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    Air Bank reports a CZK 76.8 million profit for 1H 2014, reversing last year’s planned loss

    Unaudited results of Air Bank a.s., on a stand-alone basis as at 30 June 2014 under IFRS:

    Air Bank is a young bank demonstrating that it can generate profit based on its own branch network, without charging absurd fees. Following a successful first quarter, the bank has reported a CZK 76.8 million profit for the first half of 2014. In the same period last year, the bank had reported a planned CZK 15 million loss. Air Bank now expects to be in the black for the full year 2014, one year earlier than it had originally planned.

    “Although we were building Air Bank as a brand new bank from scratch, we had an ambitious plan to be in the black as early as 2015. However, from the very beginning we have performed better than planned in both business and financial terms, meaning we will generate a profit one year earlier than our target,” says Pavel Pfauser, Air Bank’s CFO.

    Air Bank continued to grow rapidly in the first half of this year. As at the end of June 2014, the number of clients had grown 76% year-on-year to almost 266,000. The number of new current accounts more than doubled and the number of new savings accounts rose by one half. The volume of client deposits rose 14% to CZK 50.1 billion. Loans increased at a faster rate, with total volumes rising 52% to CZK 25.2 billion.   

    “The single, fastest-growing product was consumer loans, which we only launched at the end of 2012. After just 18 months, at the end of June 2014, almost 40,000 customers already had a consumer loan from us. The total volume of outstanding consumer loans rose 245% year-on-year to CZK 3.8 billion at the end of the first half of this year,” adds Pavel Pfauser.

    Air Bank’s total assets increased 18% year-on-year to CZK 55.9 billion, as at the end of June 2014. According to the Czech National Bank criteria, Air Bank has become one of the Czech Republic’s medium-sized banks. The bank’s equity grew 55% to CZK 4.4 billion. Air Bank’s capital adequacy ratio rose to 13.7%. The bank’s operating income rose 58% year-on-year to CZK 593 million, and its operating costs increased 26% to CZK 487 million.

    Key ratios:

    Key ratios (in CZK ‘000) 30 June 2014   30 June 2013 YoY change
    Net interest income 741,033   226,720 227%
    Operating income 592,956   375,422 58%
    Operating costs     (486,561)   (386,775) 26%
    Net profit    76 760   -15 082 N/A
    Total assets 55,901,362     47,201,653   18%
    Equity    4,368,418   2,826,894   55%
    Capital adequacy ratio 13.7%   9.2% 49%


    Additional interesting figures 30 June 2014   30 June 2013 YoY change
    Number of clients  265,873   150,948 76%
    Number of current accounts 211,233   97,055 118%
    Number of savings accounts     188,585   123,970 52%
    Volume of deposits CZK 50.1bn   CZK 44.0bn  14%
    Volume of loans CZK 25.2bn     CZK 16.6bn 52%
    - of which, consumer loans   CZK 3.8bn   CZK 1.1bn 245%
    Number of employees 522   472 11%
    Number of branches  24   20 +4
    Number of ATMs  50   42  +8


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