As of June 30, 2011, J&T Banka recorded a Net Profit of CZK 233 million according to the IAS/IFRS. This represents a 14% growth on a year-on-year basis. Operating Profit exceeded CZK 384 million, up by 27%, while the bank’s Operating Revenue increased by 22%.
“We are in particular happy about the doubled Net Fee and Commission Income,” Igor Kováč, J&T Banka’s Chief Financial Officer, commented on the results and added: “By this we have fulfilled one of our strategic objectives, namely to increase the share of fees in the bank’s total revenue.“ This share rose from 8% in the first half of 2010 to 14% over the first six months of 2011.
Fees and commissions from the trading with securities still represent the most significant fee and commission income for J&T Banka. The share of fees for IPO’s and credit transactions has also been rising. “Together with Asset Management services for our clients, we consider these income types as strategic pillars for the bank’s future development,” Igor Kováč commented.
The bank has placed a portion of its available liquidity in financial and capital markets. Net Trading Income rose by nearly 50% to CZK 62 million. While Administration Expenses remained at last year’s levels, Personnel Expenses rose by nearly a third. Since the beginning of this year, the number of the bank’s clients increased by 5,700 to nearly 18,300. “We are very pleased that our clients find our products attractive and believe that they are satisfied with the quality and flexibility of our services. Also for this reason, we have added staff in particular to our Trading and Customer Care departments,” said Igor Kováč. The bank’s headcount increased by 71 to 407 year on year.
J&T Banka’s Total Assets exceeded CZK 54 billion, up by 19% over the past 12 months. The Balance Sheet growth can be attributed mainly to growing Client Deposits, which rose by 20% year on year to CZK 47 billion for the first year half. In terms of loans, in the first six months of this year J&T Banka did not record such a significant growth as in the past. Igor Kováč commented on this development: “We expect that in view of the approved loans, which are to be used in the upcoming weeks, and new projects that are undergoing the approval process, the volume of Loans Granted might reach the level of CZK 30 billion by the end of 2011.“
The bank is prepared to actively finance its clients’ projects, which is also evidenced by the registered capital increase of CZK 350 million. This capital increase was done this year in July. The bank’s capital adequacy ratio as of June 30, 2011 was at 12%.