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Jan Juchelka to head Komerční banka from August


Jan Juchelka, the head of corporate and investment banking of the last five years at Société Générale (SG), the parent of Komerční banka, will become the new Chairman of the Board and CEO of Komerční banka (KB) in early August. He will succeed in both positions Albert Le Dirac’h who has steered KB for the past four years and whose tenure expires on 2 August 2017.

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.

Komerční banka’s macroeconomic forecast – the koruna is looking for its new equilibrium


The Czech koruna is floating again. From the perspective of the Czech economy’s expected growth, this does not mean anything important. However, things are different from the perspective of the inflationary development and monetary policy. Inflation will stay above the CNB’s target this and next year. If the crown does not significantly strengthen to less than CZK 26/EUR, we may see the CNB hiking its interest rates this year.