DAB Bank Second-Quarter Profit Climbs on Lower Costs as Rival's Declines

DAB Bank AG, the German online broker controlled by Italy’s UniCredit SpA, said profit climbed 26 percent in the second quarter helped by lower costs.

Net income rose to 6.91 million euros ($8.94 million) from 5.49 million euros in the year-earlier period, the Munich-based company said in an e-mailed statement today.

Administrative costs at DAB Bank declined 6.4 percent to 27.7 million euros in the second quarter. The broker expects a full-year pretax profit of “significantly more than 25 million euros,” compared with 18.4 million euros in the first half.

Rival online broker Comdirect Bank AG, which is majority- owned by Commerzbank AG, reported a 17 percent decline in profit last week.

To contact the reporter on this story: Oliver Suess in Munich at osuess@bloomberg.net

• Tweet
• More
  • Business Exchange
  • Buzz up!
  • Digg
• Print
• Email