2 > Key figures of comdirect group Change in % Customers, assets under custody and key products comdirect group* Customers number 2,920,467 2,892, Custody accounts number 1,739,945 1,717, Total assets under custody in million 64,574 58, of which: portfolio volume in million 48,773 44, of which: deposit volume in million 15,801 14, business-to-customer (B2C) business line Customers number 1,944,484 1,909, Custody accounts number 909, , Current accounts number 1,205,525 1,158, Tagesgeld PLUS ( daily money plus ) accounts number 1,583,796 1,553, Total assets under custody in million 38,258 34, of which: portfolio volume in million 22,712 20, of which: deposit volume in million 15,546 14, Credit volume in million business-to-business (B2B) business line Customers number 975, , Custody accounts number 830, , Total assets under custody in million 26,316 24, of which: portfolio volume in million 26,061 24, of which: deposit volume in million Orders and order volume Q1-Q2 Q1-Q2 Executed orders number 11,343,535 9,619, of which: B2C number 7,383,647 5,415, of which: B2B number 3,959,888 4,204, Average order activity per custody account (B2C annualised) number Order volume per executed order (B2C) 1) in 6,074 5, Earnings ratios Q1-Q2 Q1-Q2 Net commission income in thousand 116,115 95, Net interest income before provisions for possible loan losses in thousand 69,387 71, Administrative expenses in thousand 140, , Pre-tax profit in thousand 50,201 43, Net profit in thousand 36,766 32, Earnings per share in Return on equity before tax (annualised) 2) in % Cost/income ratio in % Balance sheet key figures Balance sheet total in million 16,506 15, Equity in million Equity ratio 3) in % Regulatory indicators under CRR/CRD IV 4) Risk weighted assets 5) in million Eligible amount for operational risks in million Core capital in million Own funds for solvency purposes in million Own funds ratio 6) in % Employees figures Employees number 1,286 1, Employees full-time basis number 1, , *) B2C: comdirect bank AG; B2B: ebase GmbH 1) Excluding CFD trades 2) Pre-tax profit/average equity (excluding revaluation reserves) in the reporting period 3) Equity (excluding revaluation reserves)/balance sheet total 4) These figures are calculated on the basis of internal calculations; publication is voluntary and based on national and European implementation rules and the figures are not reported to the Supervisory Authority. The figures are based on a supervisory scope of consolidation formed exclusively for comparison purposes. 5) Risk weighted assets in accordance with Section 113 paragraph 6 CRR (intragroup receivables are zero weighted) 6) Own funds for solvency purposes/(risk weighted assets x eligible amounts for operational risks)
3 FOREWORD 1 Dear Shareholders, Dear Friends of comdirect, Bank managers, directors and branch managers like to attest to the loyalty shown by private customers. The general opinion is that this is the most important basis for success. But what about the banks loyalty to their customers? It almost seems that they had grown tired of their current account holders and small-scale savers, with branch closures here and cutbacks on personal service there or even a second-class online banking offering, often providing a poorer service than fully fledged direct bank models. comdirect s model is different, and shows that there is another way. It is built on offering more performance, not less, for free think of the current account with its lifetime satisfaction guarantee and fair overdraft interest rates. And it is built on more service, not less as demonstrated by video chat and convenient legitimation via smartphone. With our philosophy Bank. Re-envisioned., we are focusing on what today s private clients need most in their daily lives, with no ifs or buts. And, in so doing, we are becoming an increasingly attractive alternative, including for the ever increasing number of private customers looking to switch providers who are finding that other banks, instead of welcoming them with open arms, are now merely tolerating their presence. This strategy can lead to profitable growth, as shown not least in our performance over the past six months. At over 50m, pre-tax profit was up year-on-year despite us having invested significantly more in growth. We once again reached new record levels in direct banking in terms of the number of our customers and current accounts. What is more, we also recorded much higher total net fund inflows to our accounts and custody accounts than in the previous year. Thanks ultimately to the current account, our anchor product, which is giving us the necessary broad-based growth to convince more and more customers of the benefits of our investment offering. As well as very high trade figures, our fund and ETF business also made a major contribution to our record net commission income, which until now made the slight fall in net interest income scarcely noticeable. A healthy earnings buffer from the first six months of the year will allow us to continue our investments in growth in the rest of the year and post a pre-tax profit in excess of 80m, on a par with the previous year s level. With our business model, which is built not least on a stable and efficient banking platform, we will continue to be able to offer all our customers first-class service regardless of whether they only have a current account, are dipping their toes into making their own securities investments or are already aspiring traders. The same holds true for the end customers of our institutional partners, whom we offer a sophisticated package of products and services via ebase. Ultimately, a high level of customer satisfaction has always been and will always be our most important growth driver. Wishing you success in business (preferably with comdirect) Arno Walter
