offices as of Commission income in thousand 5,998 3, Earnings ratios Net commission income in thousand 39,073 39, Net interest income before provisions in thousand 28,567 19, Administrative expenses in thousand 42,382 33, Profit from ordinary activities in thousand 25,863 25, Pre-tax profit in thousand 25,863 25, Net profit in thousand 16,837 16, Earnings per share in Balance sheet key figures as of Balance sheet total in million 6,290 4, Equity in million Equity ratio 1) in % Risk weighted assets according to BIS in million 1,656 1, BIS core capital in million BIS own funds in million BIS own funds ratio in % Relative ratios Return on equity before tax (annualised) in % Cost/income ratio in % Earnings per customer (annualised) in Employees figures as of Employees of which: in the business line comdirect online of which: in the business line comdirect offline Employees full-time basis ) Equity ratio = (subscribed capital + reserves + consolidated profit) / balance sheet total

3 > Contents 02 Foreword 03 Interim management report as of 31 March Value-driven strategy 03 Market environment 04 Market and product offensive 05 Customers 05 Business performance in brokerage 06 Business performance in banking 06 Business performance in advice 06 Earnings situation 07 Financial situation and assets 08 Employees 08 Risk and opportunities report 08 Outlook 09 The share 10 Interim financial statements as of 31 March Income statement 11 Balance sheet 12 Statements of changes in equity 12 Cash flow statement 13 Notes 13 Quarter-on-quarter comparison 14 Segment reporting 16 Accounting standard and other information 17 Financial calendar, contacts 1

4 > Foreword Dear shareholders, The first quarter of 2007 saw a strong start to the year for comdirect bank and its propelled growth course. Total quarterly earnings reached their highest level in the history of the bank. These were driven especially by net interest income before provisions, which rose considerably for the fifth time in a row to stand at 28.6m. The earnings structure improved further and income independent of trades continues to gain in importance. The favourable trading environment also boosted income and at 39.1m, net commission income was around the formidable level of the previous year. As planned, we have again invested a proportion of our income in our newly intensified comvalue growth programme and additional funds of up to 150m are available for this until the end of By comparison with the first quarter of 2006, administrative expenses rose by 27% to 42.4m. Nevertheless, comdirect bank achieved a new record with pre-tax profit for the quarter of 25.9m, outstripping the previous year by 2.7%. comdirect bank has stepped up its market offensive with marketing activities centred on its two anchor products, the Tagesgeld PLUS ( call money plus ) account and the current account. The increased media presence under the banner of our new claim Ihr Geld kann mehr ( More for your money ) is paying off. Launched only in November 2006, the Tagesgeld PLUS account has been chosen by almost 160,000 customers for its flexibility and attractive interest rates, while the number of current accounts rose by around 15,000 in the first three months of 2007 to more than 275,000. The deposit volume increased as a result by almost 1bn to around 5.6bn. After a further prompt adjustment in the interest rates of our Tagesgeld PLUS account and our fixed-term deposit and time deposit accounts, these continue to rank among the top offers in the market. On the product side, we have focused on the structural further development of our product and service spectrum for securities investments and asset accumulation. We have enhanced our proven formats for fund investors with new offers. The doubling of our range of securities savings plans and halving of the minimum savings rate were very well received by our customers. Dr. Andre Carls CEO of comdirect bank private finance already had over 23,000 advisory customers and 21 offices in financially attractive regions across Germany. Propelled growth in brokerage, banking and advice: we will consistently pursue this course in the coming quarters to become a broader-based as well as a considerably larger and more attractive bank for modern investors. Sincerely, Dr. Andre Carls CEO Investment and provisioning issues as part of all-round and individual solutions continued to feature significantly in financial advisory services. At the end of March 2007, comdirect 2

