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UniCredit Bank Czech Republic posts net profit of CZK 1,206 million for first six months of 2009

• After subtracting the one-off income from the sale of HYPO stavební spořitelna (HYST) in 2008, UniCredit Bank Czech Republic's net profit for this year shows a decrease of 25% year on year.
• The bank's total assets decreased by 7.5% year on year.
• Loans to clients increased by 3.1% in comparison with the second quarter of 2008.
• The bank's equity grew by 9.4% in comparison with the same period of last year, and its capital adequacy rose from10.20% to 12.42%.

UniCredit Bank Czech Republic's profit after tax decreased from CZK 2,400 million (as at 30 June 2008) to CZK 1,206 million (as at 30 June 2009). Jiří Kunert, CEO and Chairman of the Board of Directors of UniCredit Bank Czech Republic, had the following to say: "The situation on global markets continues to be out of the ordinary and the assessment of its future development more complicated than usual. Our bank's current results confirm, however, that despite this situation we have successfully met the planned targets for this year. Clearly the results from last year could not be repeated in our case, as the net profit in 2008 was influenced by one-off earnings from the sale of HYPO stavební spořitelna and there is a further increase this year in the creation of reserves against classified loans. Nevertheless, I feel positive about our results for the first half. For example, volumes of loans to clients grew while at the same time the bank's equity increased. So I can still say that the bank was and continues to be sufficiently prepared for the growing problems in the economy."

Items in the income statement

UniCredit Bank Czech Republic's net interest, fee and commission income rose year on year to CZK 4,415 million, which represents an increase of 0.3% compared to the same period of the previous year (Q2 2008: CZK 4,401 million).

General administrative expenses fell by 7.8% to CZK 1,951 million (Q2 2008: CZK 2,115 million).

Net creation of reserves against classified loans grew year on year in Q2 from CZK 375 million in 2008 to CZK 1,179 million this year.

Balance sheet

As of 30 June 2009, UniCredit Bank Czech Republic's total assets amounted to CZK 258,235 million, a decrease of 7.5% compared to the figure as of 31 June 2008 (CZK 279,101 million).  

The bank's equity grew compared to Q2 2008 (CZK 25,575 million) by 9.4% to CZK 27,980 million.

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