4 2 > Foundations of the comdirect group The comdirect group continued to pursue its growth strategy in the second quarter as planned. The broad-based growth being sought in the B2C business line is being underpinned by measures including expansion of the VideoIdent process to include mobile devices and enhancing security features. In the B2B business line, ebase is now a step closer to its target of being the leading B2B direct bank for financial intermediaries, thanks to a strategy that included the expansion of custody functionalities and the mobile offering. The detailed presentation of the key strategic priorities in the B2C (comdirect) and B2B (ebase) business lines in the 2014 group management report continues to apply, as do the explanations regarding group structure, business model and management. > Market and economic review Macroeconomic framework conditions The capital markets and the financial sector enjoyed stable financial conditions overall in the first half of According to an assessment by Commerzbank, the economic recovery in the eurozone is now moderate at best, following only slow growth in the first quarter. This means that inflation looks set to rise only modestly despite the extremely expansionary monetary policy being pursued by the European Central Bank (ECB). The main risk factors threatening economic growth include the future course of the Greek debt crisis, a possible overheating of the real estate and equity market in China and the continuing unresolved crisis in Ukraine. Despite these adverse circumstances, Commerzbank economists are expecting the German economy to grow by 1.8% in the year 2015 as a whole, above the eurozone average. Framework conditions for brokerage Following an exceptionally positive performance in the first few months of the year, the DAX peaked at 12,375 points on 10 April. Since then, prices have fallen admist continued volatility, due not least to the dividend season in the second quarter and, particularly in June, Greece s potential exit from the euro. Since it became clear that approval would be given for a third bail-out, the share prices in July have once again made a strong recovery. The volatile environment caused very dynamic trading activity on Germany s stock exchanges. In terms of value, the volume of trading in the German spot market (XETRA, Frankfurt and Tradegate) rose by 18.5% in a half-yearly comparison. Order figures were also up significantly. Equity order volumes rose markedly by 40.9%, while order figures climbed by 10.9%. The volume of exchange-traded funds (ETFs), commodities (ETCs) and notes (ETNs) increased by an impressive 82.2%, while trades more than doubled ( %). In derivatives trading (Euwax and Frankfurt Stock Exchange), the stock exchange turnover surpassed the corresponding figure for the first six months of 2014 by 34.7%. With interest rates low at present, sales of the retail funds included in the BVI statistics also significantly increased. Between January and May 2015, they posted inflows of 38.5bn (previous year: 13.2bn). There was especially high demand amongst investors for mixed funds, while equity and fixed-income funds also posted very positive liquid fund inflows. The ebase fund barometer rose to points in June, thus reflecting above-average trading activity in comparison with the average figure for 2014.
5 INTERIM MANAGEMENT REPORT 3 Framework conditions for banking The central banks in Europe and the US maintained their expansionary monetary policies. The ECB kept up the bond-buying programme it begun in March despite renewed increases in eurozone consumer prices in the second quarter. In the middle of the year, the main refinancing rate was unchanged at 0.05%, while the ECB s interest rate for deposits remained negative at 0.2%. The US Federal Reserve also refrained from increasing its interest rates in the first six months of the year. However, Commerzbank expects the Fed to begin a shift in its interest rate policy in September. Averaged out over the first half of the year, the three-month EURIBOR, which is the decisive rate for some of our investments, was significantly down Number of orders Deutsche Börse* shares traded (in billion) year-on-year (0.02% as against 0.30%) and was quoted at 0.014% as of 30 June. In late April, the unexpected rise in yields on to long-dated government bonds spooked the fixed-income bond markets but had no significant impact on the com direct group s Treasury portfolio. comdirect s Treasury portfolio remains focused on top-grade investments. In this respect, strict limits continued to apply to interest income. Framework conditions for advice Demand for home financing remained high in the second quarter. A lot of buyers wanted to make the most of the still low long-term interest rates but met a restricted supply in the major conurbations. Scepticism has arisen over future market development because of the expected rise in interest rates. comdirect s Building Finance Sentiment Index, which is calculated in conjunction with opinion research institute Forsa, fell to points in June, its lowest since August A value greater than 100 indicates a high level of willingness to take out building finance loans Q2 14 Q2 15 H1 14 H1 15 Source: Deutsche Börse AG ETF/ETC/ETN Equities * XETRA, Frankfurt Stock Exchange and Tradegate Industry and regulatory framework conditions As the year has progressed, new requirements in the advisory business have been presented in particular by the implementation of the German Small Investor Protection Act (KSchG), which was approved by the Bundestag in April. The act requires issuers to publish a sales prospectus for all investments, detailing earnings prospects and risks but also providing information on the company and its business figures. Crowdfunding schemes are an exception, as, among other things, only an information sheet needs to be made available in this case. In future, BaFin will be able to act against companies suspected of circumventing consumer protection legislation and to restrict or prohibit the sale of certain investment products. Additional new regulations to protect small investors are to be introduced across the EU by 2017 on the basis of the Markets in Financial Instruments Directive (MiFID II). Amendments to the EU s Payment Services Directive, which is set to be voted on by the Council of the European Union and the European Parliament, could result in easier market access for Internet payment services, thereby generating greater competition in this area. Based on the draft directive, payments would no longer be effected exclusively between the customer and the bank if a payment service provider is engaged, and would instead be handled directly by the payment service provider. Other than this, there have been no major changes in the regulatory framework conditions as laid out in the 2014 group management report.
