“The negative economic environment created by the pandemic impacted our consumer finance business. In the Group’s financial division, corporate and retail banking demonstrated resilience to external shocks while also maintaining its ability to grow. Thanks to our balanced geographical and sector diversification, PPF passed a rigorous test last year and demonstrated its ability to mitigate the effects of pandemic events on its consolidated results. In addition, the Group was able to return to profitability in the second half of the year and thus create a solid base for development and strengthening its companies during the economic recovery,” said PPF CFO Kateřina Jirásková, who is also a member of the Group’s newly established four-member executive committee.
PPF posted a loss last year for the first time in its 30-year history. Therefore, it should be assessed according to profits made in previous years. “The Group’s total net profit from 2011 to 2020 was EUR 5.5 billion, while the value of PPF’s assets for the same period increased nearly threefold to EUR 39.7 billion,” said Kateřina Jirásková.