Business performance in the first six months of2014 · >Business performance in the first six months of2014 ... TSR (%)**** 15.1 9.7 17.5 ... 1,038 2011 2,631 1,632 Customers B2C

> Business performance in the first six months of 2014

Frankfurt, 24 July 2014

Dr Thorsten Reitmeyer, CEO

Holger Hohrein, CFO

“Better financial investments” tool introduced• Launch of convincing solution for long-term investments

� Tool for high quality capital investments including ETFs

� For one-off investments or savings plans

� Low-cost with no hidden fees

2

> Strong performance in first six months

2

Strong result due to record earnings

• Pre-tax profit of €43.7m

• Earnings of €175.3m

• Expenses of €131.5m

Growth driven by current account• Over 40 thousand new current accounts in first six months

• 2.8 milion customers with assets of €57bn - record levels

• B2C: net fund inflow of €865m

3

Profitability• Record earnings• Strong foundation for

good result in 2014• Further investment in

growth in second half of year

3

> Strong foundation for good result in 2014

4

Q2

66.7

57.0

9.7

Q12014

64.8

54.6

10.2

Q4

72.4

62.1

10.2

Q3

60.2

50.5

9.7

Q22013

63.6

53.7

9.8

86.3

73.6

12.8

88.9

76.2

12.886.4

73.3

13.183.3

70.9

12.482.9

70.6

12.3

Q2

19.6

Q4

16.5

3.1

Q12014

24.1

21.6

2.9

Q3

2.5

14.0

11.1

23.1

20.4

2.7

Q22013

19.3

16.9

2.4

Pre-tax profit Income

Administrative expenses

B2C

B2B

B2C

B2B

B2C

B2B

in €m, comdirect group

H2/13:37.1

H1/13:43.0

H1/14:43.7

175.3169.6170.3

131.5132.6127.3

>Record earnings in first six months

5

Q2

86.3

73.6

12.8

Q12014

88.9

76.2

12.8

Q4

86.4

73.3

13.1

Q3

83.3

70.9

12.4

Q22013

82.9

70.6

12.3

Income

Other income

Net interest income (after provisions)

Net commission income

46.546.812.3

49.0

34.3 34.2 36.3

12.7 12.6

39.0

12.543.8

31.7

12.1

51.6

36.0 36.933.8 34.0 34.9

Q12014

2.55.6

Q4 Q2

3.3

Q3

0.7

Q22013

2.3

B2B

B2C

B2C

Orders*B2C (m)ø 3M-Eu-ribor (%)

B2B

2.7

0.21

2.5

0.22


2.5

0.24

* Executed orders

3.0

0.30

2.4

0.30

H1/14:175.3

H2/13:169.6

H1/13:170.3

95.495.692.8

71.870.067.2

8.14.010.3

> Expenses under control

6

4.6

Q2

4.4

Q12014

Q4

4.7

Q3

4.5

Q22013

4.4

Depreciation

Other administrative expenses

Personnel expenses

47.843.342.2

37.441.2

18.818.219.818.418.0

57.0

Q2

50.5

9.7

Q22013

63.6

53.7

9.8

Q12014

64.8

54.6

10.2

Q4

72.4

62.1

9.710.2

Q3

60.2

66.7

Administrative expenses

B2B

B2C


H1/14:131.5

H2/13:132.6

H1/13:127.3

37.138.235.2

85.585.183.5

8.99.28.6

> Profit target 2014: €75m

7

Dividend per share (€)

Dividend yield (%)***

RoE (%)

2013

43.7

H1 2014

9.0

2010

80.9 80.0

2012

93.54.9

2011

108.1

16.8

0.42

5.8

21.2

0.56

7.5

TSR (%)**** 15.1 9.7

17.5

0.44

Pre-tax profit


5.6

13.0

15.1

0.36

4.3

10.8

Profit target 2014:€75m

* Annualised; ** Earnings per share; *** Based on respective closing quotation at year-end; **** Sum of price rises and dvidend in relation to the share price at end of same period in previous year

0.23**

16.9*

Exceptional effects from tax refund

8

Growth• Over 40k new current

accounts in first six months

• Assets at new record level of €57bn

• B2C: net fund inflow of €865m

8

>Over 40k new current accounts in first six months

9

737

998

985

H12014

2,831

1,847

2010

2,296

1,559

2013

2,825

1,824

1,001

2012

2,755

1,717

1,038

2011

2,631

1,632

Customers

B2C

B2B

H12014

1,489

2010

1,131

2013

1,461

2012

1,345

2011

1,236

901775647

1,0851,043

B2C

B2B

Tagesgeld PLUS accounts

Custody accounts

784 806 840

734 900 896 857

852748

840

1,6831,482

1,697 1,6921,702

in ’000.

