Vladimír Urbánek (Kurzy.cz)
Markets  |  August 17, 2012 15:30:58

GE Money Bank in 1H12 to 2.59 billion gross profit


·          Consolidated net profit reached 2.32 billion CZK

·          The consolidated capital adequacy ratio rose to 19.8% and remains one of the highest in the market

·          Client deposits amounts to 102 billion CZK

·          Loans to customers remain at the level of CZK 117.9 billion

·          The annual increase in new business in the corporate banking by 25%

·          Number of branches increased to 254

GE Money Bank Profit before tax rose in the first half of 2012 to CZK 2.59 billion. Client deposits by the end of the period reached CZK 102.9 billion and loans to clients remain on a gross basis at the level of CZK 110 billion. Coverage of non-performing loans by provisions[1] is the end of June 2012 remains at a solid level exceeding 75%. The total capital exceeded CZK 32 billion. "The bank remains highly profitable, despite massive investment in the development of branch network. Last year we opened 10 new branches and add at least six more by the end of this year, "said Sean Morrissey, chairman and CEO of GE Money Bank, as"In addition, we introduced our first mobile office for the Southern Bohemia region, we continue to upgrade existing branches and we also expanded our ATM network by another 16 to total 693," he added.

In the first half of the commercially most successful corporate banking group, which has traditionally focused mainly on the segment of small and medium-sized companies. Volume of new commercial loans rose by CZK 1.8 billion. "Increasing our commercial banking activities in the company's annual growth has brought new business by 25%. In the current economic conditions, I consider this result in exceptionally good, "Sean Morrissey says. "In the retail area again this year we managed to offer products that exactly hit for the needs of our customers. A good example is the Family consolidation loans, which allows clients to customize repayment obligations in strict accordance with their current needs and possibilities. The high demand for this product is favorably reflected in the financial results of the bank. In comparison, we increased the volume of new consumer loans by 8%, "says Morrissey.

Traditionally, much attention is paid to GE Money Bank innovation. During the first half of the bank account Genius Gratis introduced, which allows customers to get a full bank account, including all standard services, completely free of charge. "Our goal is to increase the number of clients for which the GE Money Bank's main bank. In order to account client gained Genius Gratis must bring two new clients who also receive a full bank account with no fees. First results show that it is a very attractive offer. In the same period last year, we established double the number of new accounts, "said Sean Morrissey.

Our subsidiary, GE Money Auto remains profitable, despite the fact that it operates in the market with declining car sales and lower consumer demand for financing of their credit products. This market trend is reflected by reducing the volume of assets of the company.

Balance of GE Money continues to be very strong:

·          Healthy capital adequacy and high liquidity - consolidated capital adequacy ratio rose to 30 June 2012 to 19.8%, which is more than double the regulatory requirement.

·          The consolidated equity increased by 14% to 32 billion CZK.

·          The Bank has no bonds in the portfolio of countries with a higher risk.

All these data confirm the crucial financial strength and stability of the bank and make it well positioned for strong growth until the market and economic conditions improve.

Pavel Zubek,
Spokesperson GE Money Bank

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GE Money Bank v 1H12 s hrubým ziskem 2,59 mld.Kč

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