PPF banka increases assets and profit in the second quarter of 2014
“In the second quarter of 2014, PPF banka continued to show strong growth, increasing its balance sheet total by almost one-fifth to CZK 115 billion. The growth was mainly attributable to proactive business operations, including an increase in the volume of loans provided to clients. Net profit rose by more than 30% compared with the second quarter of 2013, and was in excess of one quarter of a billion crowns for April to June 2014.”
Petr Jirásko, Chief Executive Officer
Highlights for 2Q 2014:
- Net profit after tax for the second quarter of 2014 was CZK 251 million, an increase of CZK 78 million compared to the same period in 2013. First half 2014 net profit after tax was CZK 524 million, an increase of CZK 76 million compared to the same period in 2013.
- The balance sheet total increased 19% year on year to CZK 115 billion as at 30 June 2014.
- Loans to clients increased 17% year on year to CZK 33 billion as at 30 June 2014, mainly in the export and structured financing segment; volumes were 7% higher than at year-end 2013.
- Overall capital adequacy as at 30 June 2014 was 14%, rising 2.3 pp compared with year-end 2013.
- The main source of financing continued to be liabilities to clients, which rose 13% compared with year-end 2013 to CZK 99 billion as at 30 June 2014 and accounted for 86% of the balance sheet total.
PPF banka is part of the PPF international investment group. PPF Group N.V. holds 92.96% of the Bank’s stock, and the City of Prague holds 6.73%.