Vladimír Urbánek (Kurzy.cz)
Czech markets  |  February 13, 2013 08:58:25

KB in 4Q12 with a profit of 3.035 billion, dividend 230 CZK

Commercial Bank (KB), which were released today financial results for 4Q 2012, posted a net profit of 3,035 million CZK. At the operating level, profit was CZK 4,308 million higher than the market median, but lower than our estimates. Relatively low cost of risk then helped overcome both median income market and our expectations. Interest income decreased by 4%, while the continued loan growth (+4% y / y) not enough to offset the decline in interest margins (3.1% from 3.3% in 2011). Management will propose a dividend of CZK 230 per share, representing a payout ratio of 62.7% and 6% gross dividend yield.

Overall, we see the results of neutral. The numbers do not indicate any significant change from the trends that we saw in previous quarters. A slight disappointment for us is the amount of dividends that we expect at least 240 CZK. The results of the conference call will be held today from 16:30 CET.

In summary, the results for 4Q in line with our estimate and slightly above consensus. The quality of the results was better this time on the yield (revenue from fees and commission income and higher loan fees), while increased allowance (25% above our estimate). The volume of loans increased QoQ only 1.4% and deposits by 1.9%. Net interest margin fell slightly from 2.82% to 2.8%.Hohberger Günter

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KB ve 4Q12 se ziskem 3,035 mld.Kč, dividenda 230 Kč

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