6 4 Number of customers of comdirect group (in thousand) Total assets under custody of comdirect group (in billion) ,847 1,909 1, Customers B2B Customers B2C Deposit volume Portfolio volume Business performance and earnings situation at the comdirect group Overall assessment of the economic situation The comdirect group closed out the first half of 2015 with a very positive pre-tax profit of 50.2m. The rise of 14.8% on the previous year ( 43.7m) is due virtually exclusively to the record net commission income generated, which is primarily a reflection of strong trade figures in the B2C business line. The adverse effects of the increase in administrative expenses by 8.5m and the exceptional effects impacting provisions for possible loan losses and other operating income in the previous year were clearly offset. However, the half-year result must not be taken as indicative of the year as a whole because it has been influenced by the extremely favourable trading environment. In addition, a further growth-related rise in administrative expenses is planned for the second half of the year. Nevertheless, we are anticipating a pre-tax profit of over 80m for the year as a whole, roughly on a par with The various product and marketing initiatives led to a further increase in customer numbers in the B2C business line over the first half of the year, clearly outstripping the previous year s growth. Customer assets were up significantly on the level at the end of During the second quarter, however, the solid growth in deposit volume and the gratifying inflows to custody accounts were more than offset by negative price effects, meaning that the level at the end of the first quarter could not quite be repeated. The remaining financial and non-financial performance indicators are expected to further develop following the strong performance in the first six months of the year, as described in the 2014 outlook report. The bank s financial situation and risk status remained stable. Business performance As of 30 June, the comdirect group had a total of 2,920.5 thousand customers. The B2C business line won a further 17.9 thousand customers in the second quarter. Over the entire period under review, the number of customers climbed by 35.4 thousand to 1,944.5 thousand (yearend 2014: 1,909.1 thousand). At the same time, the number of custody accounts in the B2C business line increased by 3.4% and that of current accounts by 46.9 thousand or 4.0%. The rise in the annualised figure for order activity per custody account to 16.5 compared with the first half of 2014 (12.8) reflects brisk customer activity in the securities business.
7 INTERIM MANAGEMENT REPORT 5 Pre-tax profit of comdirect group (in million) Earnings after tax per share (in ) Q2 14 Q2 15 H1 14 H1 15 Q2 14 Q2 15 H1 14 H1 15 In the B2B business line, the number of customers remained virtually unchanged in the second quarter and stood at thousand at the midpoint of the year. The slight fall against the end of 2014 (982.9 thousand) was primarily due to a few cancellations of custody accounts for capital-building payments (VL) and the change in custody account holdings from migrations in the first quarter. The number of ebase custody accounts fell slightly compared to the level at the end of Customer assets increased as against year-end 2014 ( 58.94bn) by 5.63bn to 64.57bn. The portfolio volume stood at 48.77bn at the midpoint of the year, up 9.6% on the level at year-end 2014 ( 44.50bn). The increase was largely due to price effects. Net investments by customers also clearly outstripped the corresponding figure from The deposit volume increased to 15.80bn (end 2014: 14.44bn). Of a total rise of 1.37bn, 0.70bn was generated in the second quarter. This sharp increase resulted from the higher number of current accounts and to greater deposits to settlement accounts as a result of active securities business. Earnings situation Posting a pre-tax half-year profit of 50.2m, the comdirect group has exceeded what was already an impressive result in the previous year of 43.7m by 14.8%. The increase was solely down to the second quarter, which ended with a profit of 26.1m (previous year: 19.6m). Even though the net commission income recorded in the first three months of the year could not quite be maintained, this figure was nonetheless 11.8m higher than the corresponding value from 2014 between April and June. Administrative expenses were virtually on a par with the previous year in the second quarter and 7.9m lower than in the first quarter. This improved the cost/income ratio in the half-year under review to 73.4%, which was lower than in the previous year (75.3%). The return on equity, which is calculated based on the pre-tax profit and average equity during the period under review (excluding revaluation reserves), amounted to 18.9% (previous year: 16.9%). The consolidated net profit after tax stood at 36.8m (previous year: 32.4m), corresponding to earnings per share of 0.26 (previous year: 0.23). Net interest income and provisions for possible loan losses At 69.4m, net interest income before provisions for possible loan losses was virtually on a par with the half-year figure for 2014 ( 71.3m) despite very low interest rates. Dwindling interest income was partially offset by adjustments to customer interest rates on the market conditions and by the increasing deposit volume.