5 Interim management report > Interim management report as of 31 March 2007 > Value-driven strategy > Market environment With its comprehensive product and service offering in brokerage, banking and advice, comdirect is the first choice direct bank for a growing number of modern investors. It offers all the key products and services from under one roof for trading, securities and financial investments, payments, provisioning and risk hedging. The bank s strategy is oriented towards propelled growth. Under the newly intensified comvalue growth programme, comdirect bank is investing a significant proportion of the income it generates in a comprehensive market and product offensive as well as in expanding its infrastructure and customer services. These measures are aimed at expanding the customer base and boosting customer activity as well as continuously extending the product and service spectrum. Building on our leading position in brokerage, we endeavour to achieve above-average growth rates in banking and advice. This is one of the main drivers behind the increasing proportion of income that is independent of developments in trades. In this way, we intend to generate more stable earnings for our shareholders which increase on a sustained basis. At the same time, we are fully in a position to leverage the opportunities to generate earnings offered by favourable stock market conditions. The movement in share prices in the first quarter of 2007 was similar to a rollercoaster ride. For the first few weeks, the DAX continued the upward trend that had started back in mid However, in the second half of February and once again in March, prices slumped considerably before the leading share index recovered again at the end of the quarter. In XETRA trading, the high level of volatility on the stock markets led to distinctly higher turnover than in the same period in the previous year, while trading activities on the trading floor of the Frankfurt stock exchange and the regional exchanges in Germany declined. In total, the number of orders in the spot market was up 14.4% on the previous year, while turnover rose sharply by 37.5% as a result of higher share prices. The futures market also recorded very high turnover levels. The IPO market did not maintain the pace achieved in the second half of There were five IPOs in the Official and Regulated Markets, of which three were available for subscription via comdirect bank. The outflow from German equity funds continued in the first two months of Investors withdrew a total of 1.9bn, while mixed, money market and property funds recorded combined inflows of 15.6bn. Number of orders on German stock exchanges (in million) The framework conditions in banking were again significantly influenced by developments in the European money market. In March 2007, the European Central Bank raised the key interest rate for the seventh time in the space of 15 months by a further 25 basis points to 3.75%. As it had in response to earlier interest rate hikes by the central bank, comdirect bank adjusted its terms and conditions immediately and increased the interest paid on positive balances by up to 0.3 percentage points as of the start of April. comdirect customers are therefore once more able to promptly benefit from the interest rate rise across various maturities. Q Q Q XETRA Frankfurt Other stock exchanges Source: Deutsche Börse AG 3

6 > Market and product offensive terms and conditions with an individualised approach and attitude. Market offensive We significantly extended our market offensive as part of comvalue in the first quarter. The marketing campaigns centre on the two key products, the Tagesgeld PLUS account and the current account, which were advertised on an alternate basis. Since the beginning of the year, the product messages have been linked to an overarching brand message, also expressed in the new claim Ihr Geld kann mehr ( More for your money ). We have gained numerous new customers through these campaigns, while others became aware of the bank s product and service offering through cooperation partners such as web.de, almaxx, GMX and AOL. Under the Ihr Geld kann mehr ( More for your money ) banner, we gave a presentation in March to a very large number of interested visitors at the leading investor conference, Invest Here, we held a large number of discussions with customers and other interested parties. The Trader and Commodities Tour organised together with Commerzbank AG was also highly successful. Through our direct contact with customers, we gain important insights into their needs which we use to tailor our offering on an even more individual basis. This was also the aim of the survey Customer Motives 2007 carried out in conjunction with Cologne-based market research organisation rheingold on the basis of individual in-depth psychological interviews. The main finding is that the customer s emotional attachment to and trust in a bank are more important than often assumed. The bank format for the future must combine fast access, a sensible product offering and good Further top rankings in surveys and product comparisons in the first quarter of 2007 showed that comdirect bank s product and service offering precisely meets the needs of the modern investor. No less than three awards confirm our outstanding position in brokerage. Investment magazine Börse Online named comdirect bank the overall winner of the readers Online Broker 2006 survey and we came first in five of six categories. With regard to brokerwahl.de, we defended our title as Fund and Certificate Broker of the Year and our website was awarded the title of Best Online Offering for Securities Transactions by a prestigious jury. We were equally successful in banking and our Tagesgeld PLUS account took first place in a product comparison for traditional call money accounts by Börse Online. Product offensive While the market offensive concentrated on the Tagesgeld PLUS account and current account as the two key products in the banking field of competence, the product offensive focused on the brokerage field of competence and in particular our offering for systematic asset accumulation through securities. We enhanced our range for fund investors and proven formats such as the fund of the month were complemented by additional products and services. One such example is the reintroduction of the successful funds with potential offering, which gives customers a 30% refund on the frontend load paid on investments in five promising but as yet unknown funds. Number of customers (in thousand) Volume of total assets under custody (in billion) Portfolio volume Funds volume Deposit volume 4

