The year-on-year comparison is affected by the lower base compared to last year, when the first quarter was marked by a significant decrease in population and business movements as a result of anti-epidemic measures.
Comerny Bank’s operating expenses rose about a tenth year-over-year in the first quarter of this year. The bank basically justifies this with a 26 percent increase in the contribution to the settlement fund. The bank’s personnel costs rose 2.6%, despite the decrease in the average number of employees.
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Loans to clients increased by 8.1 percent year on year to CZK 750.7 billion. Housing loans from Komerční banka and the construction association Modrá pyramida increased by nine percent.
Consumer loans grew by nearly five percent. The volume of loans provided to companies and other entities increased by 7.5 percent year-on-year.
High customer deposit
Compared to the first quarter of last year, customer deposits increased by 3% to 1,015 trillion kroner. “Customers often moved their deposits from checking accounts to more profitable term and savings accounts, or to mutual funds,” the bank said.
The volume of assets of the Komerční banka group’s clients in mutual funds, pension savings and life insurance increased by 7.6% to CZK 206.9 billion.
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Net interest income at Kommerny Bank rose 37 percent to CZK 6.9 billion in the first quarter, thanks to growth in trading volumes and higher income from deposits and reinvested capital. Net fees and commissions rose 8.7 percent to 1.5 billion crowns.
The general meeting of Komerční Bank in April approved a proposal for a dividend, including the payment of a cash dividend of CZK 8.3 billion. This represents 43.80 CZK per share, before taxes.
The bank is the parent company of the KB Group and part of the international Société Générale group. It is one of the leading banking institutions in the Czech Republic and in the Central and Eastern European region.
The main shareholder in KB is the French company Société Générale with a 60.4 percent stake. The shares of the bank are traded on the Prague Stock Exchange.
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