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UniCredit Bank Czech Republic posts net profit of CZK 1,483 million for first six months of 2010

• Total net profit increased year on year by 23%.
• Clients' deposits grew by 0.8% year on year.
• The Bank's total assets decreased by 0.1% year on year.
• Loans to clients rose by 3.5% in comparison to 30 June 2009.
• The Bank's equity grew by 1% compared to the same date in the previous year, while capital adequacy fell from 12.95% to 12.72% (unaudited data).

UniCredit Bank Czech Republic's profit after tax increased from CZK 1,206 million (as of 30 June 2009) to CZK 1,483 million (as of 30 June 2010). Jiří Kunert, CEO and Chairman of the Board of Directors of UniCredit Bank Czech Republic, had the following to say: "The first six months of this year confirmed the positive signs from the start of the year. Business lending risk is on the mend, and at the same time lending volumes are not going down. The second quarter was a record quarter in terms of our mortgage loan sales, which is another sign of a stabilising market. We regard the year-on-year quarterly growth in net profit also as confirmation that we are on the right path to achieving an optimal revenue balance in our orientation to corporate and retail banking, upon which we have set out as a bank in recent periods."

Items in the income statement

UniCredit Bank Czech Republic's net interest, fee and commission income fell year on year to CZK 4,375 million, which represents a decline of 0.9% compared to the same period in the previous year (as of 30 June 2009: CZK 4,415 million). The drop in revenues was due primarily to lower interest income, whereas fee and commission income rose by 11.4%.

General administrative expenses increased year on year by 1.8% from CZK 1,951 million to CZK 1,986 million. Creation of reserves and provisions on loans, on the other hand, decreased by 39.5% year on year to CZK 711 million (as of 30 June 2009: CZK 1,175 million).

Balance sheet

As of 30 June 2010, UniCredit Bank Czech Republic's total assets amounted to CZK 257,971 million, a decrease of 0.1% compared to the figure from 30 June 2009 (CZK 258,235 million).  

On the assets side of the balance sheet, loans and advances to customers rose by 3.5% to the total of CZK 170,901 million compared with the level as of 30 June 2009 (CZK 165,178 million).

On the liabilities side, amounts due to customers increased by 0.8% to CZK 166,303 million (30 June 2009: CZK 165,050 million). Liabilities from debt securities recorded an increase of 5.2% from CZK 28,140 to CZK 29,614.

The Bank's equity grew in comparison with H1 2009 by 1% to CZK 28,266 million (as of 30 June 2009: CZK 27,980 million).

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