Baader Bank Reports Significant Increase in Pre-Tax Profit for H1 2024

Baader Bank has announced a substantial increase in its Group's pre-tax profit for the first half of 2024. The company reported earnings before tax of EUR 20.3 million, a sharp rise from EUR 2.9 million in the same period of 2023. Total revenue also increased to EUR 121.0 million, driven by higher interest and commission incomes.

The bank noted an increase in the volume of customer deposits, which reached EUR 38.2 billion. This growth was supported by significant gains in interest business, which climbed to EUR 25.2 million, and commission business, which rose to EUR 56.0 million. Trading business earnings also surged to EUR 31.5 million.

Total expenses for the first half of 2024 rose to EUR 100.7 million, primarily due to higher personnel and operating costs, and increased pension expenses. The number of employees increased to 579 as of June 30, 2024.

Baader Bank’s B2B business, including its cryptocurrency segment, expanded with over 220,000 new securities accounts opened, bringing the total to over 1.5 million. Managed customer assets grew to EUR 38.2 billion. The bank is optimizing its IT infrastructure and expanding platform functionality to further support this growth.

As of June 30, 2024, Baader Bank's total assets stood at EUR 4.0 billion with equity rising to EUR 175.8 million, positioning it well for continued growth. The total capital ratio was 22.1%.