DGAP-News: Baader Bank AG / Key word(s): Annual Results
Baader Bank on growth path
Baader Bank delivers extraordinary group results for 2020: Earnings before tax came to EUR 56.0 million (previous year: EUR 68,000), while total revenue increases to EUR 212.7 million (previous year: EUR 104.3 million) and the Group's operating result was EUR 81.5 million (previous year: EUR -8.0 million). The main factors contributing to this result are a very high trading income, higher commission income and largely positive contributions from the Group's subsidiaries.
At a Group level, the previous year's trading income rose significantly by more than 250% to EUR 168.2 million (previous year: EUR 46.1 million). Commission income also increased, including in the Multi Asset Brokerage and Research business lines. The Account and Custody business with asset managers continued to develop very well and these developments worked to underpin the development of the commission income. Higher trading volumes bring with them higher commission expenses, meaning that net commission income for 2020 decreased slightly by 4% to EUR 31.0 million (previous year: EUR 32.1 million).
At EUR 12.0 million, Baader Bank Group revenue was slightly below the previous year (EUR 12.8 million) at -7%, fed by the electricity yields generated from the Bank's own wind farm. Of negligible significance for the Group, the interest income and the current income for 2020 stood at EUR -2.6 million (previous year: EUR -0.8 million).
Other income fell by around EUR 10.0 million to EUR 4.1 million as a result of the dissolution of the fund for general banking risks included in the previous year.
A contribution to the fund for general banking risks was included in the total expenses for 2020; EUR 16.8 million was allocated to the fund in accordance with Section 340e(4) of the German Commercial Code (HGB). As a result, total expenses were higher in 2020, increasing by EUR 52.3 million to EUR 156.6 million (previous year: EUR 104.2 million).
The Baader Bank Group concluded the past financial year with a clearly positive operating result of EUR 81.5 million and visibly increased this result (previous year: EUR -8.0 million). This demonstrates the adjustments implemented in the individual strategies of the six business lines, as well as the effects of the high trading volume on the markets.
At EUR 20.4 million, depreciations within the Baader Bank Group increased by EUR 7.3 million in the 2020 financial year (previous year total: EUR 13.1 million). Of this amount, EUR 11.1 million related to depreciation and value adjustments on intangible assets and property, plant and equipment and EUR 9.3 million related to amortisation and value adjustments on receivables and certain securities treated as assets.
Overall, Baader Bank Group generated earnings before tax (EBT) of EUR 56.0 million in the 2020 financial year (previous year: EUR 68,000) and reported significantly higher consolidated earnings after tax of EUR 46.5 million (previous year: EUR -591,000).
As at 31 December 2020, the number of employees in the Baader Bank Group rose to 420, compared to 403 as at 31 December 2019.
If these general conditions continue throughout the coming year, the Baader Bank Board of Directors expects that the Baader Bank Group's EBT for the 2021 financial year will exceed the 2020 result of EUR 56.0 million.
Given the uncertain, exogenous influencing factors, the Board of Directors is of the opinion that reliable forecasts for the business development can only be made with reservations. For this reason, the statements, expectations and forecasts on the future development of Baader Bank are based on the information and knowledge available to the company at the time of publication.
Subject to the approval of the Annual General Meeting, the Baader Bank Board of Directors still intends to pay a dividend of EUR 0.25 per share for the 2020 financial year. The shareholders' meeting is expected to take place on 1 July 2021 in a virtual format. Baader Bank's annual report for 2020 will be made available in the "Financial Reports" section of the Company's website in mid-May 2021 when the annual shareholders' meeting is convened.
Overview of key figures
Reported in accordance with the provisions of the German Commercial Code (HGB).
Further information is available from:
Florian E. Schopf
T +49 89 5150 1013
About Baader Bank AG:
Further information can also be found online:
|Company:||Baader Bank AG|
|Weihenstephaner Str. 4|
|Phone:||+49 89 5150 1013|
|Fax:||+49 89 5150 1111|
|Listed:||Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt, Hamburg, Hanover, Munich (m:access), Stuttgart, Tradegate Exchange|
|EQS News ID:||1176871|
|End of News||DGAP News Service|