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Komerční Bank's profit rose by three quarters in the first quarter

Komerční Bank’s profit rose by three quarters in the first quarter

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 justifies this mainly with a 26 percent increase in the contribution to the Crisis Resolution Fund. The bank’s personnel costs rose 2.6%, despite the decrease in the average number of employees.

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.

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.