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- Komercni banka's net profit grows 10.4 pct to Kc17.2bn in 2024
6. 2. 2025
Komercni banka's net profit grows 10.4 pct to Kc17.2bn in 2024
Prague, Feb 6 (CTK) - Komercni banka's (KB) net profit rose by 10.4 percent year-on-year to Kc17.2bn in 2024, its revenues growing by 1.6 percent to Kc36.8bn and operating expenditures rising by 2.3 percent to Kc17.7bn, according to consolidated results, which the bank made public on its website today.
The bank's board of directors is proposing a dividend of Kc91.30 per share from the entire net profit. Shareholders will vote on the proposal at the general meeting set for April 24. In 2023, the bank distributed a dividend of Kc82.66 per share, also from the entire net profit.
"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," said KB CEO and board chairman Jan Juchelka.
The net profit figure includes proceeds from the sale of subsidiary VN42, which owned a building in Prague's Wenceslas Square. Without these proceeds, the net profit would be down by 5.4 percent year-on-year at Kc14.8bn, the bank said.
The total volume of loans granted by the KB Group increased by 2.5 percent yr/yr to Kc848.3bn last year. Deposits from clients improved by 2 percent yr/yr to Kc1,029.5bn. The volume of clients' assets in mutual funds, pension funds and life insurance expanded by 11 percent to Kc278.8bn.
In Q4 2024 alone, the bank's net profit rose by 44.4 percent to Kc4.7bn, total revenues increased by 9.3 percent yr/yr to Kc10.1bn and operating expenditures grew by 1.7 percent to Kc4.4bn.
"Management expects that KB’s operations will generate sufficient profit in 2025 to cover the Group's capital needs ensuing from its growing volume of assets as well as to pay out dividends," the bank said. "Considering the current state of affairs and assumptions, KB's management intends for 2025 to propose distributing as dividends 100 percent of attributable consolidated net profit earned in the year," the bank added.
The KB Group, one of the largest banking houses in the Czech Republic, served 2,184,000 clients at the end of 2024. The number of clients at Komercni banka alone increased by 63,000 year-on-year to 1,727,000. The new digital bank with the KB+ app, which KB introduced in April 2023, had over one million users at the end of last year.
KB's majority shareholder is France's Societe Generale. KB shares are traded on the Prague Stock Exchange (BCPP).
Of other large banks, only Raiffeisenbank and Moneta Money Bank have published their results for last year. Raiffeisenbank's net profit rose by 31.9 percent to Kc7.25bn. Moneta netted Kc5.8bn, up by 11.7 percent yr/yr.
tam/er