Air Bank reports a profit of CZK 683 million for the first half of 2018, with over 630,000 clients
Unaudited results of Air Bank a.s. on a self-standing basis as at 30 June 2018 under IFRS:
Air Bank has reported a net profit of CZK 683 million for the first six months of 2018, up 146% on the same period last year. This was predominantly driven by the non-recurring income from the bank’s investments. During the period, the company has continued to be successful in both acquiring new clients and in growing the volume of money lent to customers, which is up by almost one third year-on-year.
“I am pleased with our strong performance in the first half of the year. We have continued to improve our current account services, including mobile payments and rewards for shopping, which is helping us to attract new customers to the bank. In addition, we are constantly evolving the products we offer to clients, including authorised overdraft and the ability to arrange loans via the mobile app, which helps us to provide a better service to our existing customers whilst also helping to attract new customers to Air Bank,” says Michal Strcula, Air Bank’s Chief Executive Officer.
At the end of June, Air Bank’s services were being used by more than 637,000 clients, up 14% year-on-year. The number of client current accounts increased by 19% to 695,421 whilst the number of savings accounts rose by almost 50,000 to 410,710 clients. The volume of deposits in clients’ current and savings accounts grew to CZK 98 billion.
Air Bank was also successful in increasing the amount of outstandings significantly, with the volume of loans up by 32% year-on-year, an increase of almost CZK 11 billion. NBI net of credit losses surged by 48% year-on-year to CZK 1.5 billion.
Air Bank’s total assets rose by 18% year-on-year to CZK 107.6 billion. The bank’s equity increased by 25% to CZK 7 billion.
| 30 June 2017 | 31 June 2018 | YoY change | |
| Net profit | CZK 277.3 m | CZK 683 m | 146% |
| NBI net of credit losses | CZK 979.9 m | CZK 1,455 m | 48% |
| Administrative and overhead costs | (CZK 627.9 m) | (CZK 692.8 m) | 10% |
| Number of clients | 557,261 | 637,087 | 14% |
| Number of current accounts | 584,877 | 695,421 | 19% |
| Number of savings accounts | 361,446 | 410,710 | 14% |
| Volume of deposits | CZK 83.8 bn | CZK 98.0 bn | 17% |
| Volume of loans | CZK 33.7 bn | CZK 44.6 bn | 32% |
| Total assets | CZK 91.5 bn | CZK 107.6 bn | 18% |
| Equity | CZK 5.6 bn | CZK 7 bn | 25% |
| Number of employees | 766 | 780 | 2% |
| Number of branches | 34 | 35 | +1 |
| Number of ATMs | 207 | 354 | +147 |
