TNBiz (TNBiz)
Markets  |  July 28, 2012 10:53:46

Commercial Bank published results for the second quarter of this year


PRAGUE (MEDIAFAX) - Komercni banka (KB) on Wednesday published information on its operations during the second quarter of this year. Its net profit in the first quarter of 2012 amounted to CZK 3.488 billion, representing an annual increase of 3.3 percent.

Net income adjusted for extraordinary items in the first quarter increased by 0.7 percent to 3.385 billion crowns.

Commercial bank at the end of the first quarter of 2012 increased the volume of loans provided to clients by 13.1 percent year on year to CZK 450.5 billion and deposits from customers by 5.3 percent to 564.8 billion crowns. KB Group reported revenue growth of 5.4 percent due to higher interest income and profits from financial operations. Operating expenses grew at a slower pace of 1.9 percent.

Despite the stable quality of the loan portfolio in the first quarter cost of risk increased by 14.6 percent this year because recurrence of last year's extraordinary income of historical exposures.

The volume of mortgages grew 13 percent year on year to 126.5 billion crowns.

Jan Soukup, soukupj@mediafax.cz

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