8 6 Net commission income and net interest income (in million) Administrative expenses (in million) Q2 14 Q2 15 H H Net interest income before provisions for possible loan losses Net commission income Q2 14 Q2 15 H H Depreciation Other administrative expenses Personnel expenses Provisions for possible loan losses came to 0.4m, indicating that the situation has normalised following last year s positive figure of 0.5m, which had been due to the release of provisions, including some for possible loan losses. After provisions for possible loan losses, net interest income stands at 69.0m (previous year: 71.8m). Result from financial investments The result from financial investments of 3.7m (previous year: 2.7m) was primarily based on the selective disposal of securities in conjunction with the regular adjustment of the Treasury portfolio in line with new framework conditions. Result from hedge accounting and trading result At the midpoint of the year, the comdirect group held interest rate swaps with a total nominal volume of 10m (end 2014: 38m) to hedge interest rate-related changes in the market value of several bonds with the same volume and same maturity. This gave rise to an overall result from trading and hedge accounting of 123 thousand, a similarly low figure to the 33 thousand recorded last year. Net commission income At 116.1m, net commission income was up markedly on the midpoint of 2014 ( 95.4m). The increase of 21.8% to a new high is mainly down to rising trading figures in the B2C business line. In addition, commission income from the funds business was higher year-on-year thanks to net inflows and more favourable price effects in the first quarter. Other operating result The other operating result of 1.3m is due in part to income from the release of certain provisions. Much of the previous year s high of 5.4m is down to a non-recurring effect arising from the reversal of a provision for VAT obligations for several years. Administrative expenses Administrative expenses amounted to 140.1m and exceeded the value at the midpoint of 2014 ( 131.5m) by 6.5%. The main reason behind the increase is the bank s steady growth and the new brand campaign at the start of At 39.9m, personnel expenses were up 7.5% on the previous year s figure ( 37.1m) due primarily to the rise in the number of employees and salary adjustments. Other administrative expenses rose by 6.7m as against the 2014 figure ( 85.5m) to 92.2m, as a result of investments in the comdirect brand and in the range of products and services. They also include communications and consulting expenses as well as expenses for external services, which also comprised securities business processing costs that increased significantly due to the high trade figures. Depreciation totalled 8.0m, slightly below the previous year s level ( 8.9m).
9 INTERIM MANAGEMENT REPORT 7 Executed orders B2C (in million) Portfolio volume B2C (in billion) Q2 14 Q2 15 H1 14 H B2C business line Business development in brokerage Trading During the second quarter of the year, comdirect adapted its CFD trading platform even more closely to its customers requirements. This therefore made functionality of charts and watch lists, as well as the order capabilities, more comprehensive and offered premiums for a limited period for new accounts opened on the CFD trading platform. In addition, we made trading equities on foreign stock exchanges even easier. In the second quarter, comdirect customers kept up very brisk trading activities due to the volatile stock market environment. Equities have recently become much more popular, as shown by the monthly Brokerage Index. Buoyed by a fundamentally positive stock market sentiment over the past few months, many investors exploited the price falls in May to make additional purchases. This contrasted with an overall fall in demand for funds despite ETFs enjoying a slight upward trend. Whereas there had remained some demand for warrants and certificates in the first quarter, selling was the order of the day in the months that followed. Fixed-income securities have seen a markedly downward trend in the year to date. Compared with the first six months of 2014 (5.42m orders), the number of trades climbed by 36.4% to 7.38m, the highest mid-year result in the bank s history. The number of orders per custody account (annualised) increased to 16.5 (previous year: 12.8), while securities turnover came to 32.51bn, up 39.4% year-on-year. Investing The portfolio volume in the B2C business line increased during the first half of 2015 by 10.9% to 22.71bn (end 2014: 20.48bn). The rise was primarily due to price effects, despite the market corrections in the second quarter. Around 0.5bn was attributable to net fund inflows, as in the previous year. The number of custody accounts rose by 3.4% to stand at thousand at the midpoint of the year (end 2014: thousand). As well as the positive stock market environment, this was due to the fact that the investment offering had been further expanded at the start of the year. Business development in banking In the second quarter, comdirect expanded its online identification function for new accounts (VideoIdent) to include mobile devices such as smartphones and tablets. A new video support app (MobileIdent) was developed for this purpose and can also be used for video chats with customer managers as well as for identification. Accounts can also be unblocked easily via VideoChat.
10 8 Deposit volume B2C (in billion) Number of current accounts and Tagesgeld PLUS accounts (in thousand) 1, , , , , , Tagesgeld PLUS accounts Current accounts In addition, all comdirect visa cards were switched to an enhanced version of the international Verified by Visa security standard. This uses the TAN procedure in online banking, thus further increasing the security and convenience of online payments significantly. Deposit business The growth in current accounts continued into the second quarter. Compared with year-end 2014 (1,158.6 thousand), they increased by 46.9 thousand to 1,205.5 thousand. At the same time, the number of Tagesgeld PLUS accounts, usually opened in conjunction with current accounts, climbed to 1,583.8 thousand (end 2014: 1,553.3 thousand). The deposit volume rose in the first half of the year by 1.28bn to 15.55bn (end 2014: 14.27bn). The increase was down to current accounts and settlement accounts. At the end of the reporting period, 94.9% (end 2014: 94.3%) of liabilities to customers in the B2C business line were attributable to deposits due on demand. Lending business The volume of utilisation of loans against securities and draws on overdraft facilities by private customers came to 192m in the first half of 2015 as against 187m at year-end The greater volume of loans against securities, which was up 7.3% compared with year-end 2014, is due to the increased utilisation of settlement accounts for securities investments, as had been the case in the first quarter. The volume of overdrafts was also well above the level seen at year-end 2014 due to the higher number of current accounts with a credit facility. Business development in advice With interest rates persistently low and investors on the lookout for alternative options, demand for our Baufinanzierung PLUS building finance advice service was generally high in the first half of the year. However, growth was again restricted as a result of the limited availability of attractive properties at reasonable prices. At 364m, the volume of building finance placed was significantly higher than the figure at the midpoint of 2014 ( 284m). As of 30 June, our Anlageberatung PLUS investment advice service was being used by more than 3,100 customers (end 2014: around 3,000 customers). Assets under advice totalled 315m (end 2014: 284m). Earnings situation in the B2C business line In the B2C business line, pre-tax profit for the first half of 2015 came to 43.4m (previous year: 38.1m). The cost/ income ratio improved to 73.1% as against 74.8% in the previous year. The earnings components related to the comdirect group s deposit business net interest income, the trading result, the result from financial investments and the result from hedge accounting stem mainly from the B2C business line and are thus explained at group level (see pages 4 to 5).
