Komerční banka Group Financial Results
as of 31 March 2023
KB Group’s lending to customers up by 5.1% year on year, at CZK 789.1 billion.
Deposits from clients decreased by (3.5%) year on year to CZK 979.5 billion.
Volume of non-bank assets (mutual funds, pension funds, life insurance) under management leapt by 9.8% to CZK 227.0 billion.
KB Group was serving 2,232,000 clients. Standalone Komerční banka had 1,656,000 customers, up by 20,000 year on year.
Total revenues were down by (5.5%), at CZK 9.0 billion. Operating expenditures rose by 5.0% to CZK 5.0 billion. The Group reported a CZK 0.4 billion net release of provisions for credit risk. Net profit attributable to the Group’s equity holders, at CZK 3.6 billion, was better by 1.4% year on year.
Volume of regulatory capital reached CZK 103.8 billion, capital adequacy stood at 19.8%, and the Core Tier 1 ratio was 19.2%.
KB had 71,447 shareholders (greater by 10,590 year on year), of which 65,147 were private individuals from the Czech Republic.
In April, Komerční banka unveiled to the market its new banking proposition based on state-of-theart banking technologies and tools. KB’s new era of banking is simple, innovative, sustainable, and it combines digital tools and physical presence in a way that is convenient for the clients.
“The activities in the first quarter of 2023 were directed towards an important step in implementing the KB2025 transformation strategy: opening of a new digital bank for new customers and beginning the migration of clients from the legacy infrastructure. We passed this milestone in April, and we continue transforming Komerční banka Group to be a leader in the new era of banking with emphasis on the simple, innovative, and sustainable while combining digital tools and physical presence in a way that is convenient for clients,” remarked Jan Juchelka, KB’s Chairman of the Board of Directors and Chief Executive Officer.
“The results from the first quarter,” he added, “were affected by subdued levels of confidence among consumers and businesses, as well as by stiff competition in the banking market. The overall results were nevertheless solid, the clients have shown very good discipline in repaying their credits, and we even observed signs of improving demand for housing and consumer loans, hopefully marking an improvement in people’s optimism.”