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J&T BANKA’s Profit in Q3 2009 Reached CZK 411.7 Million

2. November 2009

J&T BANKA’s Net Profit as of September 30, 2009 reached CZK 411.7 million, 16% more year on year. Apart from released provisions, the profit growth  can also be attributed to higher income from fees and interest and lower administrative costs.

“A portion of the loans for which we created provisions last year was repaid, and so we released the provisions back to our accounting results. Nonetheless, even if we disregard the effect of this extraordinary income, the bank’s earnings rose by 4.1%,” said Štepán Ašer, Chief Executive Officer. “The positive development will also be reflected in our performance for the entire year. We expect the bank’s operating profit to be at the level of 2008, with the net profit to show some growth,” Štěpán Ašer added.

In a year-on-year comparison, the bank reduced its administrative costs by 4.6% to CZK 153.5 million. Its Net Interest Income rose to CZK 694.9 million. The ongoing capital market rally also allowed the bank to increase its income from asset management, thus contributing to the overall Fee Income growth by more than 25% to CZK 73 million.

As of September 30, the bank’s Total Assets reached CZK 36.2 billion. “We primarily cater for those clients who are interested in a medium- to long-term return on their invested funds. The share of deposits for 6 and more months rose by 4% to 65%. That is a major success,” Štěpán Ašer stated.

With its range of medium-term products, the bank has entered a new client segment this year. Presently, the bank’s services marketed under the Clear Deal brand offer term deposits for one or two years, bearing interest of 4% p.a. and 4.5% p.a. respectively.  Besides the interest rate above the market average, the Clear Deal deposits are also attractive for the bonus they bring – for a deposit exceeding CZK 1 million, the client will receive a voucher for a one-week stay for two persons at luxurious hotels in the Tatras. “We wanted to give our clients something extra, something that will make them enjoy their cooperation with us. The first weeks since we launched the Clear Deal offer have shown that we are successful at that,” Štěpán Ašer added.

J&T BANKA, a. s. focuses strategically on clients and trades requiring a highly individual approach. In addition to comprehensive private banking services, the bank provides specialized financing for real estate projects and business acquisitions and trades in securities for private investors. Apart from the Czech J&T Banka, the J&T Group also includes a branch office in Slovakia, the Swiss-based J&T Bank (Switzerland) Ltd., J&T Bank zao based in Russia, and Bayshore Bank & Trust Corporation seated in Barbados.

Contact: Petr Málek, Marketing Director, malek@jtfg.com , +420 606 622 821

author: Málek Petr