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- Komerční banka Group Financial Resultsas of 31 December 2024
Komerční banka Group Financial Results
as of 31 December 2024
“Last year was a crucial and very important year in the transformation process of the entire Komerční banka Group. Thanks to the excellent work of our teams, we achieved a number of milestones, including the creation of a network of advisory points and the establishment of a new centre for housing loan administration. Above all, we welcomed the 1 millionth user of our KB+ application before the Christmas holidays, earlier than planned. Moreover, last year we achieved the largest increase in the number of new clients in the Bank’s history. We see this as a great boost and encouragement to continue our efforts,” remarked Jan Juchelka, Chief Executive Officer and Chairman of the Board of Directors of Komerční banka, adding:
“Despite a challenging development and transition period of several years, Komerční banka maintained its solid growth momentum last year. The volume of assets entrusted to us by clients and the volume of financing provided to businesses and households increased. As a result, KB’s total revenues and annual profits grew.”
“In 2025,” Jan Juchelka continued, “we will invite all remaining individual clients and a large part of entrepreneurs to the New Era of KB’s banking. We are also working on the New Era proposition for corporate clients. All the major investments we have made in the past will help us accelerate revenue growth this year without increasing our overall operating costs. Our capital strength and business efficiency will enable us to continue to support our clients and the growth of the Czech economy, as well as to generate resources for shareholders, employees, and public budgets.”
KB Group’s lending to customers rose by 2.5% year on year to CZK 848.3 billion. Deposits from clients grew by 2.3% from a year earlier to CZK 1,029.5 billion. Volume of non-bank assets (mutual funds, pension funds, life insurance) under management expanded by 11.0% to CZK 278.8 billion.
KB Group was serving 2,184,000 clients as of 31 December 2024. The number of customers in standalone Komerční banka increased by 63,000 year on year to 1,727,000. KB’s new digital bank featuring the KB+ app, which was introduced in April 2023, already had 1,028,000 users.
Full year 2024: Total revenues were up by 1.6% year on year to CZK 36.8 billion. Operating expenditures rose by 2.3% to CZK 17.7 billion. The Group reported a CZK 1.0 billion net creation of provisions for credit risk. Income taxes reached CZK 3.1 billion. Net profit attributable to the Group’s equity holders, at CZK 17.2 billion, was up by 10.4% year on year.
Fourth quarter of 2024: Total revenues increased by 9.3% year on year to CZK 10.1 billion. Operating expenditures were higher by 1.7%, at CZK 4.4 billion. The net creation of provisions for credit risk in the quarter was immaterial. Income taxes reached CZK 0.8 billion. Net profit attributable to the Group’s equity holders, at CZK 4.7 billion, was up by 44.4% year on year.
Volume of regulatory capital reached CZK 106.3 billion, capital adequacy stood at 18.8%, and the Core Tier 1 ratio was 17.6%.
The Board of Directors will propose a dividend of CZK 91.30 per share, totalling CZK 17.2 billion. Shareholders will vote on the proposal at the General Meeting set for 24 April 2025.
KB had 76,797 shareholders (up by 3,319 year on year), of which 70,748 were private individuals from the Czech Republic. The share held by Czech individuals represented 16.4% of KB’s capital, and its market value at the end of 2024 was CZK 26.3 billion. Additional shares in KB were held by Czech institutions and other legal entities.