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J&T BANKA Increased Its Q1 Operating Profit by 7% YoY

5. May 2011

Prague, May 4, 2011

J&T Banka, one of the major players in the Czech private banking market, continued its successful growth in the 1st quarter of 2011 as well. Its Operating Profit rose by 7% year on year, exceeding CZK 200 million. Net Profit for the first 3 months of the year reached CZK 133 million, up by 6%.

“Despite the unstable situation in the global markets, our bank has been increasing its profit for several years in a row,” Chief Executive Officer Štěpán Ašer commented on the results and added: “The growth in the first quarter of this year can be attributed primarily to the Fee Income, which nearly tripled year on year. The greatest increase was in the fees for trading with securities, which is due to a greater activity of our clients in the capital markets.” The total value of the clients’ price-forming transactions rose by 95% year on year, with the highest growth recorded with transactions in foreign markets, which grew by 120%.

Net Interest Income grew by 12%, mainly due to growing interest margins. The bank’s Total Assets also grew by 12% and exceeded CZK 49 billion. “A wider range of deposit products designed for new client segments in the Czech Republic and Slovakia initiated a growth of Client Deposits by 13% to CZK 42 billion,” Ašer said. The investors’ renewed willingness to launch new projects or continue their suspended ones were the causes of the Loans Granted growing by 25% to CZK 29 billion.

J&T Banka in the long run maintains its capital adequacy high above the limit set by Czech National Bank. The capital adequacy ratio exceeded 12%.

Consolidated results of J&T BANKA, a. s. as of March 31, 2011 according to the IFRS

  Main Balance Sheet Items

 in CZK

 03/2011

 03/2010

 Total Assets

 49 085 873 659

 43 670 288 648

 Cash and Receivables From Central Banks

 2 247 693 472

 1 955 299 276

 Receivables From Other Banks

 9 254 141 069

 14 768 345 292

 Securities

 7 634 636 854

 3 180 333 238

 Loans Granted to Clients

 29 243 772 323

 23 193 325 773

 Client Deposits

 42 097 878 477

 37 294 544 812

 Equity Capital

 3 672 290 907

 3 408 638 118

 Capital Adequacy

 12,02%

 13,46%

 Liquidity Surplus (Liquid Assets)

 15 794 838 355

 17 448 490 967

 % of Deposits

 36,15%

 44,70%

Main Income Statement items

 in CZK

 03/2011

 03/2010

 Interest Received

 600 242 889

 506 192 733

 Interest Paid

 -307 085 677

 -245 001 609

     Net Interest Income

 293 157 212

 261 191 125

 Fees and Commissions Received

 60 381 524

 20 505 168

 Fees and Commissions Paid

 -4 664 668

 -15 528 438

     Net Fee and Commission Income

 55 716 856

 4 976 730

 Net Trading Income

 32 433 675

 53 218 548

 Other Operating Income

 5 772 015

 12 676 101

     Operating Revenue

 387 079 757

 332 062 503

 Personnel Expenses

 -83 642 431

 -58 976 318

 Other Operating Expenses

 -88 585 511

 -73 837 219

 Depreciation

 -13 892 085

 -12 662 441

     Operating Expenses

 -186 120 027

 -145 475 978

 Operating Profit

 200 959 731

 186 586 525

 Cost of Risk

 -31 737 718

 -30 097 736

     Profit Before Tax

 169 222 013

 156 488 790

 Income Tax Payable

 -35 769 474

 -31 201 793

     Profit After Tax

 133 452 539

 125 286 997

 C/I ratio

 48,1%

 43,8%