DAB, the German online brokerage owned by HVB Group, looks set to break even in 2003 after posting an expected €2m ($2.3m) pre-tax profit in the second quarter, an almost threefold increase on the first quarter.

The profits mean the Munich-based bank expects to break even in the first half of the year with pre-tax profit of around €1.2m, up from a loss of €17.5m over the same period last year.