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Baader Bank has a strong first quarter of 2020 - pre-tax result of EUR 10.7 million

DGAP-News: Baader Bank AG / Key word(s): Quarter Results
23.04.2020 / 09:00
The issuer is solely responsible for the content of this announcement.

Corporate News:

Baader Bank has a strong first quarter of 2020 - pre-tax result of EUR 10.7 million

All figures are preliminary and unaudited

Unterschleißheim, 23 April 2020: Baader Bank concludes the first quarter of 2020 with a pre-tax result of EUR 10.7 million for the Group, according to preliminary and unaudited figures. In addition to the significantly increased trading volumes on international platforms, the Management Board's strategic and structural measures drove the improvement in operating profits.

Trade sectors promote further growth for quarterly results, clients business also on track

The strong overall results for the Baader Bank Group are primarily due to the earnings contribution from Baader Bank AG, as well as the contribution from the Swiss Baader Helvea Group, which is higher than expected. The contributions from the Baader & Heins Capital Management AG subsidiary and the wind farm in Croatia are as expected.

The net trade income for the first quarter of 2020 reached EUR 43.4 million. This is 248.4% above the comparable figure from the first quarter of 2019 (Q1 2019: EUR 12.5 million), and 277.3% above the net trade income for the last quarter of 2019 (Q4 2019: EUR 11.5 million). Market making has contributed significantly to this. This growth is due not only to the short-term market development in the first quarter, but also a long-term structural development - a positive for Baader Bank. Alternative trade offers in OTC trading or gettex trade offers operated by the Munich Stock Exchange are becoming more important in securities trading, especially for private investors. This is a trend Baader Bank actively promotes and benefits from as a market maker here.

At EUR 14.7 million, net commission income remains 51.3% above the level of the previous year (Q1 2019: EUR 9.7 million) and 113.0% above that of the previous quarter (Q4 2019: EUR 6.9 million). The number of clients in brokerage increased internationally, and Baader Bank's market share increased. Baader Bank is able to capitalise on the market exit of global players and impress their customers with excellent trade and service standards. Growth in the banking business continues unabated with a growth rate of 32% in the first quarter of 2020 to over 60,500 accounts/depots and a virtually unchanged volume in custody of around EUR 4.7 billion (31 December 2019 - 31 March 2020). While equity transactions on the capital markets were almost non-existent in the first quarter, Baader Bank is heading towards another record year in this area in the special execution sector. The research industry continues to be impacted by the effects of MiFID II. By cooperating with the established French research firm AlphaValue, Baader Bank is competitively positioned.

Revenues as high as EUR 3.2 million (Q1 2019: EUR 3.5 million; Q4 2019: EUR 3.1 million) as well as net interest income and current income of TEUR -571 (Q1 2019: TEUR -142; Q4 2019: TEUR -505) are expected and are virtually unchanged from the figures for the same periods of the previous year.

Costs decreased and personnel restructuring complete, risk provisioning formed

Cumulative Group-wide expenditure at the end of the first quarter of 2020 amounted to EUR -50.4 million (Q1 2019: EUR -26.3 million; Q4 2019: EUR -28.8 million). In this case, administrative expenses and other operating expenses remain virtually constant (Q1 2020: EUR -11.9 million.; Q1 2019: EUR -11.5 million.; Q4 2019: EUR -11.4 million). Personnel expenses for the Group fell to EUR -11.9 million (Q1 2019: EUR -11.8 million; Q4 2019: -11.6 million). The increase in total expenses is mainly due to a significant increase in risk provisions and a slight rise in other depreciation/amortisation (Q1 2020: EUR -10,2 million.; Q1 2019: TEUR -493; Q4 2019: EUR -3.5 million) and the allocation of the fund for general banking risks (Q1 2020: EUR -15,0 million.; Q1 2019: EUR 0; Q4 2019: EUR 0).

