J&T BANKA, one of the leading private banks in the Czech market, concluded the first quarter of the year with net profit of CZK 214 million. Operating profit for the given period reached CZK 337.7 million. The year-on-year decline in net profit was caused by the extraordinarily high profit from trading in the first quarter of 2012. At the end of 2013, J&T BANKA expects consolidated profit of CZK 800 million.
In the first three months of the year, net interest income grew by more than 13%. The bank’s balance also grew, amounting to over CZK 87 billion at the end of March, i.e., a 12.7% increase compared to the year before. This growth was caused in particular by an increase in the number of client deposits, which exceeded CZK 70 billion in total, i.e., a year-on-year increase of 25%.
The first quarter primarily saw investment into HR and technical development, which is necessary to serve the ever increasing client base. Operating expenses thus grew by more than 34%.
At the end of the first quarter of 2013, J&T BANKA reported capital adequacy of 12.15%.