TNBiz (TNBiz)
Czech markets  |  September 01, 2010 15:11:11

Home Credit Group has achieved in the 1st half of a record net profit of 126 million euros


Mediafax

PRAGUE (MEDIAFAX) - Home Credit Group offers services in retail banking and consumer credit reached in the first half of 2010 a record profit of 126 million euros (about 3.13 billion dollars), which is up by 530 percent. The company told CTK Wednesday.

Operating income for the first six months of this year grew by 2.4 percent to 392 million euros (9.74 billion dollars). Achieving higher-than-expected profit supported strict risk management and recovery beginning in Russia, which resulted in annual reduction of provisioning and write off debts of 74.4 percent from 190 million euros (4.72 billion) in the first half of 2009 49 million euros (1.2 billion) for the first sixmonths of 2010.

Stabilization of operating revenues was supported by an increase in net loan portfolio by 9.3 percent to 1.839 billion euros (45.7 billion) at 30 June 2010. This year also increased deposits of individuals, the proportion of account balances and term deposits at the end of June this year accounted for 27.4 percent of total liabilities. Even at the end of last year it was 19.3 percent.

In the first six months of this year, Home Credit, the proportion of loans overdue (more than 90 days and less than 360 days) to 9.1 percent of total receivables.

The total amount of equity capital of Home Credit Group has reached the end of June this year one billion euros (24.85 billion dollars).

Home Credit Group is a 51 685 outlets, 223 offices and 2,890 post offices of one of the leading providers of consumer finance in Central and Eastern Europe and Asia. In selected countries, the group also develops retail banking services such as current accounts or deposits. Its 15,800 employees serve more than 4.7 million customers. Home Credit Group currently operates in eight countries: the Czech Republic, Slovak Republic, the Russian Federation, Kazakhstan, Ukraine, Belarus, China, and since last year, also in Vietnam.

Home Credit Group is part of the PPF, which is one of the largest international financial and investment groups in Central and Eastern Europe. Assets Group reach almost 11 billion euros (273 billion).PPF focuses on retail financial services (banking and insurance), fund management and investment property.

Filip Sušanka, susanka@mediafax.cz

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Skupina Home Credit dosáhla v 1. pololetí rekordního čistého zisku 126 milionů eur

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