Air Bank delivers 1H 2017 Profit of CZK 277.3 million with over 550,000 clients
Unaudited results of Air Bank a.s. on a standalone basis as at 30 June 2017 under IFRS:
Air Bank reported a net profit of CZK 277.3 million for the six-month period ended 30 June 2017, a 596% increase compared with the same period of 2016. As in 1Q, this significant year-on-year change was mainly due to the adjustment of investments to fair value. The bank also successfully acquired new clients and increased the volume of loans provided.
“Thanks to the rising customer interest in our products, we continue to increase our income from everyday retail banking. This enables us to invest continuously in improving our current services and developing brand new services,” says Michal Strcula, Air Bank’s Chief Executive Officer.
At the end of June, the number of Air Bank clients surpassed 557,000, a 17% increase year on year. The bank is acquiring additional new clients through, among other things, investing in a larger network of ATMs which is of key importance for some of our customers. Over the past 12 months alone, Air Bank added 120 new ATMs to its network, expanding it to 207 ATMs as at the end of June.
The volume of deposits in clients’ current and savings accounts grew 13% to CZK 83.8 billion. The total volume of loans in Air Bank’s portfolio increased 18% to CZK 33.7 billion. The change of interest rates for consumer and mortgage loans, which the bank carried out in 2Q, has positively affected the rapidly growing volume of the loans provided.
As at the end of June, Air Bank’s total assets rose 12% year on year to CZK 91.5 billion. The bank’s equity increased 12% to CZK 5.6 billion.
|30 June 2016||30 June 2017||YoY change|
|Net profit||CZK 39.9 m||CZK 277.3 m||596%|
|NBI net of credit losses||CZK 582.2 m||CZK 979.9 m||68%|
|Administrative and overhead costs||(CZK 534.7 m)||(CZK 627.9 m)||17%|
|Number of clients||474,761||557,261||17%|
|Volume of deposits||CZK 74.2 bn||CZK 83.8 bn||13%|
|Volume of loans||CZK 28.6 bn||CZK 33.7 bn||18%|
|Total assets||CZK 81.6 bn||CZK 91.5 bn||12%|
|Equity||CZK 5.0 bn||CZK 5.6 bn||12%|
|Number of employees||719||766||7%|
|Number of branches||34||34|
|Number of ATMs||87||207||+120|