Internet banking has pushed up profits at comdirect bank by 50 per cent compared with the last quarter.
It has announced pre-tax profits of EUR 13.0 million for the first quarter of this year.
However, gains are down on the same period in 2004 when pre-tax profits reached EUR 20.9 million.
"We have invested more and generated satisfactory earnings," commented the chief executive of comdirect bank, Andre Carls.
"Comdirect has started well in 2005," he added.
The last three months have also seen the launch of its new programme for growth, comvalue.
As a result, administrative expenses have risen from EUR 24.7 million for the first quarter of 2004 to EUR 26.1 million this quarter.
Mr Carls explained: "By investing in products and services, we have created the foundation for future growth."
The bank has also expanded its three sectors: online investment, direct banking and financial advisory.
This second quarter will see further improvements to the comdirect website, helping to boost its functionality and navigation.
The range of funds on offer will also be extended as will its other products and services.
Such trading offers as no-fee campaigns for LiveTrading leads Mr Carls to comment: "We are tailoring comdirect bank even more precisely to the needs of its customers."
Mr Carls added that comdirect was on course to hit its current year target of EUR 35 million pre-tax profits.
Online banking helps drive comdirect profits
Financial Services > e-banking > Banking news
Online banking helps drive comdirect profits
Fri, 22 Apr 2005
| Banking news |
|---|
| Banks failing on online fraud says MPs report - Tue, 05 Apr 2011 |
| Lloyds TSB is to change the interest rates on its Vantage current account - Thu, 31 Mar 2011 |
| Contactless debit cards from Lloyds TSB - Tue, 29 Mar 2011 |
| More News |
Simplyhealth Dental Plan
Affordable cover from only £7.50 per month. Join now and get first month FREE
Amex Cash Back
Credit Card
Credit Card
Get 5% cash back on purchases with Amex
Income Protection Insurance
Get an instant quote with the award winning company