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J&T’s Profit Up By 9% Year on Year, Reaching EUR 115.6 Million

17. June 2010

In 2009, J&T Group1 generated a net profit of EUR 115.6 million2, which is a 9% increase over the prior year. These results are according to the 2009 audited consolidated Financial Statements (IFRS). J&T Group’s equity capital at the end of 2009 rose by 23% to EUR 663.1 million3. According to its preliminary results for the first quarter of this year, J&T Group continued its solid performance with a profit of EUR 48.6 million. This year, J&T Group also plans to pay out dividends of approximately EUR 63 million.

Net interest income for 2009 reached EUR 25.4 million, and for the first quarter of 2010 it was EUR 12.0 million.

“The increase in net interest income for these periods can be attributed to both rising loan volume and improving interest margins,“ commented Miloš Badida, Chief Financial Officer and Member of the Board of Directors of J&T Finance Group, a.s.. “We also consider it a success that we have continued to increase the contribution of net interest margin to the overall results of J&T Group, this despite an increase in bad debt provisions of EUR 61 million. In the medium- to long-term outlook though, we believe that these loans will turn profitable,” Miloš Badida added.
 
Another major component of the 2009 results was a profit from trading in financial and capital markets, totaling EUR 54.6 million, stemming primarily from securities trading. In the first quarter of 2010, we saw profit growth from trading accelerate to EUR 46.4 million and investments in securities significantly gain in value.

Total assets as of December 31, 2009 reached EUR 4.47 billion, rising by 29% year on year. At the same time, J&T Group managed to improve its liquidity throughout the year. Thus, the volume of liquid funds grew by 48% year on year, exceeding EUR 517 million, which accounts for 12% of the total assets of J&T Group. This trend was also maintained in the first quarter of this year when total assets grew to EUR 4.65 billion, with liquidity continuing to improve.  Equity capital reached EUR 739.7 million. The total volume of loans granted last year grew by 21% to EUR 1.85 billion, while deposits increased by 14% to EUR 2.47 billion. This growth also continued in the first three months of this year.

During the second or third quarter of 2010, J&T Group expects to sell EAST BOHEMIA ENERGY HOLDING LIMITED, a company holding equity stakes mainly in Elektrárny Opatovice, a.s., Pražská teplárenská a.s. and Energotrans, a.s. to ENERGETICKÝ A PRŮMYSLOVÝ HOLDING LIMITED4. On the J&T Group balance sheet, this transaction will reduce assets and represent a one-off profit increase.

 EUR ‘000  2005  2006  2007  2008  2009  03/2010
 Assets  2 025 909  2 570 720  3 336 046  3 457 409  4 474 756  4 654 159 
 Equity Capital  323 344  419 793  488 650  537 702  663 133  739 654
 Net Profit  114 013  74 414  50 129  106 027  115 575  48 614
             
 ROA  5,7%  3,3%  1,4%  2,9%  2,6%  4,2%
 ROA  31,7%  18,3%  8,6%  17,9%  17,2%  25,9%

About J&T Group
J&T Group focuses on providing comprehensive services in private banking, asset management for private clients and institutions, investment banking and project financing. J&T Group offers its services primarily in the Czech and the Slovak markets but has an established presence in Switzerland, the Russian Federation and the Caribbean. The Group’s assets are primarily concentrated in four banks (J&T Banka, a.s., J&T Bank (Switzerland) Ltd., J&T Bank ZAO and J&T Bank and Trust Inc.).

More information is available at www.jtfg.com

If you have any questions, please contact:

Petr Málek  
J&T FINANCE GROUP, a. s.  
Marketing Director 
malek@jtfg.com   
+420 606 622 821  

1 Companies forming the consolidated group of J&T Finance Group a.s.
2 Net profit for the period attributable to the equity holders of the parent company (The total net profit of J&T Group, including minority interests, as of December 31, 2009, was EUR 117.6 million and as of March 31, 2010 EUR 49.4 million.).
3 Equity capital attributable to the equity holders of the parent company (The total equity capital of J&T Group, i.e., equity capital including minority interests, as of December 31, 2009 was EUR 684.5 million and as of March 31, 2010 EUR 762.7 million.).
4 In May 2010, the decision of the Office for the Protection of Competition permitted the execution of the transaction.
5 As of March 31, 2010, the ROA and the ROE indicators show annualized quarterly values.