DGAP-News: Baader Bank AG / Key word(s): Annual Results
Baader Bank remains on growth track with successful 2021 financial year
The net trading income for the past financial year amounted to EUR 185.0 million (previous year: EUR 168.2 mn), which is above the comparable figure; net commission income declines to a total of EUR 12.9 million (previous year: EUR 31.0 mn). The subsidiaries included in the Group also contributed positively to the overall result for the 2021 financial year. The operating result as at 31 December 2021 was EUR 70.5 million (previous year: EUR 81.5 mn).
The growth is also reflected in the securities account and account business, which continues to show pleasing development. At the end of the past financial year, Baader Bank opened the 500,000th securities account (previous year: 129,141 securities accounts), meaning the number of securities accounts has almost quadrupled compared to the previous year. Growth in this business segment accelerated significantly in the fourth quarter in particular. There is likely to be greater focus in the future on expanding B2B2C collaborations with neo-brokers and online asset managers; this area offers strong potential over the long term and Baader Bank hopes to realise that potential through solutions such as a dedicated high-performance IT infrastructure.
Like the brokerage, research, capital market and asset management services, the securities account and account business makes a positive contribution to commission income through cross-selling effects. Overall, Baader Bank has consolidated its market position in all business divisions and boosted Group commission income by 19 % on the previous year to EUR 112.0 million (previous year: EUR 94.5 mn).
At EUR 11.0 million, Baader Bank Group revenue was slightly down on the previous year (EUR 12.0 mn) at -8 %; the revenue is generated by the electricity yields from the Bank's own wind farm. Net interest income and current income for 2021 amounted to EUR -1.6 million (previous year: EUR -2.6 mn). Other income increased to EUR 8.1 million compared to the previous year (previous year: EUR 4.1 mn). Total revenue was EUR 215.5 million (previous year: EUR 212.7 mn).
Total expenses for the 2021 financial year amounted to EUR 158 million (previous year: EUR 156.6 mn), which is almost at the same level as the previous year. Higher administrative and personnel expenses are largely offset by lower depreciation and risk provisions. Personnel expenses were up 3 % on the previous year, to EUR 73.5 million (previous year: EUR 71.2 mn) and other administrative and other operating expenses increased by 16 % to EUR 55.9 million (previous year: EUR 48.1 mn).
At EUR 10.1 million, depreciation within the Baader Bank Group in the 2021 financial year was down significantly (previous year: EUR 20.4 mn). Of this amount, EUR 9.1 million related to depreciation and value adjustments on intangible assets and property, plant and equipment, EUR 1.0 million related to amortisation, and value adjustments on receivables and certain securities treated as assets.
For 2021, total expenses again included the allocation to the fund for general banking risks, which was to be provided with EUR 18.5 million1 in accordance with Section 340e (4) of the German Commercial Code (HGB).
As at 31/12/2021, the number of employees in the Baader Bank Group had increased from 388 to 448 compared to 31/12/2020 (based on full-time equivalent).
Assuming the appropriate conditions, the Board of Directors of Baader Bank expects the Group's earnings before tax for the 2022 financial year to be around EUR 30 million, with a cost-income ratio of around 80 % and a return on equity after tax of around 15 %.
Given the unpredictable, exogenous influencing factors, the Board of Directors is of the opinion that reliable forecasts for the business development can only be made to a limited extent. 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.
Overview of key figures 2021 ²
¹ The transfer to the fund for general banking risks also takes into account the statutory transfer to the fund for general banking risks in accordance with Section 340e HGB at the end of the year.
Florian E. Schopf
T +49 89 5150 1013
Baader Bank AG
|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, Munich (m:access), Stuttgart, Tradegate Exchange|
|EQS News ID:||1316809|
|End of News||DGAP News Service|