Baader Bank AG — Earnings Release 2012

Oct 23, 2012

News Details

Corporate | 23 October 2012 07:30

Baader Bank AG: Baader Bank reports increased profit after 9 months

Baader Bank AG / Key word(s): Quarter Results

23.10.2012 / 07:30

---

Baader Bank reports increased profit after 9 months

In the first nine months of 2012, Baader Bank reported net profit after tax of just under EUR 8 million (same period last year: minus EUR 4.4 million). The income from ordinary activities (operating result) was EUR 10.1 million (same period last year: minus EUR 3.8 million). The equivalent results for the same period last year were impacted by substantial writedowns on the securities portfolio.

Baader Bank's figures continue to be strongly affected by realised gains and the reversal of impairment losses on securities in the banking book. Net interest income fell slightly (just under EUR 4.1 million), largely as a result of lower interest margins. An encouraging development is the rise in commission income, which stands at EUR 28.3 million, almost 11% above the level for the same period last year. In relation to trading income, Baader Bank benefited from the generally more positive stock market performance in the third quarter. However, the cautious attitude among private and institutional investors continued to exert a negative effect. While turnover on the Frankfurt Stock Exchange fell by 28.5% in the first nine months of this year compared with the same period last year, the net trading income of Baader Bank was only 20% down on the previous year at EUR 28.4 million.

Thanks to strict cost discipline, administrative expenses were virtually unchanged at EUR 69.8 million (same period last year: EUR 70.2 million). The Group employed 427 staff as at 30 September 2012 (30 September 2011: 412). As of 30 September 2012, Baader Bank has equity (including fund for general banking risks pursuant to section 340g of the German Commercial Code [HGB]) totalling EUR 141.1 million. The Group's equity ratio at the reporting date is 19.8%.

Baader Bank's performance in both market making and investment banking depends very heavily on the capital markets. Moreover, the lack of a political and economic solution to the European sovereign debt crisis weighs heavily on stock markets. The persistent uncertainties are reflected in the low turnovers of private and institutional investors. In the absence of any significant change in the general conditions in the fourth quarter of this year, we forecast net income (after tax) of EUR 7-10 million.

Key figures in EUR m	9 M 2012		9 M 2011
Net interest income	4.1		4.7
Net fee and commission income	28.3		25.5
Net trading income	28.4		35.3
Administrative expenses	69.8		70.2
Other income including loan loss provisions	17.7		0.1
Operating result	10.1		-3.8
Net profit after taxes	8.0		-4.4

The interim report may be downloaded within a few days from the website.

End of Corporate News

---

23.10.2012 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG.

The issuer is solely responsible for the content of this announcement.

DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.

Media archive at www.dgap-medientreff.de and www.dgap.de

---

Language:	English
Company:	Baader Bank AG
	Weihenstephaner Str. 4
	85716 Unterschleißheim
	Germany
Phone:	+49 89 5150 1882
Fax:	+49 89 5150 29 1880
E-mail:	communications@baaderbank.de
Internet:	www.baaderbank.de
ISIN:	DE0005088108
WKN:	508810
Listed:	Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München (m:access), Stuttgart; Open Market in Frankfurt

End of News	DGAP News-Service

- - -
189675  23.10.2012