Penzijní fond Komerční banky (PFKB) generated a profit of CZK 170 million in the first quarter of this year. The number of PFKB's clients rose by 5,904 y/y to almost 498,000 pension scheme members.

Having increased by more than 92% year-on-year, a profit of CZK 170.145 million at the end of the first quarter of 2010 markedly surpassed the result for the same period of last year.

PFKB's favourable results are mainly attributable to changes in the investment portfolio which the fund made last year and in the first few months of this year.

"Thanks to the very conservative structure of the investment portfolio and stable income from secure bonds, we are now able to estimate growth in the coming years relatively accurately. Thus, we justifiably expect that for 2010, our members' funds will grow by at least 2%," said Pavel Jirák, Penzijní fond Komerční banky Chairman and Executive Director. 

As at 31 March 2010, 93% of PFKB's investment portfolio was composed of very secure bonds, with bank deposits constituting the balance.

PFKB has strengthened its position as the fourth largest pension fund on the Czech market in terms of both the number of clients and the volume of assets under management.

"In April 2010 alone, the total number of PFKB pension scheme members increased by 1,184," added Pavel Jirák.

Komerční banka is one of the best run universal banks in Central Europe. It provides comprehensive services to clients in the areas of retail, corporate, and investment banking. The Komerční banka Group's 8,659 employees serve more than 2.7 million clients, who can use an extensive network of 398 points of sale throughout the country. Komerční banka currently operates 688 ATMs and more than 985,000 of its clients use one of direct banking channels.

Komerční banka is part of the Société Générale Group, one of the largest banking groups in the euro zone (in terms of market capitalisation), whose 163,000 employees serve more than 30 million individual clients worldwide.