11 INTERIM MANAGEMENT REPORT 9 Record trade figures pushed net commission income up by 18.3m to 88.9m (previous year: 70.6m). At 119.4m, administrative expenses were significantly higher than in the first half of 2014 ( 111.6m) also due to greater investment in the comdirect brand and in the range of products and services. The other operating result of 1.0m (previous year: 5.1m) comprises income from the reversal of provisions. For information on the previous year s figures, please see the notes to the group report. B2B business line Business development Product development and sales ebase successfully strengthened its position as a capable bank partner for fintech companies in the second quarter. This included the launch of a new partnership with an innovative fintech company, the investor portal CASHBOARD. The move enabled further progress to be made in digitising business processes, from getting customers on board through to processing transactions. In addition, the FinanceScout24 Managed Depot custody account, a joint venture between Scout24 and ebase, entered its next phase. Following a successful 16-month pilot, the product has been available to a wider audience since late June under the new name of fintego Managed Depot. Total assets under custody B2B (in billion) Enhancing the functionality of the open custody account, which is designed for both institutional partners and retail customers, was also on the agenda. From the second quarter onwards, it has allowed ETFs to be purchased both on the stock exchange and directly over the counter. With a new, clearer design making it more convenient to use, the overhauled ebase app is now available on most smartphones and tablets, giving end customers and intermediaries an even better overview of their custody account transactions. Customers, custody accounts and portfolio volume Customer numbers fell slightly during the first half of 2015 to thousand (end 2014: thousand), although they recovered slightly in the second quarter. The portfolio volume increased to 26.06bn (end 2014: 24.02bn) due to price effects. Accounts and deposit volume At 255m, the deposit volume was significantly higher than at the end of 2014 ( 169m). Around 88% of the deposit volume was attributable to the settlement accounts linked with the custody account (Flex account). At the moment, these accounts are still primarily being used for buying and selling transactions in funds business, but are also available to accept inflows from expiring insurance policies and as fully fledged online-type accounts for payment transactions. Earnings situation in the B2B business line At 6.8m, pre-tax profit in the B2B business line was up 22% on the previous year ( 5.6m). The cost/income ratio amounted to 75.3% (previous year: 78.1%). The higher fund volume and the associated rise in sales follow-up commission pushed net commission income up by 10.3% to 27.3m (previous year: 24.7m). Original net interest income from investments fell to thousand (previous year: thousand). Due to negative interest effects from pension provisions, the overall net interest income amounted to 162 thousand (previous year: 138 thousand).
12 10 Administrative expenses increased due to higher maintenance and development costs incurred in expanding the business model and due to a modest increase in depreciation to 20.7m (previous year: 20.0m). Financial situation and assets of the comdirect group The Treasury department of comdirect bank ensures adequate cash holdings at all times and manages the liquidity and interest rate risk in particular. By investing customer deposits in the money and capital markets, the comdirect group achieves a positive interest margin. The bank once again carried out a significant share of the investments with companies in the Commerzbank Group during the reporting period. Claims on Commerzbank AG and selected other subsidiaries in the Commerzbank Group as well as the securities of these companies are comprehensively collateralised via a general assignment agreement. Derivative financial instruments are used to a limited extent to hedge interest rate risks from bonds and manage the interest book in the Treasury portfolio. Investments Investments in the first half of 2015 totalled 5.3m (previous year: 6.5m). Most of the balance sheet additions in the B2C business line amounting to 3.5m related to purchases of software and office furniture and equipment. The investment volume in the B2B business line amounting to 1.8m was accounted for mainly by software that was developed in-house. Balance sheet total The comdirect group s balance sheet total had increased by 1.34bn to 16.51bn as of 30 June 2015 as a result of the higher deposit volume compared with the end of 2014 ( 15.17bn). Assets At 11.53bn, claims on banks, which essentially relate to promissory notes and fixed-term deposits, were up by 3.0% on the end of 2014 ( 11.20bn). At 3.45bn, the volume of financial investments was slightly lower than at the end of 2014 ( 3.67bn). This line item mainly comprises bonds and Pfandbriefe. Claims on customers fell somewhat to 226.9m (end 2014: 235.4m) due primarily to the decline in claims on institutional partners in the B2B business line, which overcompensated for the rise in credit volume in the B2C business line. The cash reserve rose considerably to 1,233.1m, compared with 6.0m at the end of Almost all of this amount relates to the credit balance at the Deutsche Bundesbank. Financing Around 96% of the financing side of the balance sheet comprises the deposits of private customers. Liabilities to customers increased to 15.81bn (end 2014: 14.46bn). Liabilities to banks, which reflect the balances of the current clearing accounts at Commerzbank, amounted to 12.1m (end 2014: 15.9m). At the end of the quarter, the derivatives used for hedging showed a virtually balanced fair value (end 2014: 0.6m). Provisions stood at 42.3m and were therefore lower than the respective figure at the end of 2014 ( 47.9m). Actuarial effects on provisions for pensions were the main influencing factor. Other liabilities amounting to 67.6m (end 2014: 54.3m) primarily comprise trade accounts payable and our customers final withholding tax to be paid. Equity amounted to 567.5m (end 2014: 591.9m). The revaluation reserves included in this figure fell by 7.4m to 45.9m on the level at year-end 2014 due to the disposals undertaken in the first half of the year and to the trend in market interest rates.
