Baader Bank AG: Baader Bank feels the impact of the sovereign debt crisis
DGAP-News: Baader Bank AG / Key word(s): Quarter Results/Quarter
Results
Baader Bank AG: Baader Bank feels the impact of the sovereign debt
crisis
13.10.2011 / 11:40
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Baader Bank feels the impact of the sovereign debt crisis
Unterschleissheim, 12 October 2011
During the third quarter of 2011, Baader Bank AG felt the impact of the
sovereign debt crisis. 'Our business is subject to politically driven
capital markets which are highly unpredictable,' said Uto Baader, Chairman
of the Executive Board of Baader Bank AG in Unterschleissheim.
In the reporting period, impairments on securities in particular led to a
year on year decline in net trading income at Baader Bank from EUR13.3
million to EUR8.2 million; in the nine-month comparable period this equates
to a drop of 20.8% to EUR35.3 million. Nevertheless, in a quarterly and
nine-month comparison, the net fee and commission income remained level at
EUR7.6 million and EUR25.5 million respectively. This can be attributed
primarily to the successful development of investment banking activities.
Additionally, earnings were negatively impacted by impairments on
securities in the banking book in accordance with the strict 'lower of cost
or market' rule.
In the third quarter of the year, the income from ordinary activities
amounted to minus EUR9.0 million (3rd quarter 2010: EUR1.9 million). In the
nine-month comparable period, income from ordinary activities was down to
minus EUR3.8 million against EUR8 million in the previous year. From July
to September, post-tax results showed a loss of EUR 9.3 million (third
quarter 2010: EUR1.1 million profit); the first nine months of the current
year showed a post-tax loss of EUR4.4 million (previous year: EUR11.9
million profit).
The increase in administrative expenses over the first nine months of 2011
is due to the expansion of investment banking activities. 'These expenses
should thus be viewed as an investment in the future,' said Baader. In the
period July to September 2011, administrative expenses were slightly higher
at EUR19.5 million than in the same quarter of 2010 (EUR19.0 million). This
corresponds to an increase from EUR59.1 million to EUR63.8 million in the
nine-month comparable period.
The Group's equity amounted to EUR100.1 million as at 30 September 2011 (31
December 2010: EUR110.3 million). In the first nine months of the year,
earnings per share amounted to minus EUR0.10 (previous year: EUR0.26).
The Group employed a staff of 412 employees as at 30 September 2011 (30
September 2010: 367).
^
1 Jan - 30 Sep 1 Jan - 30 Sep Q3 Q3
Key figures in EUR m 2011 2010 2011 2010
Net interest income 4.7 4.1 1.7 1.3
Net fee and commission
income 25.5 26.0 7.6 7.7
Net trading income 35.3 44.6 8.2 13.3
Administrative expenses - 63.8 - 59.1 - 19.5 - 19.0
Net income from ordinary
activities - 3.8 8.0 - 9.0 1.9
Net income after tax - 4.4 11.9 - 9.3 1.4
°
The Executive Board
*************************
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
End of Corporate News
---------------------------------------------------------------------
13.10.2011 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 (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, Düsseldorf, Hamburg, Hannover,
München (m:access), Stuttgart; Open Market in Frankfurt
End of News DGAP News-Service
---------------------------------------------------------------------
142203 13.10.2011
DGAP-News: Baader Bank AG / Key word(s): Quarter Results/Quarter
Results
Baader Bank AG: Baader Bank feels the impact of the sovereign debt
crisis
13.10.2011 / 11:40
---------------------------------------------------------------------
Baader Bank feels the impact of the sovereign debt crisis
Unterschleissheim, 12 October 2011
During the third quarter of 2011, Baader Bank AG felt the impact of the
sovereign debt crisis. 'Our business is subject to politically driven
capital markets which are highly unpredictable,' said Uto Baader, Chairman
of the Executive Board of Baader Bank AG in Unterschleissheim.
In the reporting period, impairments on securities in particular led to a
year on year decline in net trading income at Baader Bank from EUR13.3
million to EUR8.2 million; in the nine-month comparable period this equates
to a drop of 20.8% to EUR35.3 million. Nevertheless, in a quarterly and
nine-month comparison, the net fee and commission income remained level at
EUR7.6 million and EUR25.5 million respectively. This can be attributed
primarily to the successful development of investment banking activities.
Additionally, earnings were negatively impacted by impairments on
securities in the banking book in accordance with the strict 'lower of cost
or market' rule.
In the third quarter of the year, the income from ordinary activities
amounted to minus EUR9.0 million (3rd quarter 2010: EUR1.9 million). In the
nine-month comparable period, income from ordinary activities was down to
minus EUR3.8 million against EUR8 million in the previous year. From July
to September, post-tax results showed a loss of EUR 9.3 million (third
quarter 2010: EUR1.1 million profit); the first nine months of the current
year showed a post-tax loss of EUR4.4 million (previous year: EUR11.9
million profit).
The increase in administrative expenses over the first nine months of 2011
is due to the expansion of investment banking activities. 'These expenses
should thus be viewed as an investment in the future,' said Baader. In the
period July to September 2011, administrative expenses were slightly higher
at EUR19.5 million than in the same quarter of 2010 (EUR19.0 million). This
corresponds to an increase from EUR59.1 million to EUR63.8 million in the
nine-month comparable period.
The Group's equity amounted to EUR100.1 million as at 30 September 2011 (31
December 2010: EUR110.3 million). In the first nine months of the year,
earnings per share amounted to minus EUR0.10 (previous year: EUR0.26).
The Group employed a staff of 412 employees as at 30 September 2011 (30
September 2010: 367).
^
1 Jan - 30 Sep 1 Jan - 30 Sep Q3 Q3
Key figures in EUR m 2011 2010 2011 2010
Net interest income 4.7 4.1 1.7 1.3
Net fee and commission
income 25.5 26.0 7.6 7.7
Net trading income 35.3 44.6 8.2 13.3
Administrative expenses - 63.8 - 59.1 - 19.5 - 19.0
Net income from ordinary
activities - 3.8 8.0 - 9.0 1.9
Net income after tax - 4.4 11.9 - 9.3 1.4
°
The Executive Board
*************************
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
End of Corporate News
---------------------------------------------------------------------
13.10.2011 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 (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, Düsseldorf, Hamburg, Hannover,
München (m:access), Stuttgart; Open Market in Frankfurt
End of News DGAP News-Service
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142203 13.10.2011