Strong and responsible contribution to Czech economic growth
Komerční banka today reported its consolidated results for the first half of 2017. Revenues excluding last year’s gain from disposal of KB’s stake in VISA Europe were up by 2.0% year on year to CZK 15.6 billion1. The growth in revenues was mainly driven by clients’ strong currency hedging activity relating to the decision of the CNB to eliminate the floor under the Czech crown’s exchange rate. Recurring operating expenditures rose by 1.9%2, whereas an increase in staff costs was mitigated by slower-growing administrative costs and depreciation. Furthermore, the Group included in its operating expenses already in the first quarter a positive item from sale and revaluation of KB’s headquarters buildings. The successful recovery performance and favourable economic conditions led to an extraordinary situation enabling a net release of provisions for loan losses of CZK 0.1 billion. The net profit attributable to shareholders improved by 15.0% to CZK 7.7 billion.