7 Interim management report When we were voted Online Broker of the Year 2006, fund units worth 30 were granted free of charge to customers taking out a new custody account up until the end of the first quarter of Similar to the fund of the month model, we also launched the certificate trend of the month in January 2007, through which we offer extremely attractive investment certificates with reduced front-end loads or in some cases no charges at all. While the number of custody accounts recorded only slight growth of 0.7% in the first quarter of 2007, the number of securities savings plans climbed considerably from 120,723 to 133,935. This reflects the positive influence of the improved product spectrum and halving of minimum savings rates at the end of There was significant demand for our junior custody account, JuniorDepot, in combination with a fund-based savings plan. > Customers Through the successful market and product offensive, we achieved considerable growth in our customer base in the first quarter of Compared to the 2006 year-end, the total number of customers rose by almost 33,000 to 837,398. There were 834,302 active customers in the comdirect online business line. In the comdirect offline business line (advice), the bank continued to pursue its growth course, increasing the number of customers by 3,317, or 16.6%, to 23,341. Furthermore, in the first quarter many more of our existing customers again decided to make even greater use of comdirect bank s product spectrum and to pool their banking activities with us. The number of Tagesgeld PLUS accounts increased by 92,802 to 159,642 compared to the 2006 year-end, while the number of current accounts was up 14,945 to 275,279. Consequently, 19.1% of our customers are already using the new Tagesgeld PLUS account and 32.9% of customers have a current account with us. Total assets under custody at comdirect reached a new record as of 31 March 2007 at 17.71bn. The upturn of 8.1% compared to the 2006 year-end resulted primarily from growth in deposit volumes. > Business performance in brokerage comdirect bank executed 2.57 million orders in the first quarter of The trading activity of our customers was therefore slightly up on the already very high figure for the previous year (2.53 million trades). Securities turnover totalled 13.1bn (previous year: 14.4bn). The order volume per executed order stood at 5,096 compared with 5,704 in the previous year. A total of four no-fee campaigns, which gave customers access to commission-free OTC trading over the entire three month period, also boosted customer order activity. As a result of price gains and net fund inflows, the portfolio volume stood at 8.41bn at the end of the quarter (end 2006: 8.06bn). At 3.71bn, the fund volume was just above the level as of the 2006 year-end. Executed orders (in million) Development of selected products brokerage (in thousand) Development of selected products banking (in thousand) Q Q Q Custody accounts Securities savings plans Current accounts Tagesgeld PLUS accounts 5

