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Komerční Banka Group Financial Results as of 30 June 2024

KOMERCNI BANKA ·  Aug 1 12:00

KB Group's lending to customers rose by 3.7% year on year to CZK 824.1 billion. Deposits from clients grew by 6.5% from a year earlier to CZK 1,059.4 billion. Volume of non-bank assets (mutual funds, pension funds, life insurance) under management expanded by 13.9% to CZK 268.5 billion.

The number of customers in standalone Komerční banka increased by 47,000 year on year to 1,708,000. Some 439,000 clients had already enrolled in KB's new digital bank introduced in April 2023. KB Group was serving 2,203,000 clients.

First half 2024: Total revenues were down by (3.0%) year on year to CZK 17.5 billion. Operating expenditures decreased by (0.2%) to CZK 9.1 billion. The Group reported a CZK 0.6 billion net creation of provisions for credit risk. Income taxes reached CZK 1.5 billion. Net profit attributable to the Group's equity holders, at CZK 6.3 billion, was down by (21.5%) year on year.

Second quarter 2024: Total revenues decreased by (4.6%) year on year to CZK 8.7 billion. Operating expenditures were up by 4.6% to CZK 4.3 billion. The Group reported a CZK 0.1 billion net creation of provisions for credit risk. Income taxes reached CZK 0.8 billion. Net profit attributable to the Group's equity holders, at CZK 3.5 billion, was down by (21.8%) year on year.

Volume of regulatory capital reached CZK 106.3 billion, capital adequacy stood at 18.9%, and the Core Tier 1 ratio was 17.8%.

Komerční banka signed a Memorandum of Understanding with SGEF SA with a view for KB to fully own SG Equipment Finance Czech Republic s.r.o. The Bank will buy the remaining 49.9% stake in the company that it does not already hold.

KB had 74,908 shareholders (greater by 2,605 year on year), of which 68,864 were private individuals from the Czech Republic.

Financial results

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