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Visa : Net profit of banks in CR falls by Kc1.2bn to Kc43.6bn in H1

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09/21/2017 | 02:46pm CET

Total net profit of banks operating on the Czech market dropped by Kc1.17bn year on year to Kc43.6bn in the first half of this year, according to data made public by the Czech National Bank (CNB) today.

Experts say that the drop in the profit is linked with last year's sale of a stake in company Visa.

Total assets in the sector were worth Kc7,038bn at the end of June, Kc1,080bn higher yr/yr.

Profit from financial and operating activities of the banks decreased by Kc6.1bn yr/yr to Kc92.35bn.

Interest income went down by Kc1.9bn to Kc71.4bn and fee and commission income was Kc248m lower at Kc22bn.

"This was the most successful first half of a year for the domestic banks in the Czech Republic's new-time history in terms of sustainable aggregate net profit," Cyrrus company analyst Lukas Kovanda told CTK.

"The profit was lower than in the same period of last year but last year's result was boosted by a one-off income of Czech banks related to the merger of companies Visa Inc. and Visa Europe Ltd," he explained.

This merger took place in June 2016 and thanks to it, key domestic banks registered an income from the sale of shares they held in Visa Europe.

No matter how much the net profit decreased in a yr/yr comparison, adjusted for the extraordinary income from the sale of stakes in company Visa, the growth trajectory continues, Patrik Nacher, founder of portal www.bankovnipoplatky.com, said as well.

He recalled that, moreover, this was achieved in the environment of low interest rates and permanently decreasing fee incomes. "It seems that the Czech Republic is a promised land for banks," he remarked.

Among the biggest banks, CSOB raised net profit by 12 percent yr/yr to Kc9.4bn in the first half of this year and Komercni banka by 15 percent to Kc7.7bn.

Ceska sporitelna saw a 6.9 percent drop in net profit to Kc7.7bn and net profit of Czech and Slovak UniCredit Bank rose by 22.7 percent to Kc4.1bn.

There were 48 banks, foreign bank branches and building societies active on the Czech market at the end of the first half of this year.

Aggregate net profit of banks and building societies (Kc bn):

2009

2010

2011

2012

2013

2014

2015

2016

H1 2017

After-tax profit

59.740

55.656

53.337

64.307

61.048

63.092

66.373

73.948

43,558

© Pakistan Press International, source Asianet-Pakistan

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Financials ($)
Sales 2018 20 165 M
EBIT 2018 13 737 M
Net income 2018 9 987 M
Debt 2018 7 938 M
Yield 2018 0,68%
P/E ratio 2018 28,20
P/E ratio 2019 23,74
EV / Sales 2018 13,9x
EV / Sales 2019 12,6x
Capitalization 273 B
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Mean consensus OUTPERFORM
Number of Analysts 39
Average target price 138 $
Spread / Average Target 15%
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Alfred F. Kelly Chief Executive Officer & Director
Ryan McInerney President
Robert W. Matschullat Independent Chairman
Vasant M. Prabhu Chief Financial Officer & Executive Vice President
Rajat Taneja Executive Vice President-Technology
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