Air Bank reports record profit of over one-billion CZK for the first nine-months of the year, with more than 650,000 active clients
Unaudited results of Air Bank a.s. on a self-standing basis as at 30 September 2018 under IFRS:
Air Bank has reported net profit of CZK 1,222 million for the first nine months of the year, up 329% on the same period last year. This is the first time in its history that the company has passed the one-billion CZK mark. During the period, Air Bank continued to acquire new clients and increased the volume of loans provided, helping to drive profit growth higher. In addition, the company has benefitted from non-recurring income from the bank’s investments which have also contributed strongly to the Bank’s profitability.
“We are delighted with our performance in the first nine months of the year. Today we have announced a record profit for the group of over 1 billion CZK and we have also attracted more new customers to the company, with a total of 656,000 active clients at the end of September. We have continued to expand the number of services used by our existing customers and our focus continues to be on delivering the best possible service to our customers which in turn helps to drive increased loyalty and further sustainable growth for the future,” says Michal Strcula, Air Bank’s Chief Executive Officer.
At the end of September, Air Bank had more than 656,000 clients, up 14% on the same period last year. The number of current accounts increased by 18% to 722,681 and the number of savings accounts rose by 50,000 to 423,465.
During the period, Air Bank continued to increase the total volume of loans in its portfolio by 19% to CZK 45.4 billion. In June, the bank also started offering authorised overdrafts to its clients. Air Bank has continued to invest in the rollout of its own ATM network and at the end of September, it had 358 ATMs, an increase of 96 ATMs on the same period last year.
By the end of September, the volume of deposits in clients’ current and savings accounts increased by 17% to CZK 101 billion. Air Bank’s total assets rose by 18% year-on-year to CZK 111.8 billion as at the end of September and the bank’s equity increased by 22% to CZK 7.5 billion.
| 30 September 2017 | 30 September 2018 | YoY change | |
|---|---|---|---|
| Net profit | CZK 284.8 m | CZK 1,221.9 m | +329% |
| NBI net of credit losses | CZK 1,325.6 m | CZK 2,426.1 m | +83% |
| Administrative and overhead costs | (CZK 970.2 m) | (CZK 1,044.7 m) | +8% |
| Number of clients | 578,229 | 656,497 | +14% |
| Number of current accounts | 613,436 | 722,681 | +18% |
| Number of savings accounts | 373,402 | 423,465 | +13% |
| Volume of deposits | CZK 86.3 bn | CZK 101.0 bn | +17% |
| Volume of loans | CZK 38.2 bn | CZK 45.4 bn | +19% |
| Total assets | CZK 94.6 bn | CZK 111.8 bn | +18% |
| Equity | CZK 6.2 bn | CZK 7.5 bn | +22% |
| Number of employees | 773 | 789 | +2% |
| Number of branches | 35 | 35 | +0 |
| Number of ATMs | 262 | 358 | +96 |
