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    Air Bank reports first-ever annual profit of CZK 312.7 million for FY 2014

    Pro forma unaudited consolidated results of Air Bank a.s. as at 31 December 2014 under IFRS:

    Air Bank has posted a net profit of CZK 312.7 million in 2014, from a net consolidated loss of CZK 80.0 million a year earlier, achieving a positive result for the first time, a year ahead of schedule.

    Air Bank grew rapidly in 2014. By the end of last year, the number of clients grew  by 49% to 318,000. The volume of deposits in current and savings accounts rose by 25% to CZK 54.7 billion. Loans in Air Bank’s portfolio increased by 8% to CZK 25.1 billion. “In 2014 the bank’s revenues continued to grow, outpacing the increase in operating costs and helping us reach profitability a year earlier than we expected,  This growth has been driven primarily by  income from consumer loans – our fastest growing business line –, which we only launched two years ago. Last year alone, we provided consumer loans totalling CZK 4.7 billion, up by 54% over 2013,” says Pavel Pfauser, Air Bank’s CFO. Air Bank’s consolidated operating income increased 49% year-on-year to CZK 3.4 billion. On the other hand, consolidated administrative and overhead costs grew 11% year-on-year to CZK 1.2 billion, and total consolidated operating costs rose 27% to CZK 3.0 billion. As at the end of 2014, Air Bank’s total assets increased by 21% year-on-year to CZK 63.0 billion. The bank’s equity grew by 19% to CZK 4.7 billion. Air Bank’s capital adequacy ratio rose by one-tenth to 14.7%.

    Key financial ratios and business results of Air Bank a.s. as at 31 December 2014

    Key ratios (in CZK m) 31 December 2013 31 December 2014 YoY change
    Operating income 2,311 3,435 49%
    Operating costs (2,374) (3,010) 27%
    - of which administrative and overhead costs (1,085) (1,199) 11%
    Net profit (80.0) 312.7 N/A
    Total assets 52,166 63,010 21%
    Equity 3,954 4,705 19%
    Capital adequacy ratio 13.4% 14.7% 10%
    Additional interesting figures 31 December 2013 31 December 2014 YoY change
    Number of clients 213,473 317,876 49%
    Number of current accounts 162,097 277,115 71%
    Number of savings accounts 160,207 215,359 34%
    Volume of deposits CZK 43.8 bn CZK 54.7 b 25%
    Volume of loans CZK 23.3 bn CZK 25.1 bn 8%
    Number of employees 494 561 14%
    Number of branches 23 24 +1
    Number of ATMs 48 52 +4




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