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KB active in supporting the Czech economy, preparing for the future

5/4/2017

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

5/2/2017

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.

The number of young people and students who visited the national gallery rose by almost a half in 2016

4/4/2017

The number of children and students who visited the National Gallery in Prague to see its displays free of charge rose by almost one half in 2016. Thanks to its cooperation with Komerční banka, they have had this opportunity since as early as April 2015. While last year some 70,000 children, young people up to 18 and students up to 26 used the opportunity of free admission last year, the figure was only 49,000 in 2015.