Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

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For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

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In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

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We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

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Komercni Banka (KMCA)

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Wednesday 06 August, 2008

Komercni Banka

Comments to results 2Q2008

RNS Number : 7412A
Komercni Banka
06 August 2008
 




First half of 2008 is very good for Komerční banka Group despite increasingly challenging environment 


Prague6 August 2008 - Komerční banka announced today its unaudited consolidated financial results under IFRS (International Financial Reporting Standards) for the first half of 2008. In year-on-year terms, the net profit of KB Group rose by 22.1% to reach CZK 6,458 million. The Group was successful in all its main activities - including mortgages, for which new sales increased by 3.7% year-on-year, while the market declined by one fifth. Cost of risk continued to develop reasonably in line with ongoing loan exposure growth and adequate provisions coverage. KB further improved its operational efficiency.


BUSINESS PERFORMANCE

Total lending expanded in all segments. Overall, the lending portfolio rose by 23.8%, to CZK 350.7 billion. Mortgage outstanding volumes to individuals were up by 27.2% to CZK 82.3 billionModrá pyramida's construction loans grew by 29.7% to CZK 35.9 billion. Consumer loans provided by KB and ESSOX were also up in the same period, by 28.8% to CZK 27.2 billion.

Business lending performed stronglyrecording a 23.1% increase to CZK 202.2 billion. Loans to small businesses granted by KB climbed by 38.6% to CZK 17.9 billion, while loans to corporations (provided by KB and KB Slovakia) increased by 22.1% to CZK 181.1 billion, and factoring receivables (at Factoring KB) rose by 6.3% to CZK 3.1 billion.

Total deposits increased moderately to CZK 532.5 billion, up 5.1% compared to the end of June 2007. The proportion of deposits from individuals stood at 44%. Individual clients' deposits at KB rose by 2.3% to CZK 147.3 billion. Building savings in MPSS climbed by 7.3% to CZK 63.8 billion. Clients' pension assets grew by 17.2% to CZK 24.4 billion. Business deposits in the Group expanded by 3.7% to CZK 288.9 billion.

The number of clients of standalone Komerční banka increased year on year by more than 62,000, or 4%, to reach 1,607,000. Since the beginning of 2008, the number of clients climbed by more than 29,000. MPSS was serving 755,000 customers. The number of participants in pension schemes operated by Penzijní fond KB rose to 483,000. The consumer finance company ESSOX registered 186,000 active clients.

Among the main innovations in the second quarter of 2008 was the T-Mobile bonus card - a joint product with T-Mobile that is unique on the Czech credit card market. A part of the mobile telephony operator's loyalty scheme, it offers, among other benefits, the longest interest-free grace period on the Czech market (up to 76 days).

Also new was 'Hypotéka Dopředu Dozadu' mortgage, which has as its primary advantage the fact that KB approves the provision of funds even before the client has actually chosen a specific property to be financed by the mortgage. The terms of the signed contract (including a guaranteed interest rate) shall remain in effect for up to nine months.

Since April, Komerční banka's clients have been able to benefit from all the advantages of the Single European Payments Area when making their payments. The SEPA scheme of uniform European standards for non-cash payments eliminates differences between national and cross-border euro payments within the entire SEPA (European Economic Area countries plus Switzerland).

FINANCIAL PERFORMANCE

Net banking income rose by 12.3% to CZK 16,178 million. Net interest income and net profit from financial operations were the fastest growing components of total revenues.

Net interest income gained 14.3% to reach CZK 10,310 million. The growth in interest income was driven by increased lending volumes (+23.8% year on year) and expansion of the deposit base (by 5.1%). The contributions to that growth from the subsidiaries ESSOX and MPSS developed especially dynamically. The reported growth of total net fees and commissions of 6.5% in 1H 2008 was supported by a one-off reimbursement among banks of incorrectly charged interchange fees in the previous years, amounting to CZK 162 million. Underlying fee income, reaching CZK 4,059 million, was underpinned by an enlarged client base and strong economic activity. The growth of net fees and commissions was reduced by a decline in fees from cross-selling of mutual funds, reflecting unfavourable global economic conditions. Net profit from financial operations gained 14.5% against 1H 2007 to reach CZK 1,723 million. Rapid increase in profit from securities and interest rate derivatives compensated for a decline in net interest income from financial markets trading activities.

Total operating costs grew by 9.3% year on year and reached CZK 7,205 million. The cost-income ratio further improved to 44.5% from 45.7% in 1H 2007. Personnel expenses rose by 3.8% to CZK 3,053 million. The 3.6% increase in the average number of Group employees and the growth of nominal wage was partially offset by the effects of the tax reform (cap on social and health insurance). The rise in headcount followed the opening of nine new branches between June 2007 and 2008 and of the new call centre in Zlín. General administrative expenses recorded a rise of 12.0% to CZK 3,259 million. The growth was driven by increased expenditures supporting the business growth, by the expanding branch network and higher inflation (affecting especially maintenance costs and energy). Depreciation, impairments and disposal of fixed assets rose by 20.8% to CZK 893 million, influenced by positive one-off gains in the first halof 2007. The underlying trend would see a slight increase in depreciation. 

In the first half of 2008, Komerční banka developed successfully its net revenues in all business segments, despite signs of a slightly deteriorating macroeconomic outlook. Thus, gross operating income grew by 14.8% from the year-earlier level to CZK 8,973 million.

The net provisioning charge recorded in 1H 2008 reached CZK 910 million, up by 15.6% from 1H 2007. The moderate growth in cost of risk validated KB's balanced and prudent risk management. The consolidated cost of credit risk, therefore, declined in 1H 2008 to 35 basis points from 39 bps in 1H 2007.

Income tax totalled CZK 1,460 million, down 1.6% compared to 2007. This reflects the lower applicable corporate income tax rate.

KB Group's net profit for 1H 2008 totalled CZK 6,458 million, a 22.1% year-on-year increase.

Total assets of the Group as of 30 June 2008 stood at CZK 677.0 billion, having risen by 5.9% from 30 June 2007. The consolidated shareholders' equity increased by 9.1% over the same period to reach CZK 48.5 billion.



Monika Klucová
Spokesperson



 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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