Corporate | 21 July 2010 13:00
Baader Bank AG / Half Year Results 21.07.2010 13:00 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Profit from operations constant at Baader Bank in first half-year Unterschleissheim, 21 July 2010 Thanks to a strong first quarter, Baader Bank AG, Unterschleissheim, has kept its profit from operations constant at EUR 9.1 million in the first six months of 2010. The profit from ordinary activities was also nearly stable year-on-year at EUR 9.8 million in the first half of the year (EUR 10.6 million). 'We are therefore bucking a very tough market environment,' stated Mr Uto Baader, Chairman of the Board of Directors of Baader Bank AG. In the second quarter, Germany's leading specialist in securities trading was mainly hit by declining trading activities among private investors. As a result, net trading income decreased tangibly by 38.2% to EUR 14.4 million in the second quarter (previous year: EUR 23.3 million). The decline as against the first half of the previous year amounted to 16.1%. However, after a slight drop of 3.4% to EUR 8.4 million in the second quarter, net fee and commission income rose by 5.8% to EUR 18.3 million in the first half of the year. The Bank generated earnings after taxes of EUR 3.6 million in the second quarter after EUR 6.9 million in the same period of the previous year. Thus, post-tax earnings for the first six months amounted to EUR 7.4 million (previous year: EUR 9.0 million). The decline is due to technical reasons relating to consolidation that resulted in a higher tax rate. This development was cushioned by Baader Bank's variable salary model which enabled a cut in administrative expenses of 6.5% to EUR 43.1 million in the first half of the year. Profit from ordinary activities amounted to EUR 4.0 million in the second quarter of this year (previous year: EUR 8.0 million). As at 30 June 2010, the Group had equity of EUR 176.6 million (31 December 2009: EUR 177.6 million). Earnings per share in the first half of the year were EUR 0.16 compared to EUR 0.20 Euro in the same period of the previous year. The Group employed 351 as at 30 June 2010 (30 June 2009: 350).Key figures (EUR million) H1 2010 H1 2009 Q2 2010 Q2 2009 Net fee and commission income 18.3 17.3 8.4 8.7 Net trading income 31.4 37.7 14.4 23.3 Administrative expenses - 43.1 - 46.1 - 20.5 - 24.0 Profit from operations 9.1 9.1 3.5 8.3 Profit from ordinary activities 9.8 10.6 4.0 8.0 Earnings after taxes 7.4 9.0 3.6 6.9The Board of Directors ************************* Published by: Baader Bank Aktiengesellschaft Contact: Thomas Spengler Weihenstephaner Str. 4 85716 Unterschleissheim Tel. +49 89 5150-1030 Fax +49 89 5150-291030 thomas.spengler@baaderbank.de www.baaderbank.de 21.07.2010 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Baader Bank AG Weihenstephaner Str. 4 85716 Unterschleissheim Deutschland Phone: +49 (0)89/ 5150-0 Fax: +49 (0)89/ 5150-291030 E-mail: info@Baaderbank.de Internet: www.Baaderbank.de ISIN: DE0005088108 WKN: 508810 Listed: Freiverkehr in Berlin, München (m:access), Hannover, Düsseldorf, Stuttgart, Hamburg; Open Market in Frankfurt End of News DGAP News-Service ---------------------------------------------------------------------------