13 INTERIM MANAGEMENT REPORT 11 Cash flow statement of the comdirect group The business model of the comdirect group means that the cash flow from operating activities is primarily influenced by trends in customer deposits and their reinvestment. This figure was 1,288.8m in the reporting period (previous year: 1,113.2m). The increase was mainly due to the increase in cash reserve as part of operational liquidity management, which experienced a reduction in the previous year. Cash flow from investment activities amounted to 5.3m (previous year: 5.9m). The dividend distribution in the second quarter led to a cash flow from financing activities of 56.5m. Non-financial performance indicators Relationships with customers comdirect measures the quality of its customer relationships by means of regular customer surveys in Customer Services and independent customer satisfaction analyses. As a central indicator of customer satisfaction and loyalty in the B2C business line, the net promoter score (NPS) is ascertained annually and published in the annual report. Brand awareness and likeability are key competitive factors in addition to customer satisfaction, especially in the B2C business line. The results attained in performance comparisons also contribute to these. In June, the comdirect current account was awarded the Zins-Award by financial advisers FMH and the Deutsches Institut für Service-Qualität (German Institute for Service Quality, DISQ). The prize is awarded every year to institutions that provide excellent service and terms to their customers. The current account had already been named one of the Best Current Account 2015 test winners by financial advisers FMH and broadcaster n-tv in March. comdirect also continued to support the "Aktion pro Aktie" campaign in the second quarter a joint initiative of leading German direct banks. The aim of the campaign is to contribute to dispelling prejudice and establishing greater awareness of stocks and shares by means of studies, education opportunities, joint events and campaigns. Personnel The number of employees totalled 1,286 in the first half of 2015 and was therefore on a par with the number at the end of 2014 (1,287). The number of employees in the B2C business line remained essentially unchanged at 1,040 (end 2014: 1,044 employees). In the B2B business line, the number climbed to 246 (end 2014: 243 employees). Number of employees of comdirect group 1,016 1,044 1,040 The comdirect group is positioning itself as an attractive and responsible employer by means of focused measures for staff, executive and team development and with active employer branding. In the second Business line B2B Business line B2C quarter, the bank was once again awarded the Fair Company quality seal by karriere.de, the joint digital portal run by Handelsblatt and Wirtschaftswoche. Fair Company businesses espouse a transparent corporate culture based on trust and verifiable quality standards and have a positive image among young graduates in particular. Capital market relations The price of comdirect shares was up 10.7% on the level at the end of December and closed at 9.20 on 30 June. In the same period, the SDAX gained 19.4%, while the sector index, the DAXsector Financial Services Performance Index, rose by 13.3%. At 86.9 thousand on average, the number of units traded per day was above the corresponding figure for 2014 (60.0 thousand). Market capitalisation increased to 1,299.2m as of 30 June 2015.
14 12 Activities in investor relations in the second quarter focused on the annual general meeting in Hamburg on 7 May, at which some 86% of the share capital was represented. Following the proposal by the Board of Managing Directors and the Supervisory Board, the annual general meeting resolved to pay a dividend of 0.40 per share for the 2014 financial year. As there are million shares, this equates to a total distribution of 56,488, The dividend paid out on 8 May is already the twelfth since comdirect bank AG went public in The annual general meeting confirmed the continued validity of the authorisations to purchase and utilise own shares. All motions were passed with majorities of over 98%. Data and key figures of the share H Data 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 141,220,815 no-par-value shares Designated sponsor Commerzbank AG Shareholder structure 81.27% Commerzbank AG 1) 18.73% Free float Key figures H Average daily turnover XETRA in units Frankfurt Tradegate Other stock exchanges OTC Opening quotation XETRA ( ) 8.31 Highest price XETRA ( ) 2) 9.77 Lowest price XETRA ( ) 2) 8.20 Closing quotation XETRA ( ) ,075 4,092 13,598 7,071 13,099 86,935 Market capitalisation ( ) 1,299.2m Earnings per share 0.26 Total shareholder return 3) 15.5% Dividend yield 4) 4.35% 1) Indirectly 2) Daily closing quotation 3) Annualised 4) Based on the dividend paid for financial year 2014 and closing quotation at year-end comdirect share price performance to (in ) comdirect share 8.31 January February March April May June 9.20 SDAX DAXsector Financial Services Performance Index Source: Bloomberg; indices normalised to the comdirect share price as of year-end 2014 Supplementary report No major events or developments of special significance have occurred since the reporting date of 30 June 2015.