8 > Business performance in banking Commission income from the placement of life assurance products also exceeded the figure for the previous year. The market offensive focused on the Tagesgeld PLUS account and current account coupled with attractive interest rate offers from comdirect bank led to strong growth in the banking field of competence in the first quarter of The deposit volume rose by 0.96bn to 5.59bn during the three months. Following the recent interest rate hikes by the European Central Bank in December 2006 and March 2007, we again very promptly adjusted our terms and conditions. On 2 January, we raised the interest rates for the Tagesgeld PLUS account and the fixed-term and time deposit accounts. In mid-march, we announced another rate rise with effect from 2 April. Consequently, we offer interest of 3.6% p.a. on deposits in Tagesgeld PLUS accounts, while fixed-term deposit accounts offer interest of up to 3.6% and time deposit accounts up to 4.0% p.a. The volume of loans to private customers reduced slightly in the first quarter and amounted to 201.5m as of the reporting date (end 2006: 208.2m). > Business performance in advice comdirect also remained on course for growth in advice. comdirect private finance improved its commission income by 62.3% to 6.0m (previous year: 3.7m). The factors driving growth included the increased demand for participations in closed-end funds as well as investment products. New offices were opened in Münster and Karlsruhe, increasing the number from 19 to 21. As of the end of the quarter, 175 advisers (end 2006: 158 advisers) were servicing a total of 23,341 customers throughout Germany. > Earnings situation In the first quarter of 2007, comdirect bank generated record total income of 68.2m, 16.6% more than in the first quarter of the previous year. The main driver behind this development was net interest income, which before provisions, climbed 50.2%, while net commission income remained on a par with the high level of the previous year. Earnings are therefore considerably broader-based and compared to the first quarter of 2006, an even greater proportion of earnings is now largely independent of trades. As announced, we stepped up investments in our market and product offensive and are consistently pursuing our strategy of propelled growth. Although this resulted in higher administrative expenses, at 25.9m pre-tax profit outstripped the previous year s very high figure ( 25.2m) by 2.7%. At 61.7%, the cost/income ratio was slightly up on the previous year (56.1%). Net income for the period amounted to 16.8m (previous year: 16.1m) with earnings per share of 0.12 (previous year 0.11). Customers of comdirect private finance AG Consolidated profit before and after tax (in million) 20,024 23, , Q Q Q before tax after tax 6

9 Interim management report Net commission income As in the previous year, comdirect bank achieved net commission income of 39.1m in the first quarter of Notable here was the high number of transactions as well as the increasing value contribution by funds business. comdirect private finance contributed 2.0m to net commission income, 67.3% more than in the previous year ( 1.2m). Net interest income Net interest income before provisions increased by 50.2% to 28.6m (previous year: 19.0m). This was the highest quarterly value in the history of the bank. The main reason for the rise in interest income to 54.6m (previous year: 29.2m) is the higher contribution from customer deposits in light of the sharp rise in deposit volumes and favourable trend in interest rates. As a result of the higher volume and the attractive interest rates offered on customer deposits, there was an equally marked rise in interest expenses to 26.0m (previous year: 10.1m). At 0.5m (previous year: 0.9m), provisions for possible loan losses were within the budgeted range. There was also a positive impact from the measures instigated in the previous year to reduce credit defaults, such as the optimised account opening processes. Administrative expenses Administrative expenses were 27.2% above the previous year ( 33.3m) and totalled 42.4m. Over 70% of this was attributable to other administrative expenses which rose to 31.2m (previous year: 23.5m). More than 80% of additional other administrative expenses are attributable to higher marketing costs planned for the market offensive under comvalue. Personnel costs were up on the previous year ( 7.6m) by 18.8% to 9.0m. The main reason is the growth-related increase in the number of employees. At 2.2m, depreciation remained at the same low level of the previous year. Results in the business lines comdirect s online business line (brokerage and banking) achieved pre-tax profit of 25.3m (previous year: 25.4m). comdirect s offline business line (advice), which reached break-even in the second half of 2006, generated significantly positive pre-tax profit totalling 0.5m (previous year: 0.2m). > Financial situation and assets As in the previous year, the cash flow statement for the first quarter is determined almost exclusively by the cash flow from operating activities which amounted to 15.8m (previous year: 59.6m). The main influences here were rising customer deposits and reinvestment of these funds in the capital market. The balance sheet total increased by 1.0bn to 6.3bn (end 2006: 5.3bn) following the significant rise in the deposit volume. The increase in liabilities to customers is countered on the assets side by higher claims on banks and a higher investments and securities portfolio. No subscription rights were exercised under the expiring stock option programme in the first quarter of As of 31 March, of a total of 3,104,580 subscription rights, 1,267,440 had lapsed, 324,172 had been exercised and 1,512,968 were still outstanding. Net commission income and net interest income (in million) Administrative expenses (in million) Number of employees as of reporting date Q Q Q Net commission income Net interest income before provisions Q Q Q Personnel costs Depreciation Other administrative expenses comdirect online comdirect offline 7

