Komerční banka Group Financial Results as of 30 June 2024

“Komerční banka Group turned out strong results in its transformation as well as in the business and financial performance. We recorded significant growth in the number of retail banking clients, which we attribute to the attractive proposition of our New Era of Banking. We also observed growth in the volume of deposits and total lending. The strong dynamics of growth in client assets under management continued, too.

“Komerční banka is optimising its physical presence across the Czech Republic. After downsizing of the branch network, we are introducing the new KB Poradenství advice points. We are reconstructing branches in a new, modern, and sustainable concept. At the same time, we are strengthening KB’s remote virtual Na Dálku branch service.

“In accordance with the long-term real estate management strategy and to bring all head office employees together from multiple locations across Prague into a single state-of-the-art office centre, we have agreed to sell our building at Václavské náměstí 42. As it is being acquired by the City of Prague, we believe this building will continue in future to well serve the inhabitants of Prague.

“By signing a Memorandum of Understanding with SGEF International, we have set a stage for consolidating our ownership in SGEF Czech Republic. We expect from this transaction to reinforce KB Group’s leading position in the Corporate Clients segment,” remarked Jan Juchelka, Komerční banka’s Chairman of the Board of Directors and Chief Executive Officer, adding “On the other hand, interest income was under pressure mainly because competition on the deposit market was intense and demand in the market for investment loans remained subdued. The decline in net profit was affected by a creation of credit risk provisions in the first half, whereas provisions had been released during the first half of the previous year.”