B2C: 82k new accounts/custody accounts in H1/2014

Current accounts

>Assets at record level of €57bn

10

* Index level as of year/quarter end

H12014

57.0

33.6

23.4

2013

55.0

31.9

23.2

2012

48.9

27.9

20.9

2011

41.6

24.9

16.7

2010

42.5

26.3

16.2

B2C

B2B

43.2

20.0

23.2

41.6

18.6

23.0

37.1

16.3

20.8

30.9

14.3

16.6

32.2

16.1

16.1

Portfolio volume

Deposit volume

B2B

B2C

Assets under custody

DAX* 5,8986,914 7,612

10.7

10.6

0.1

2010

10.3

10.2

0.1

H12014

13.7

0.1

2012

11.7

11.6

0.1

2011

13.80.1

2013

13.5

13.3

in €bn

B2B

B2C

9,552 9,833

B2C: €865m net fund inflow in H1/2014

1111

Strategy• Launch of convincing solution

for long-term investments• “Better financial investments”

tool for high quality capital investments including ETFs

> “Better financial investments” launched

12

> Convincing first six months

13

• Strong pre-tax profit of €43.7m; profit target 2014: €75m

• Record earnings

• Current account as growth driver

• Launch of convincing solution for long-term investments

14

NOTES

> Consolidated income statement – in acc. with IFRS

15

In €k

H1 2013 H1 2014

Interest income 108,007 99,157

Interest expenses 40,296 27,906

Net interest income before loan loss provisions 67,711 71,251

Provisions for possible loan losses -537 508

Net interest income after loan loss provisions 67,174 71,759

Commission income 158,070 164,261

Commission expenses 65,293 68,901

Net commission income 92,777 95,360

Result from hedge accounting 11 4

Trading result 59 29

Result from financial investments 8,713 2,671

Administrative expenses 127,316 131,536

- Personnel expenses 35,200 37,055

- Other administrative expenses 83,518 85,538

- Depreciation 8,598 8,943

Other operating income 1,541 5,441

Pre-tax profit 42,959 43,728

Taxes on income 11,129 11,359

Consolidated profit 31,830 32,369

> Consolidated balance sheet in acc. with IFRS

16

in €m

2013

14,163

9.049

3.572

1901.293

59

Assets Liabilities

2013

14,163

552

13.488

45 78

Claims onbanks

Financial investments

Claims on customers

Cash reserve

Other assets

708

H1 2014

14,510

9,903

3,715

12361

Liabilities to customers

Equity

Provisions

Otherliabilities

H1 2014

14,510

550

13,817

44 99

9,049

3,572

1,293

13,488

>B2C: net fund inflow of €865m

17

Assets under custodyin €bn

Change in net portfolio vol.

0.60.5

Change in deposit vol.

0.30.30.0

2013

55.0

31.9

23.2

H12014

57.0

33.6

23.4

Price effects

1.7

0.9

0.9

Change in net portfolio vol.

B2C

B2B

B2C:net fund inflow of €865m

B2BB2C

> comdirect share

18

AS OF: 30.06.2014

ISIN:Stock exchange segment:Index:Reuters/Bloomberg code:

141,220,815Outstanding shares:

Commerzbank81.13

Shareholder structure (%) Price per share (Xetra/EUR)

€7.57€1,069m

33,8383,261

Closing quotation:Market capitalisation:

Ø daily turnover H1/2014 (No.)- Xetra:- Frankfurt:

8.87

7.07

Q213

DE0005428007Prime Standard

SDAXCDBG.DE/COM GR

Free float18.87

Q3 Q4

7.71 7.50

Q2

8.30 8.67 7.57

Q114

> comdirect share price performance – total return

19

20

40

60

80

100

120

140

160

01.01.2008 01.01.2009 01.01.2010 01.01.2011 01.01.2012 01.01.2013 01.01.2014 01.01.2015

SDAXDAXsector financialservices Performance Index

DAXcomdirect shareTotal return index

01.01.2008 = 100% AS OF: 30.06.2014

> Financial calendar 2014

20

> 19 Feb Press/analysts’ conference, Frankfurt/Main

> 28 Mar Annual report 2013

> 24 Apr Quarterly report

> 15 May Annual general meeting, Hamburg

> 24 Jul Half-year report

> 23 Oct Nine-month report

> Investor Relations

21

For further information, please contact:

Dr. André Martens

Tel +49 (0) 4106 / 704 1966

e-mail [email protected]

Tobias Vossberg

Tel +49 (0) 4106 / 704 1980


Stefanie Wallis

Tel +49 (0) 4106 / 704 1383


Documents

Business performance in the first six months of2014 · >Business performance in the first six months of2014 ... TSR (%)**** 15.1 9.7 17.5 ... 1,038 2011 2,631 1,632 Customers B2C