10 > Employees comdirect bank again increased the number of employees as planned in the first quarter, especially in Customer Services and IT. As of 31 March 2007, the bank employed a total staff complement of 765 compared to 732 at the end of We also continued our efficiency improvement measures in the first quarter of Of the employees, 734 were active in the comdirect online business line and 31 in the comdirect offline business line. > Risk and opportunities report The risk position of comdirect bank and its opportunities have not changed materially from the presentation in the 2006 consolidated financial statements. > Outlook After the successful start to the new financial year, comdirect bank confirmed the forward-looking statements in the outlook in the group management report for For financial year 2007 as a whole, we are expecting increased net interest income and a rise in the earnings components that are independent of trades. As a result of our comvalue programme aimed at propelled growth, we are also anticipating a significant rise in administrative expenses. Given the growth in deposit volume, the balance sheet total will probably increase further in the coming quarters. major investment regions and fund categories. For active traders, we are planning to again considerably increase the number of OTC (LiveTrading) partners. This will enable us to offer much broader coverage of the market and greater flexibility for fast and favourable trading in certificates and warrants. In banking, we will continue to pursue our propelled growth course, with the focus on our key products, the Tagesgeld PLUS account and the current account. We are also planning a series of product improvements, including faster online illustration of individual account movements and the individual determination of money transfer limits. In advice, we opened two new offices in Bremen and Dresden in April 2007, bringing the total number to 23. For the coming quarters, we also anticipate further strong demand for provisioning and investment products. In future we will also continue to focus on the qualifications of our advisers. In cooperation with the Institute for Asset Accumulation (Institut für Vermögensaufbau), we are therefore continually training more advisers as certified custody account advisers. In addition, training is underway to prepare for the law newly regulating the Insurance Provision Act, which is likely to come into force in the second quarter. We are also confirming our long-term goals. By the end of 2009, we intend to service more than 1.3 million customers, maintain around 650,000 custody accounts, 650,000 Tagesgeld PLUS accounts and 450,000 current accounts, in addition to providing personal advisory services to 40,000 customers on finance, asset accumulation and provisioning solutions. We have made major progress towards these objectives in the first quarter of We will step up the pace of our market and product offensive and future campaigns will continue to centre on our Tagesgeld PLUS account and the current account. In brokerage, our activities will focus as before on the expansion and structural further development of our funds business. Our new FondsDiamanten offering, launched at the start of April, comprises 15 top funds from renowned investment companies, each with a valuation of four or five S&P Fund Stars and permanently available without any front-end load for one-off investments. The funds cover all 8

11 > The share > Five-year high for comdirect Up 29.0% to 11.91, comdirect shares performed very well in the first quarter, leaving the benchmark indices far behind. In this period, the SDAX rose by 9.9% and the Prime Financial Services Performance Index by 14.1%. With a market capitalisation of more than 1.6bn, the valuation of comdirect bank now matches the high level of five years ago. The positive results in 2006 played a part here as did the monthly publication of the key figures that reflect the strong growth achieved by the bank. As the first quarter proceeded, it was also dominated by considerable Investor Relations activity. In addition to many individual meetings with investors and analysts, we took part in the Cheuvreux German Corporate Conference in Frankfurt and gave company presentations at a road show in Vienna. The analysts conference on 13 February 2007, which was broadcast live on the internet, was followed by numerous updates by the analysts monitoring the bank and whose recommendations we publish on our website. The conference was also covered widely by the media. The presentation and a recording of the conference are available to download. The main financial tables from the then unaudited consolidated financial statements were available at the time of the analysts conference. The full annual report for 2006 was published on 14 March 2007 and was again significantly ahead of the deadline under the German Corporate Governance Code. A printed copy as well as an interactive online version of the annual report is available in German and English. Data and key figures of the share Development of comdirect share price to (in ) German securities code no ISIN code DE Stock exchange code COM Reuters: CDBG.DE Bloomberg: COM GR Stock exchange segment SDAX Number of shares issued 140,824,172 no-par-value shares Designated sponsor Commerzbank AG Shareholder structure 79.82% Commerzbank AG 1) 20.18% Free float Key figures 1 st quarter Average daily turnover in units XETRA 159,156 Frankfurt 32,247 Other stock exchanges 11, ,152 Opening quotation XETRA ( ) 9.40 Highest price XETRA ( ) 2) Lowest price XETRA ( ) 2) 9.25 Closing quotation XETRA ( ) Market capitalisation ( ) 1,677.2 m Earnings per share January February March comdirect share SDAX (normalised to value of comdirect share) 1) Indirectly 2) Daily closing quotation 9

