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J&T BANKA Confirms its Expected Positive Results for 2008

1. April 2009

(Prague, April 1, 2009)  As of the end of 2008, J&T BANKA, a. s., generated a record high Profit Before Tax of CZK 304 million (up by CZK 14 million, year-on-year). The bank's Total Assets increased by 16% over the same period, reaching CZK 38.6 billion.
 
“The profit is attributable in particular to our Interest Income, which increased due to the overall growth of Total Assets and better interest margins. Client deposits went up by more than CZK 4 billion year-on-year. All these factors combined, brought about more than a 25% growth of the Net Interest Income,” said Štěpán Ašer, a member of J&T Banka’s Board of Directors. On the other hand, Fee and Commission Income dropped by 40%. This drop was primarily due to our clients' lower willingness to trade in view of the situation on the capital markets. In 2008, the bank transacted securities in the total value of CZK 59 billion.
Operating Profit/Loss rose by more than 28% compared to 2007, reaching CZK 478 million. The bank's profit was affected by higher provisions created (at CZK 174 million). “Considering the uncertain market situation, we created more provisions compared to the years before. We thus have accumulated reserves for all loans that do not perform as originally expected and where the actual value of the security is jeopardized by the current market fluctuations,” said Ašer.
“Although we were more optimistic when planning our profit target for 2008, considering how the market developed, we’re happy with the results achieved. We are, in particular, pleased to have achieved the stability indicator levels we planned,” Ašer added. The bank aims to keep available liquidity at 20% of the Total Assets. As of the year end, the bank's liquidity exceeded CZK 8 billion (21%). As of December 31, 2008, the capital adequacy ratio was at 10.12%, more than two percentage points above the limit set by Czech National Bank. Term deposits account for 86% of all client deposits, a figure above the common average.

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 major private investors. The bank serves both private clients and institutions. 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

  Consolidated Figures of J&T BANKA, a. s. for 2008 according to the IFRS
  (in CZK thousand)

Main Balance Sheet Items

31.12.2008

31.12.2007

Total Assets

38,669,014

33,320,099

Cash and Deposits with Banks

4 ,248,449

587,766

Receivables from Clients

29,827,032

26,009,900

Liabilities to Clients

31,819,678

27,109,197

Shareholders’ Equity

3,041,905

2,813,025

Capital Adequacy

10,12%

10,53%

Main Income Statement Items

31.12.2008

31.12.2007

Interest Income

2,332,681

1,590,601

Interest Expense

1,404,550

850,651

Net Interest Income

928,131

739,950

Fee and Commission Income

89,634

147,707

Administrative Costs

497,576

416,380

Profit Before Tax

304,336

290,095

Income Tax Expense

75,456

71,753

Profit After Tax

228,880

218,342