Comdirect bank : raises earnings target 2019

Quickborn, 08.10.2019

• Expectation for the full year increased to more than €185m before tax (previous expectation: more than €170m)
• The reason is a significant increase in core business profit in the third quarter of 2019

comdirect bank AG anticipates a pre-tax profit of approximately €175m based on preliminary numbers for the first nine months of 2019. Therefore, the expected group pre-tax profit for the full year improves to more than €185m (previous expectation: more than €170m before tax).

The reason for the adjustment of the expectation is the strong preliminary pre-tax profit from continuing activities (core business without ebase) of approximately €30m in the third quarter of 2019. As a result of increased total income and decreased administrative expenses, the operating profit was significantly higher than in previous quarters. In addition, a higher result from discontinued activities (ebase) was achieved. 'Since the announced sale of ebase in mid-2018, we have invested even more in growth and scaling our business model. This is now reflected in a significantly improved result in the third quarter', says Arno Walter, CEO of comdirect bank AG. 'Customer growth also remained at a high level with 46k new customers in the third quarter. As of the end of September comdirect has 2.7m customers.'

Details regarding the comdirect monthly figures published today can be found in a separate press release from 8 October and at www.comdirect.de/presse.