12 > Income statement Income statement of comdirect bank group according to IFRS/IAS* thousand 1.1. to Interest income 54,600 29,158 Interest expenses 26,033 10,141 Net interest income before provisions 28,567 19,017 Provisions for possible loan losses Net interest income after provisions 28,072 18,163 Commission income 48,160 46,493 Commission expenses 9,087 7,442 Net commission income 39,073 39,051 Result from hedge accounting Trading result Result from investments and securities portfolio Administrative expenses 42,382 33,324 Personnel costs 8,971 7,550 Other administrative expenses 31,206 23,546 Marketing costs 14,768 8,492 Communication costs 1, Consulting costs 3,675 2,809 External services 4,952 6,062 Sundry administrative expenses 6,637 5,613 Depreciation of office furniture and equipment and intangible assets 2,205 2,228 Other operating result 1,569 1,557 Pre-tax profit 25,863 25,195 Taxes on income 9,026 9,046 Net profit 16,837 16,149 Earnings per share 1.1. to Undiluted earnings per share Net profit thousand 16,837 16,149 Average number of ordinary shares Shares 140,824, ,761,088 Undiluted earnings per share Diluted earnings per share Net profit thousand 16,837 16,149 Adjustment to the number of ordinary shares issued due to outstanding option rights Shares 515, ,745 Weighted average shares outstanding (diluted) Shares 141,339, ,342,833 Diluted earnings per share * unaudited 10

13 Interim financial statements > Balance sheet Balance sheet of comdirect bank group according to IFRS/IAS* Assets thousand as of as of Cash reserve 97,614 82,932 Claims on banks 3,581,728 2,923,517 Claims on customers 201, ,220 Provisions for possible loan losses 4,256 4,311 Positive fair values from derivative hedging instruments 2,748 3,167 Trading assets 3,273 0 Investments and securities portfolio 2,361,032 2,040,296 Intangible assets 18,832 19,763 Fixed assets 12,878 12,999 Current income tax assets Deferred income tax assets 6,789 5,502 Other assets 7,385 8,705 Total assets 6,289,562 5,300,863 Liabilities and equity thousand as of as of Liabilities to banks 1,880 0 Liabilities to customers 5,595,488 4,626,643 Negative fair values from derivative hedging instruments Trading liabilities Provisions 20,743 20,189 Current tax liabilities 7,681 6,668 Deferred tax liabilities 0 0 Other liabilities 27,417 26,034 Equity 636, ,296 Subscribed capital 140, ,824 Capital reserve 228, ,228 Retained earnings Other revenue reserves 57,019 57,019 Revaluation reserve 3,851 2,929 Consolidated profit , ,154 Consolidated profit as of 1.1. to ,837 Total liabilities and equity 6,289,562 5,300,863 * unaudited 11