15 INTERIM MANAGEMENT REPORT 13 > Outlook, risk and opportunity report The economic framework conditions have essentially developed in line with the assumptions indicated in the outlook report of the 2014 group management report (pages 36 to 37 of the financial report). We continue to expect low market interest rates and a favourable trading environment in general over the next six months. The marked volatility we are seeing at present may ease, however, following an agreement between Greece and its creditors, but would lead to a drop in trading volume compared to the record level achieved in the first half of the year. Given the very positive business and earnings development over the first six months of 2015, we are concretising our forecasts for the year as a whole. Despite another planned increase in administrative expenses in the second half of the year, we are now aiming to post pre-tax profit in excess of 80m, i.e. on a par with the previous year ( 82.6m). On the earnings side, we expect a higher net commission income for the financial year compared to the expectations defined in the 2014 group management report, and a slight fall in net interest income. Product development in the B2C business line will continue to focus on re-envisioning banking and empowering customers to make better financial decisions. To this end, we will continue to focus on products and services that make it easier and more convenient for customers to access and use the bank s range of services. There are plans to focus among other things on entirely digital online account opening. Building finance placement activities will focus on direct sales in future. The position of the B2B business line in its target segment, the banking sector, will be further strengthened in 2015 and the active marketing of Managed Depot solutions will continue. In addition, ebase will promote the use of digital technologies such as video legitimation and the expansion of e-signature functionality. The position of the comdirect group in terms of risks and opportunities is essentially unchanged compared with the presentation in the 2014 annual report. The risk report can be found on pages 38 to 48 of the financial report, while note (57) regarding the risk reporting of financial instruments is on pages 102 to 106. The opportunity report can be found on pages 49 to 50. The comdirect group has enough of a risk buffer to safely withstand even lengthy weak market phases. From today s perspective, there are no realistic risks in evidence that could threaten the continued existence of the comdirect group.
16 14 > Income statement Income statement of comdirect group according to IFRS thousand 1.1. to to Interest income 84,329 99,157 41,382 49,643 Interest expenses 14,942 27,906 7,200 13,507 Net interest income before provisions for possible loan losses 69,387 71,251 34,182 36,136 Provisions for possible loan losses Net interest income after provisions for possible loan losses 68,950 71,759 33,771 36,905 Commission income 196, ,261 96,890 77,855 Commission expenses 80,014 68,901 41,294 34,068 Net commission income 116,115 95,360 55,596 43,787 Trading result and result from hedge accounting Result from financial investments 3,735 2,671 2, Administrative expenses 140, ,536 66,079 66,728 Other operating result 1,330 5, ,674 Pre-tax profit 50,201 43,728 26,106 19,599 Taxes on income 13,435 11,359 6,946 5,105 Net profit 36,766 32,369 19,160 14,494 Undiluted/diluted earnings per share 1.1. to to Net profit (in thousand) 36,766 32,369 19,160 14,494 Average number of ordinary shares (number) 141,220, ,220, ,220, ,220,815 Undiluted/diluted earnings per share (in ) > Statement of comprehensive income Statement of comprehensive income of comdirect group according to IFRS thousand 1.1. to to Net profit 36,766 32,369 19,160 14,494 Items which cannot be reclassified to the income statement Changes in actuarial gains/losses recognised in equity 2,710 2,675 5,470 1,040 Items which can be reclassified to the income statement Changes in the revaluation reserves after tax Change in value recognised in equity 4,178 21,583 15,257 14,601 Reclassification to the income statement 3,189 2,417 1, Other comprehensive income for the period 4,657 16,491 11,590 12,789 Comprehensive income 32,109 48,860 7,570 27,283 Net profit and comprehensive income for the reporting period are attributable in full to the shareholders of comdirect bank AG.
