BHS (BH Securities a.s.)
Czech markets  |  August 01, 2012 08:45:31

KB as usual profit again surprised

Commercial Bank today announced expected financial results for 2Q. Recently, market forces would have to get used to a positive surprise today was the net profit level, however, the bank surpassed even the most optimistic. Profit is increased to a record 4.177 billion CZK (+92,8%, respectively. +17.7% QoQ), respectively. after minorities 4.115 billion CZK, when the market had expected around 3.6 billion CZK. Total revenue reached 8.53 billion then CZK (+4.7%, respectively. +1.6% QoQ), while interest income decreased to CZK 5.5 billion (-1.2%, -0.7% QoQ). The market expected the contrary, approximately 5.6 billion CZK. Operating profit of 4.86 billion CZK (+87,4%, +6.6% QoQ) while also fell short of market koncensus 5.22 billion CZK.The bank surprised the contrary, very low production of reserves in the amount of CZK 352 million (-83.7%, -43.9% QoQ) vs. exp. CZK 670 million. Given the situation in the economy is solid growth in lending (+8%, respectively. +1.3% QoQ), which is driven by mortgages and corporate loans.

KB has already got rid of all the Greek and Portuguese bonds, which this year brought it to a loss of 343 million CZK. On the contrary, a positive effect on profit selling in May a 13% share in CMGDB.

Bank deposits rose 582.4 billion CZK (+6.5%, +3.1% QoQ), ie. The emergence of new Internet banks in this direction did not affect her position at all. However, still has a strong, unusual when compared with competitors, loan to deposit ratio of only 75.4%.

The Bank has in any case results for the 1st half, when a profit CZK 7.6 billion (+38,8%), poised to overcome a record profit in 2010.


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