KB active in supporting the Czech economy, preparing for the future
Komerční banka today reported its consolidated results for the first quarter of 2017. Total revenues were up by 1.7% year on year to CZK 7.8 billion. This result was boosted by clients’ strong currency hedging activity ahead of the CNB’s ending its interventions. Reported operating expenditures declined by 18.5% to CZK 3.2 billion, reflecting the fact that this line includes also net gain from sale and revaluation of KB’s headquarters buildings. After adjusting for these one-off items, operating expenditures rose by 1.6% to CZK 4.0 billion. Recurring gross operating income (before provisions for risk expenses) was up by 1.7%. The cost of risk for the quarter was negligible (net provisions release of CZK 0.1 billion), reflecting the favourable economic environment and successful recovery performance. The reported net profit attributable to shareholders thus increased by 41.0% to CZK 4.1 billion. Recurring net profit, excluding one-off items relating to headquarters, was higher by 11.2%, at CZK 3.2 billion.