comdirect bank: Pre-tax profit of EUR 60.8 million after nine months - Profit target 2008 confirmed at EUR 70 million - comvalue target: 1.3 million customers as good as achieved

Corporate news announcement processed and transmitted by Hugin AS.
The issuer is solely responsible for the content of this
announcement.
----------------------------------------------------------------------
--------------

Pre-tax profit of EUR 60.8 million after nine months
Profit target 2008 confirmed at EUR 70 million
comvalue target: 1.3 million customers as good as achieved

Quickborn / Frankfurt/Main, 23 October 2008. comdirect bank
(www.comdirect.de) has achieved pre-tax profit of EUR 60.8 million in
the first nine months of this year (previous year: EUR 70.8 million).
After-tax, the profit was on a par with the previous year (2007: EUR
45.0 million) at EUR 44.9 million. "Despite the difficult banking
market, we have achieved good results. Moreover, we have also
invested 50 percent more into growth compared to previous year and
consistently implemented our growth programme. Our main comvalue
target of inspiring 1.3 million customers to choose comdirect is as
good as achieved," said Michael Mandel, CEO of comdirect bank.
Since the start of the year, the number of customers has risen by
284,458, or 28%, to 1,285,180. Assets under custody at comdirect bank
increased by 4% to EUR 21.2 billion. This development was
attributable, in particular, to customer deposits which were up by
39% to stand at EUR 10.67bn at the end of September. 736,409
customers maintained a Tagesgeld PLUS ("call money plus") account, a
rise of 84% in nine months. In the same period, the number of current
accounts rose by 12% to 379,402 and the number of custody accounts by
4% to 670,365. Advisory subsidiary, comdirect private finance,
serviced 42,282 customers, 30% more than at the end of 2007.

In the first nine months of 2008, comdirect bank generated total
income of EUR 215.4 million, a rise of 5% year-on-year. This increase
was driven by net interest income, which was up by 37% before
provisions to EUR 124.2 million (previous year: EUR 90.7 million) as
a result of growth in customer deposits and higher money market
interest rates. At EUR 97.0 million, net commission income was down
by 16% on the previous year's high figure (EUR 115.5 million) as a
result of market conditions. Higher expenses for the comvalue growth
programme led to a 14% increase in administrative expenses to EUR
154.5 million.

comdirect bank aims to continue its expansion in the fourth quarter.
Mandel: "We are now putting in the final spurt with the launch of
additional product offensives - in banking we will be running another
current account campaign, for example. In total, we will be investing
more than EUR 70 million in growth this year. In the beginning of the
new year, we will present new targets and initiatives for the further
development of comdirect bank."

Despite increased investment in growth and the difficult banking
market, the bank is still set to achieve pre-tax profit of EUR 70
million for financial year 2008. The target for 2010 is pre-tax
profit of more than EUR 100 million.

Overview

+---------------------------------------------------------------------------------+
|EUR thousand | Q3/07|Q1/08 | Q2/08|Q3/08 |9M/07 |9M/08 | 9M/08|
| | | | | | | | vs.|
| | | | | | | | 9M/07|
|--------------------------+------+------+--------+------+-------+-------+--------|
|Net interest income before|32,688|41,530| 40,463|42,179|90,668 |124,172| 37.0 %|
|provisions | | | | | | | |
|--------------------------+------+------+--------+------+-------+-------+--------|
|Provisions for possible | -149| -116| -279|-961 |-875 | -1,356| - |
|loan losses | | | | | | | |
|--------------------------+------+------+--------+------+-------+-------+--------|
|Net commission income |38,430|36,324| 29,324|31,338|115,501| 96,986| -16.0 %|
|--------------------------+------+------+--------+------+-------+-------+--------|
|Other income | 227| -207| -3,231|-1,006|566 | -4,444| - |
|--------------------------+------+------+--------+------+-------+-------+--------|
|Administrative expenses |47,827|50,040| 53,520|50,955|135,093|154,515| 14.4 %|
|--------------------------+------+------+--------+------+-------+-------+--------|
|Pre-tax profit |23,369|27,491| 12,757|20,595|70,767 | 60,843|-14.0. %|
|--------------------------+------+------+--------+------+-------+-------+--------|
|After-tax profit |14,029|20,407| 9,625|14,878|45,027 | 44,910| -0.3 %|
+---------------------------------------------------------------------------------+

Length: 2,766 characters incl. spaces, excl. table

Press contact: Johannes Friedemann, comdirect bank AG,
Tel: +49 4106-704-1340, e-mail: presse@comdirect.de.

Press information:
All press releases are available at http://www.comdirect.de/pr
If you no longer wish to receive these press releases, please send an
e-mail to presse@comdirect.de.

--- End of Message ---

comdirect bank AG
Pascalkehre 15 Quickborn Germany

WKN: 542800;
ISIN: DE0005428007; Index: CDAX, CLASSIC All Share, Prime All Share,
SDAX;
Listed: Prime Standard in Frankfurter Wertpapierbörse, Geregelter
Markt in Frankfurter Wertpapierbörse,
Freiverkehr in Börse Berlin, Freiverkehr in Börse Düsseldorf,
Freiverkehr in Hanseatische Wertpapierbörse zu Hamburg, Freiverkehr
in Niedersächsische Börse zu Hannover,
Freiverkehr in Bayerische Börse München, Freiverkehr in Börse
Stuttgart;
Copyright © Hugin AS 2008. All rights reserved.