Research (J&T BANKA)
Czech markets  |  February 14, 2013 09:25:56

KB: Conference Call to results - divi still 60-70% of the profits, the sale of Italian bonds


The company held a conference call yesterday to the results for 4Q.

? In this year, the bank expects slight growth in interest income and income from financial operations. Net interest margin should fall by 10-20 bps lending should increase by approximately 3%

? The impact of the introduction of Basel III Tier 1 ratio will be approximately 1.4% (now 14.7%)

? KB hold Italian bonds worth CZK 7.5 billion. Management considers the partial sale (price around nominal value) and the transfer of funds to the Czech bond

? dividend payout ratio should be maintained in the range 60-70%

? Net profit should fall this year due to higher risk costs

Overall, the conference call did not bring significant new information. From our perspective, the only positive surprise is the expected growth in interest income this year.

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KB: Konferenční hovor k výsledkům - divi i nadále 60-70% zisku, prodej italských dluhopisů

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