14 > Statement of changes in equity Changes in group equity* for the reporting period break down as follows: thousand Equity as of , ,205 Changes in the financial year a) Subscribed capital 0 0 b) Capital reserve 0 69 c) Retained earnings 0 0 d) Revaluation reserve 922 5,746 e) Consolidated profit as of 1.1. to ,837 16,149 Equity as of , ,677 * unaudited > Cash flow statement Changes in the cash flow statement* for the reporting period break down as follows: thousand Cash and cash equivalents as of ,932 3,340 Cash flow from operating activities 15,835 59,631 Cash flow from investment activities 1,153 1,304 Cash flow from financing activities 0 0 Cash and cash equivalents as of ,614 61,667 * unaudited Cash and cash equivalents correspond to the balance sheet item cash reserve and include cash on hand and balances held at central banks. 12

15 Interim financial statements > Notes Income statement of comdirect bank group according to IFRS/IAS on a quarterly comparison* thousand Q1 Q2 Q3 Q4 Q1 Interest income 29,158 33,814 37,433 42,652 54,600 Interest expenses 10,141 11,904 13,603 18,676 26,033 Net interest income before provisions 19,017 21,910 23,830 23,976 28,567 Provisions for possible loan losses , Net interest income after provisions 18,163 21,493 22,563 23,137 28,072 Commission income 46,493 44,927 32,373 40,498 48,160 Commission expenses 7,442 7,383 5,291 7,610 9,087 Net commission income 39,051 37,544 27,082 32,888 39,073 Result from hedge accounting Trading result Result from investments and securities portfolio 199 3,554 1, Administrative expenses 33,324 34,628 31,564 36,110 42,382 Personnel costs 7,550 8,552 8,572 8,395 8,971 Other administrative expenses 23,546 23,712 20,492 25,078 31,206 Marketing costs 8,492 9,939 10,531 11,358 14,768 Communication costs ,174 Consulting costs 2,809 1,930 2,210 3,408 3,675 External services 6,062 6,086 4,022 5,153 4,952 Sundry administrative expenses 5,613 5,186 3,269 4,656 6,637 Depreciation of office furniture and equipment and intangible assets 2,228 2,364 2,500 2,637 2,205 Other operating result 1, ,170 2,565 1,569 Pre-tax profit 25,195 21,692 17,350 21,363 25,863 Taxes on income 9,046 7,710 6,464 5,378 9,026 Net profit 16,149 13,982 10,886 15,985 16,837 * unaudited 13

16 Segment reporting by business line* thousand 1.1. to comdirect comdirect Group comdirect online offline management/ bank consolidation/ group others total Net interest income before provisions 28, ,567 Provisions for possible loan losses Net interest income after provisions 28, ,072 Net commission income 37,037 2, ,073 Result from hedge accounting Trading result Result from investments and securities portfolio Administrative expenses 40,427 2, ,382 Other operating result 1, ,569 Pre-tax profit 25, ,863 Segment investments 1, ,163 Segment depreciation 2, ,205 Other non-cash expenses 15, ,298 Cost/income ratio 61.0% 83.2% 61.7% Segment income 99,131 6, ,315 of which external income 98,822 6, ,315 of which inter-segmental income Segment expenses 73,787 6, ,452 Segment assets 6,243,534 2,194 43,834 6,289,562 Segment debt 5,599, ,726 5,653,351 * unaudited Allocation to the segments is based on the business lines of the comdirect bank group. Determination of the business lines was carried out in compliance with IAS 14 and its principle of materiality. The comdirect online segment comprises the brokerage and banking fields of competence. The comdirect offline segment comprises the advice field of competence. The transfer prices between the segments are calculated on a cost basis. 14

17 Interim financial statements Segment reporting by business line* thousand 1.1. to comdirect comdirect Group comdirect online offline management/ bank consolidation/ group others total Net interest income before provisions 19, ,017 Provisions for possible loan losses Net interest income after provisions 18, ,163 Net commission income 37,834 1, ,051 Result from hedge accounting Trading result Result from investments and securities portfolio Administrative expenses 31,594 2, ,324 Other operating result 1, ,557 Pre-tax profit 25, ,195 Segment investments 10, ,676 Segment depreciation 2, ,210 Other non-cash expenses 15, ,792 Cost/income ratio 54.6% 112.3% 56.1% Segment income 73,424 4, ,236 of which external income 73,091 4,145 77,236 of which inter-segmental income Segment expenses 47,986 4, ,041 Segment assets 4,063,802 4,433 35,807 4,104,042 Segment debt 3,448,755 2,534 43,076 3,494,365 * unaudited Allocation to the segments is based on the business lines of the comdirect bank group. Determination of the business lines was carried out in compliance with IAS 14 and its principle of materiality. The comdirect online segment comprises the brokerage and banking fields of competence. The comdirect offline segment comprises the advice field of competence. The transfer prices between the segments are calculated on a cost basis. 15