17 INTERIM FINANCIAL STATEMENTS 15 > Balance sheet Balance sheet of comdirect group according to IFRS Assets thousand as of as of Cash reserve 1,233,100 6,023 Claims on banks 11,530,947 11,199,940 Claims on customers 226, ,366 Financial investments 3,454,455 3,670,615 Intangible assets 22,638 24,752 Fixed assets 13,565 14,131 Current income tax assets 2,047 6,867 Deferred income tax assets Other assets 21,610 12,008 Total assets 16,506,120 15,169,702 Liabilities and equity thousand as of as of Liabilities to banks 12,139 15,911 Liabilities to customers 15,813,052 14,455,111 Negative fair values from derivative hedging instruments Trading liabilities Provisions 42,292 47,903 Current income tax liabilities 3,323 1,124 Deferred income tax liabilities 0 2,552 Other liabilities 67,571 54,329 Equity 567, ,878 Subscribed capital 141, ,221 Capital reserve 223, ,296 Retained earnings 120, ,571 Revaluation reserves 45,935 53,302 Consolidated profit ,488 Net profit 1.1. to ,766 Total liabilities and equity 16,506,120 15,169,702
18 16 > Statement of changes in equity thousand Subscribed Capital Retained Revaluation Group Total capital reserve earnings reserves 1) result Equity as of , , ,020 22,237 50, ,613 Net profit from 1.1. to ,290 66,290 Change in actuarial gains/losses recognised in equity 6,252 6,252 Change in the revaluation reserves 31,065 31,065 Comprehensive income ,252 31,065 66,290 91,103 Profit distributions 50,839 50,839 Allocation to reserves/ transfer from reserves 9,802 9,802 0 Equity as of / , , ,571 53,302 56, ,878 Net profit from 1.1. to ,766 36,766 Change in actuarial gains/losses recognised in equity 2,710 2,710 Change in the revaluation reserves 7,367 7,367 Comprehensive income from 1.1. to ,710 7,367 36,766 32,109 Profit distributions 56,488 56,488 Equity as of , , ,281 45,935 36, ,499 1) Pursuant to IAS 39 thousand Subscribed Capital Retained Revaluation Group Total capital reserve earnings reserves 1) result Equity as of , , ,020 22,237 50, ,613 Net profit from 1.1. to ,369 32,369 Change in actuarial gains/losses recognised in equity 2,675 2,675 Change in the revaluation reserves 19,166 19,166 Comprehensive income from 1.1. to ,675 19,166 32,369 48,860 Profit distributions 50,839 50,839 Equity as of , , ,346 41,403 32, ,635 1) Pursuant to IAS 39 In financial year 2015, dividends amounting to 56,488 thousand (2014: 50,839 thousand) were distributed to the shareholders of com direct bank AG. This corresponds to 0.40 (previous year 0.36) per share. In financial year 2015, comdirect did not make use of either the existing authorisations of the annual general meeting to purchase own shares for the purpose of securities trading pursuant to Section 71 (1) No. 7 German Stock Corporation Act (AktG) or of the resolutions of the annual general meeting authorising the purchase of own shares pursuant to Section 71 (1) No. 8 German Stock Corporation Act (AktG) for purposes other than securities trading.
19 INTERIM FINANCIAL STATEMENTS 17 > Cash flow statement thousand Cash and cash equivalents as of ,023 1,292,775 Cash flow from operating activities 1,288,844 1,113,157 Cash flow from investing activities 5,279 5,869 Cash flow from financing activities 56,488 50,839 Cash and cash equivalents as of ,233, ,910 Cash and cash equivalents correspond to the balance sheet item cash reserve and include cash on hand and balances held at central banks. The cash flow from operating activities is essentially determined by the taking in of customer deposits and their reinvestment in the money and capital markets. The cash flow from investment activities results from the acquisition and disposal of tangible and intangible assets. The cash flow from financing activities stems from the dividend distribution by comdirect bank AG to its shareholders. The cash flow statement is of minor importance for the comdirect group. It does not replace liquidity and financial planning, nor is it used as a management tool. It provides no information about the actual liquidity situation, which in principle is dependent on the operating business and not on cash on hand or the credit balance with the central bank. > Notes Administrative expenses thousand 1.1. to to Personnel expenses 39,850 37,055 20,078 18,844 Other administrative expenses 92,243 85,538 42,122 43,326 Marketing expenses 30,988 28,216 13,822 15,940 Communication expenses 4,152 4,177 2,126 2,212 Consulting expenses 7,796 8,122 3,840 4,160 Expenses for external services 24,457 22,441 12,216 10,893 Sundry administrative expenses 24,850 22,582 10,118 10,121 Depreciation of office furniture and equipment and intangible assets 7,959 8,943 3,879 4,558 Total 140, ,536 66,079 66,728
20 18 Segment reporting by business line thousand 1.1. to B2C B2B Consolidation comdirect group total Interest income 84, ,329 Interest expenses 14, ,942 Net interest income before provisions for possible loan losses 69, ,387 Provisions for possible loan losses Net interest income after provisions for possible loan losses 69, ,950 Commission income 99,054 97, ,129 Commission expenses 10,163 69, ,014 Net commission income 88,891 27, ,115 Trading result and result from hedge accounting Result from financial investments 3, ,735 Administrative expenses 119,398 20, ,052 Other operating result ,330 Pre-tax profit 43,398 6, ,201 Segment investments 3,518 1,761 5,279 Segment depreciation 5,685 2,274 7,959 Cost/income ratio 73.1% 75.3% 73.4% Segment income 189,694 97,950 of which external income 189,677 97,814 of which inter-segmental income Segment expenses 146,296 91,147 The management focuses on two business lines: Business to Customer (B2C) and Business to Business (B2B). The segmentation carried out reflects the internal reporting of the comdirect group and corresponds to the management approach. The respective customer groups in particular constitute the main delimitation feature of the business segments. The B2C business segment comprises the activities of comdirect bank AG. These relate to services in brokerage, banking and advice in direct business with modern investors.
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