Moneta Money Bank raised net profit by 53% yr/yr to CZK 3.98bn last year, and its operating income fell by some 8 pct to CZK 11.17bn, but adjusted for one-off effects, it was 4.6 percent higher, the bank said on its website and in a press release today.
The bank attributed the yr/yr improvement to higher net interest income, stable operating expenses and lower costs of risk.
Moneta said the net profit target was surpassed by 42 percent. Yr/yr growth of 53% represents earnings per share of CZK 7.8.
Capital adequacy reached 17.1% at the end of the year, and excess capital stands at CZK 8.1bn, the bank said.
Operating expenses stayed almost unchanged, amounting to CZK 5.54bn last year.
Net interest income saw an annual rise of 4 percent to CZK 8.61bn and the cost of risk plummeted by 80% to CZK 695m.
Moneta Money Bank is one of the largest firms listed on the Prague Stock Exchange. It has been operating under the current name since 2016. Formerly GE Money Bank changed its name because of entering the Prague bourse.
Last December, Moneta shareholders approved a merger with the banking division of investment group PPF which includes Air Bank, Czech and Slovak Home Credit operations, and Benxy (providing peer-to-peer services Zonky). The general meeting also approved a model to finance the transaction, namely share capital hike for new stock subscription.
Source: CTK
