Komerční banka Group Financial Results as of 31 December 2022

8. 2. 2023 7:00

KB Group’s lending to customers up by 6.2% year on year to CZK 784.9 billion.

Deposits from clients decreased by (3.4%) year on year, to CZK 916.8 billion.

Volume of non-bank assets under management (mutual funds, pension funds, life insurance) leapt by 6.4% to CZK 216.6 billion.

KB Group was serving 2,240,000 clients. Standalone Komerční banka had 1,652,000 customers, up by 27,000 year on year.

Full year 2022 vis-à-vis 2021: Total revenues rose by 23.2% to CZK 38.6 billion. Operating expenditures were higher by 6.1%, at CZK 16.0 billion. Cost of risk (net creation of provisions for credit risk) increased by 61.6% to CZK 1.2 billion. Profit attributable to the Group’s equity holders, at CZK 17.6 billion, was better by 37.9% year on year. Income taxes rose to CZK 4.0 billion, growing by 32.0%. 

Fourth quarter 2022 versus 4Q 2021: Total revenues were up by 10.4%, at CZK 9.6 billion. Operating expenditures were higher by 5.1%, at CZK 3.9 billion. Cost of risk (net creation of provisions for credit risk) in the quarter was small. Profit attributable to the Group’s equity holders, at CZK 4.6 billion, was better by 11.0% year on year. Income taxes climbed to CZK 1.1 billion, higher by 5.4%. 

Volume of regulatory capital reached CZK 101.7 billion, capital adequacy stood at 19.5%, and the Core Tier 1 ratio was 18.9%.

The Board of Directors will propose a dividend of CZK 60.42 per share, totalling CZK 11.5 billion. 
Shareholders will vote on the proposal at the General Meeting set for 20 April 2023.

KB had 69,034 shareholders (greater by 10,590 year on year), of which 63,050 were private individuals from the Czech Republic.

Komerční banka was named Bank of the Year, Corporate Bank of the Year, and Bank without Barriers in the MasterCard Bank of the Year contest. KB also received Banking Innovator recognition in VISA’s Best Bank 2022 survey.

“In spite of the many challenges brought by the year 2022 - mainly the war in Ukraine and the related energy crisis and high inflation - Komerční banka proved again it is a reliable partner for its clients. The strong financial and business results were supported by dynamic recovery in activity among households and businesses after two years of pandemic restrictions. The environment will undoubtedly pose many challenges again in 2023, as inflation, increasing costs of deposits, and effects of the economic slowdown will influence the results of this year. Komerční banka will stand by its clients and perform well even in a downturn,” remarked Jan Juchelka, KB’s Chairman of the Board of Directors and Chief Executive Officer.

“In 2023, we are fully focused on implementing further steps of our strategy. Komerční banka Group will proceed in its transformation to make itself a Czech leader in the new era of banking. We will introduce to our clients and the Czech public a new value proposition built in the currently largest digital project in Czechia. Even in this year, Komerční banka will build, together with its clients, a better and sustainable future,” added Jan Juchelka.

Financial results