Considering the high degree of uncertainty about further developments on the capital markets, the deferred valuation risks for investment portfolios and customer demand arising from the current situation were taken into account by transferring to a special item for general banking risks in accordance with Section 340 g of the German Commercial Code (HGB). The special item also takes into account the regulatory transfer to the Fund for general banking risks at the end of the year in accordance with Section 340 e of the HGB.

The number of Baader Bank Group employees as at 31 March 2019 is 398 (Q1 2019: 426; Q4 2019: 403).

Liquidity level and capital base forecast - Baader Bank as a reliable partner

In view of the next nine months of the business and calendar year, the Management Board expects investor trading activity and the volatility of the financial markets to at least normalise. The market, revenue and earnings developments in the first quarter of 2020 cannot be carried through the entire financial year. The fact that the improved earnings figures in the first quarter are also significantly supported by the bank's strategic realignment is all the more important. Baader Bank does not anticipate any changes in forecasts based on the performance in the first quarter of 2020. The Management Board foresees a positive operating result for the financial year as a whole.

Baader Bank has a solid capital and liquidity base and has been able to handle the immense trade volumes at all times without issue. In addition to a stable and efficient IT and processing infrastructure, Baader Bank stands out as a reliable trading and settlement partner for all possible financial instruments worldwide and in securities-related banking business.

With a balance sheet equity ratio of 10% (Q1 2019: 10%; Q4 2019: 12%), a modified equity ratio of 13% (Q1 2019: 14%; Q4 2019: 14%) and total assets of EUR 840.0 million as at the reporting date of 31 March 2020 (Q1 2019: EUR 720.4 million; Q4 2019: EUR 617.4 million), Baader Bank is well capitalised. The total supervisory capital ratio stands at 13 % (Q1 2019: 14 %; Q4 2019: 14 %).

Baader Bank's annual report for 2019 will be made available in the "Financial Reports" section of the Company's website in mid-May 2020. The dates for convening and conducting the annual general meeting will depend on the further development of the COVID-19 pandemic this year. If necessary, Baader Bank will make use of its currently applicable right to vote to hold the shareholders' meeting virtually and at a later date than usual. Baader Bank will inform you about this in due time on the website and possibly via other media.

Overview of key figures

Income Statement
01/01-31/03/2020 01/01-31/03/2019 Delta
  EUR'000 EUR'000 %
Income 61,048 26,643 >100
of which net interest income and current income -571 -142 >100
of which net commission income 14,651 9,684 51.3
of which net trading income 43,362 12,445 >100
of which revenue 3,211 3,531 -9.1
of which other income 387 1,125 -65.6
of which net income from interests in associates 8 0 -
Expenses -50,386 -26,313 91.5
of which personnel expenses -11,291 -11,796 -4.3
of which administrative expenses and other operating expenses -11,882 -11,521 3.1
of which depreciation, amortisation on intangible assets and property, plant and equipment -1,968 -2,503 -21.4
of which other amortisation and depreciation/risk provision -10,245 -493 >100
of which additions to fund for general banking risks -15,000 0 -
Earnings before taxes (EBT) 10,662 330 >100
Operating result 36,627 461 >100
Balance Sheet
Delta %
Total Assets 840,002 617,375 36
Balance Sheet Equity Ratio 10% 12% -
Supervisory Capital Ratio 13% 14% -

In accordance with the provisions of the German Commercial Code (HGB)

Further information is available from:

Baader Bank AG
Weihenstephaner Strasse 4
85716 Unterschleissheim, Germany

Florian E. Schopf
Company Spokesperson
Managing Director
Head of Group Strategy & Communication

T +49 89 5150 1013
M +49 160 718 88 26

About Baader Bank AG:

Baader Bank is the bank for the capital market. It allows its clients to access international capital markets and to invest in financial products in an effective, efficient and secure manner. The bank uses the latest innovations in the banking industry for products, processes and technology to generate added value for its clients. As a family-run, full-service bank with its headquarters in Unterschleissheim near Munich with around 400 employees, it is active in the business lines of Market Making, Capital Markets, Multi Asset Brokerage, Asset Management Services, Banking Services and Research.

Further information can also be found online:

Company website:

23.04.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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