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Archive 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.

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

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.

KB in 2016: Strong contribution to the Czech and Slovak economies, boosting efficiency and preparing for the future

Komerční banka today reported its consolidated results for the full year 2016. Total revenues were up by 2.3% to CZK 31.8 billion. This figure was influenced by an extraordinary gain from payment received in 2016 for KB’s stake in VISA Europe Ltd. When excluding this item, revenues were down by 0.8%. Operating expenditures declined by 2.3% to CZK 14.0 billion, but after adjusting for a revaluation of the buildings portfolio in 2015 they were stable (+0.7%). The cost of risk climbed to CZK 1.8 billion from the low level of the previous year (CZK 1.1 billion). The Group also booked a one-off gain of CZK 0.7 billion related to selling an interest in its subsidiary Cataps as part of creating with Worldline the KB SmartPay alliance for card acquiring and electronic payments. The reported net profit attributable to shareholders thus increased by 7.3% to CZK 13.7 billion. Recurring gross operating income (before provisions for risk expenses) was down by 2.0%. Recurring net profit1 declined by 7.0%.

Komerční banka’s new service to help firms grow

Komerční banka has started to provide services under an exceptional advisory scheme, KB Advisory Point, to its corporate clients. Working with renowned consultancies, M.C.Triton and Grant Thornton Advisory, it offers company owners and managers expert views of the operation of their companies, including suggestions of specific solutions for improving their competitiveness. Komerční banka holds the largest share of corporate banking on a long-term basis.