Moneta Money Bank’s net profit for the first quarter of this year rose by 116 percent year on year to CZK 1.3 billion. Total operating revenues increased by 13 percent to three billion crowns, the bank announced today.
According to the bank, good economic results were supported by a change in market interest rates and lower risk costs. Operating costs remained despite the inflation of CZK 1.5 billion.
Net interest income increased by 17 percent year-on-year due to higher interest rates. Net fee and commission income increased by three percent and is related to higher commissions from third parties and a higher number of transactions.
“Our results are in line with the goals of the Moneta Group communicated for this year,” said Tomáš Spurný, Director and Chairman of the Board of Directors of Moneta. In February, he announced that the bank is aiming for a minimum net profit of CZK 4.4 billion this year. “However, I would like to emphasize the risks, as these have multiplied in the context of events since the end of February,” he added.
This week, the bank announced that it would distribute CZK 3.6 billion to shareholders with dividends from last year’s net profit, which amounted to approximately CZK 4.1 billion. The dividend will be seven crowns per share and will be paid on May 25. According to information on the Monety website, Tanemo from the PPF Group has the largest share in the bank, at 29.94 percent. It is followed by Raiffeisen Bank International with 6.77 percent and Chase Nominees Limited with 4.13 percent.
Moneta Money Bank is one of the largest companies traded on the Prague Stock Exchange. Last December, the bank’s shareholders approved the merger of Moneta with the banking part of the PPF Group, which will create the third largest bank on the Czech market after Česká spořitelna and ČSOB, according to the number of clients.
Source: Moneta Money Bank and CTK
