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Comdirect CEO Says Net Interest Income Close to Low Point

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Feb. 19 (Bloomberg) -- Comdirect Bank AG Chief Executive Officer Thorsten Reitmeyer said net interest income will bottom out soon, after low benchmark rates hurt revenue in 2013.

“If everything remains the way it looks now, we’re relatively close to a low point,” Reitmeyer said in an interview in Frankfurt today.

Net interest income after provisions at the online bank, owned by Commerzbank AG, Germany’s second-largest lender, fell to 137.2 million euros ($189 million) in 2013 from 146.6 million euros a year earlier, the company said in an earnings statement. Net interest income is calculated by subtracting the cost of deposits from revenue from loans and other interest-bearing assets.

To contact the reporter on this story: Shane Strowmatt in Frankfurt at sstrowmatt@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

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