5/13/2009

J&T BANKA's Q1 Profit Exceeded CZK 100 Million

(Prague, May 13, 2009) In the first quarter of 2009, J&T Banka generated its Profit Before Tax at CZK 108 million. Total Assets reached CZK 36.4 billion. Deposits for 12+ months exceeded 50% of all deposits.

In a year-on-year comparison, the profit of CZK 108 million as at March 31, 2009 is 5 million lower due to lower Net Interest Income and profit from trading. “The drop can be attributed to higher costs of currency hedging and the rapidly declining interest rates early this year. The lower rates are quickly reflected in the interest rates on loans and credits, yet they will gradually impact on the deposit interest rates and; therefore, we expect to see the bank's yearly profit at the level of 2008,” said Štěpán Ašer, Member of  J&T Banka's Board of Directors.

“In line with our assumptions, Total Assets declined by some 4% to CZK 36.4 billion year on year. What we consider more important is the fact that we have been successful at achieving the desired growth of long-term customer deposits. Deposits maturing in 12 or more months rose by CZK 3.6 billion compared to 2008 and, at the end of the quarter, accounted for more than 50% of all deposits,” Ašer added.

The basic stability indicators have long been above the limits required by Czech National Bank. Available liquidity is above 20% of Total Assets. In line with the bank's long-term strategy, shareholders decided not to distribute any dividends from the profit of 2008; therefore, the entire profit of more than CZK 228 million was transferred to retained earnings. For this reason, equity capital rose to more than CZK 3.1 billion and the capital adequacy ratio for Q1 2009 reached 10.73%.

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. as of March 31, 2009 according to the IFRS
(in CZK thousand)

Main Balance Sheet Items
	31.3.2009	31.3.2008
Total Assets	36 410 147	37 999 860
Cash and Deposits with Banks	909 618	664 128
Receivables from Clients	28 797 343	25 841 895
Liabilities to Clients	29 443 886	31 516 744
Shareholders‘ Equity	3 134 381	2 898 300
Capital Adequacy	10,73%	10,55%

Main Income Statement Items
	31.3.2009	31.3.2008
Interest Income	501 896	531 790
Interest Expense	(295 989)	(323 842)
Net Interest Income	205 907	207 948
Fee and Commission Income	26 518	23 499
Administrative Costs	(104 164)	(109 522)
Profit Before Tax	107 960	112 680
Income Tax Expense	(20 921)	(27 404)
Profit After Tax	87 039	85 276