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Air Bank’s profit CZK 339 million for Q1 2019; has more than 695,000 clients

Air Bank

9/5/2019 | 2 minutes to read

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For the first three months of 2019, Air Bank reports a net profit of CZK 339 million, an increase of 143% year-on-year. The bank again grew the number of its clients and its volume of loans, which increased by 19%. As a result, revenue from retail banking also increased.

Unaudited results of Air Bank a.s. on a self-standing basis as at 31 March 2019 under IFRS:

Air Bank’s profit CZK 339 million for Q1 2019; has more than 695,000 clients

“We have launched a number of new services since the beginning of the year including the option to open a new account with Air Bank directly in a mobile application. We have launched instant payments where funds are credited to an account in another domestic bank within ten seconds. This year, we have also offered our clients a new multi-banking service and mobile Apple Pay payments,” says Michal Strcula, Air Bank’s Chief Executive Officer.

The number of the bank’s clients rose by more than 76,000 year-on-year, and Air Bank therefore had 695,200 clients at the end of March. Current accounts grew even more strongly, increasing 16% to 776,726. Savings accounts rose by almost 49,000 to 447,921. The volume of deposits in clients’ current and savings accounts grew to CZK 102.6 billion.

Air Bank continued to be successful in increasing the volume of its outstandings: the volume of loans rose by 19% year-on-year to CZK 46.8 billion and this resulted in NBI growth, net of credit losses, of 60% year-on-year to CZK 810.7 million. Administrative and credit costs rose by 17% to CZK 391.9 million.

Air Bank’s total assets rose by 11% year-on-year to CZK 114.2 billion. The bank’s equity increased by 26% to CZK 8.1 billion.

 

  31 March 2018 31 March 2019 YoY change
Net profit CZK 139.2 m CZK 339.0 m +143%
NBI net of credit losses CZK 507.5 m CZK 810.7 m +60%
Administrative and overhead costs (CZK 335.3 m) (CZK 391.9 m) +17%
Number of clients 618,342 695,200 +12%
Number of current accounts 669,422 776,726 +16%
Number of savings accounts 398,961 447,921 +12%
Volume of deposits CZK 94.0 m CZK 102.6 m +9%
Volume of loans CZK 39.3 m CZK 46.8 m +19%
Total assets CZK 103.2 m CZK 114.2 m +11%
Equity CZK 6.4 m CZK 8.1 m +26%
Number of employees 766 792 +3%
Number of branches 34 34 +0
Number of ATMs 343 365 +22

 

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