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- Komerční banka Group Financial Results as of 30 June 2023
Komerční banka Group Financial Results as of 30 June 2023
“In April of this year, we opened a new chapter in the history of Komerční banka by launching the New Era of Banking. The new banking systems developed over the past three years have brought many changes to our clients: the new KB+ mobile app, new internet banking, new services for even better client experience and much more. The gradual migration of clients in retail and corporate banking to KB's wholly new service proposition will proceed apace right until 2026. Sustainability is key for us and an integral part of all our activities and I am very pleased that Komerční banka is a clear leader on the Czech banking market. In this New Era of Banking, we want to be a fully paperless company,” remarked Jan Juchelka, KB’s Chairman of the Board of Directors and Chief Executive Officer.
“The results from the first half demonstrated several positive trends in terms of business volumes and non-interest revenues. The excellent quality of the loan portfolio even allowed for a release of provisions, which of course we must look upon as an exceptional situation. Interest income normalised after a fading of tailwinds from the previous sharp rises in interest rates. I remain optimistic about Komerční banka’s performance and that of the broader Czech economy in the months and years to come,” Jan Juchelka adds.
- KB Group’s lending to customers up by 3.3% year on year, at CZK 794.6 billion.
- Deposits from clients decreased by (2.9%) from a year earlier to CZK 994.7 billion. Client deposits are up 8.5% year-to-date.
- Volume of non-bank assets (mutual funds, pension funds, life insurance) under management leapt by 14.6% to CZK 235.6 billion.
- KB Group was serving 2,227,000 clients. Standalone Komerční banka had 1,661,000 customers, up by 11,000 year on year.
- In April, Komerční banka unveiled to the market its new banking proposition based on state-of-the-art banking technologies and tools. By June, more than 22,000 clients had enrolled for KB’s new digital bank.
- First half 2023: Total revenues were down by (5.6%) year on year to CZK 18.1 billion. Operating expenditures rose by 8.0% to CZK 9.1 billion. The Group reported a CZK (0.9) billion net release of provisions for credit risk. Net profit attributable to the Group’s equity holders, at CZK 8.1 billion, was lower by (2.9%) year on year.
- Second quarter 2023: Total revenues were down by (5.7%) year on year to CZK 9.1 billion. Operating expenditures rose by 11.8% to CZK 4.1 billion. The Group reported a CZK (0.5) billion net release of provisions for credit risk. Net profit attributable to the Group’s equity holders, at CZK 4.5 billion, was lower by (6.0%) year on year.
- Volume of regulatory capital reached CZK 104.9 billion, capital adequacy stood at 20.0%, and the Core Tier 1 ratio was 19.5%.
- KB had 72,303 shareholders (greater by 7,919 year on year), of which 66,179 were private individuals from the Czech Republic.