18 > Accounting standard and other information The quarterly report of comdirect bank as of 31 March 2007 was prepared on the basis of the principles of the International Financial Reporting Standards (IFRS)/ International Accounting Standards (IAS), which were approved and published by the International Accounting Standards Board (IASB), and interpreted by the International Financial Reporting Interpretation Committee (IFRIC). We also based the preparation of the quarterly report on the draft version of GAS 16 (Interim Reporting). The same measurement and calculation methods were applied as for the consolidated financial statements of of comdirect bank. The present interim financial statements and interim management report are neither audited in accordance with Section 317 of the German Commercial Code (HGB) nor are they subject to review by an auditor. Stock options As part of the stock option programme approved by the annual general meeting on 11 May 2000, we issued a total of 3,104,580 subscription rights to employees and members of the Board of Managing Directors of comdirect bank as of 31 March As of the reporting date, 1,267,440 of these subscription rights had expired and 1,512,968 subscription rights were still available to be exercised. On 12 November 2003, an agreement for the supply of services was concluded between Commerz Service Gesellschaft für Kundenbetreuung mbh (CSG), a whollyowned subsidiary of Commerzbank AG, and comdirect bank AG. The two companies support each other in the areas of customer service and technical support. As part of its money and capital market transactions, comdirect bank consigns investment activities to Commerzbank AG and its affiliated companies. In the financial year there were financial relations with related natural persons, some of whom are shareholders of comdirect bank AG, including in the form of comdirect bank product use as part of the normal product and service offering. All products and services were provided at normal market terms and conditions and are of secondary importance for the company. The related parties did not accrue any unjustified advantage from their position with comdirect bank, nor did comdirect bank suffer any financial losses. For further details, please refer to note (27) in our 2006 annual report. Related party disclosures The parent company of comdirect bank AG is Commerzbank Inlandsbanken Holding AG. The ultimate parent company is Commerzbank AG. comdirect bank AG uses services provided by Commerzbank AG through a general agreement effective as of 1 January 1999, as well as services agreed separately on this basis. 16

19 > Financial calendar January Cheuvreux German Corporate Conference in Frankfurt/Main 13 February Press/Analysts conference in Frankfurt/Main 14 March Annual Report April Quarterly Report May Annual general meeting in Hamburg 24 July Half-year report October Nine-month report November German Equity Forum 2007 in Frankfurt/Main > Contacts Investor Relations Daniel Fard-Yazdani, CEFA (until 10 May) Phone +49 (0) 41 06/ Fax +49 (0) 41 06/ Press Relations Ullrike Hamer Phone +49 (0) 41 06/ Fax +49 (0) 41 06/ Thore Ludwig (from 10 May) Phone +49 (0) 41 06/ Fax +49 (0) 41 06/ Tobias Vossberg Phone +49 (0) 41 06/ Fax +49 (0) 41 06/ comdirect bank AG Pascalkehre 15 D Quickborn Concept and layout ergo Unternehmenskommunikation, Cologne/Frankfurt am Main You can download our annual and interim reports in German or in English from our website at under Publications. Our order service also offers the option of inclusion in the distribution list, which means that the reports will be sent to you on publication. An online version of the annual reports is also available here in German and English. You can download our published press releases in German or in English on our website at The quarterly report is published in German and English. The English translation of the quarterly report is provided for convenience only. The German original is definitive. Translation ASK Translation, London 17

20 comdirect bank AG Pascalkehre 15 D Quickborn 2

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