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J&T’s Profit for 2010 at EUR 85.4 Million

13. July 2011

Prague, July 13, 2011

In 2010, the J&T Group1) generated a Net Profit of EUR 85.4 million. It Equity Capital2) as of the year end was up by nearly 10% at EUR 728.8 million, with the consolidated assets reaching a value of EUR 3.8 billion. These figures are shown in the audited consolidated results (IFRS) of the group. In 2010, the J&T group paid out a planned dividend of EUR 63.4 million.

“While in 2008 and 2009 the group’s profit was partially affected by the exclusion of non-financial assets into separate holding firms, the profit of 2010 reflects in particular growing Net Interest Income, which rose by 65% year on year, reaching EUR 41.8 million. We have been intensively working on ensuring a stable and strong Interest Income growth in the future,” Miloš Badida, Chief Financial Officer and member of the Board of Directors of J&T FINANCE GROUP, a. s., Miloš Badida, and added: “Nevertheless, the J&T Group continues to finance the newly established holdings and supporst their further development by granting them both bank and non-bank loans. “

In 2010, Total Assets were mainly influenced by the exclusion of Elektrárna Opatovice, a. s., and the TV JOJ media house from the consolidated group and, at the same time by growing Loans to Clients, which rose by 34% YoY to EUR 2.5 billion. The acquisition of ATLANTIK finanční trhy, a. s., completed during last year, was also an important step for J&T. “The purpose of this strategic acquisition was to further develop our services for clients, in particular in securities trading, asset management and IPOs,” Miloš Badida says.

From its consolidated banking activities that is in the Banking3) segment, the J&T Group generated a profit of EUR 12.8 million. J&T’s banks included in this segment increased their Net Interest Income by 10.8% year on year to EUR 47.0 million. This growth reflects in particular the revived credit market and growing interest margins on newly granted loans.

In terms of non-bank financing (the Private sub-segment), the profit collected by the J&T Group ended at EUR 75.1 million, which is a year-on-year decline by 3%. Even in this segment, the profit came primarily from Net Interest Income, which reached EUR 40.4 million.

In the Asset Management segment, the value of client assets managed by the J&T Group at the end of 2010 exceeded EUR 1.6 billion, which is 29.3% more than the year before. As a result, the Fee and Commission Income grew by 59.1% YoY to EUR 3.9 million.

The Group’s performance in trading on financial markets, managed by the Public sub-segment, which was mostly positive over the last year, weakened a little in the fourth quarter of 2010. Nonetheless, the sub-segment still generated a profit of EUR 21.8 million. “A portion of the Group’s investment portfolio is placed in the financial markets. This component of the Group’s results may be somewhat volatile in the short run, but in the long run we expect this segment to bring in above-average profits,” Miloš Badida added.

 tis. EUR 

 2006

 2007

 2008

 2009

 2010

Total Assets 

 2 570 720 

 3 336 046 

 3 457 409  

 4 474 756 

 3 798 561

Equity Capital2)

 419 793 

 488 650 

 537 702 

 663 133   

 728 755

Net Profit4)

 74 414 

 50 129

 106 027

 115 575   

  85 380

ROE

 20,03 %

 11,04 %

20,66 %

 19,25 %

12,27 %

Footnotes:
1) Companies forming the consolidation entity of J&T FINANCE GROUP, a. s.
2) Equity stakes held by persons holding stakes in the parent company’s equity capital. (The total Equity Capital, i.e. Equity Capital incl. minority interests, of the J&T Group reached EUR 750.6 million as of December 31, 2010.
3) J&T Bank and Trust Corporation (Barbados) is a part of the Asset Management segment.
4) Net profit for the period under review attributable to persons with equity stakes in the parent company. (The total Net Profit, i.e. Net Profit incl. minority interests, of the J&T Group reached EUR 85.7 million as of December 31, 2010.