REG - Komercni Banka - Annual Financial Report
08/02/2023 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230208:nRSH2325Pa&default-theme=true
RNS Number : 2325P Komercni Banka 08 February 2023
Komercni banka, a.s. http://www.kb.cz/en (http://www.kb.cz/en)
Prague 1, Na Prikope 33, building identification number 969, Post Code 114 07
Identification No.: 45 31 70 54
LEI Code: IYKCAVNFR8QGF00HV840
incorporated in the Commercial Register maintained with the Municipal Court in
Prague,
section B, insert 1360
Disclosed on 8 February 2023 at 7:00 a.m. CET
Pursuant to Prague Stock Exchange Rules part III subsection 7(6)(a) and Act
256/2004 (Czech) Coll. subsections 125(1) Komercni banka, a.s. discloses
obligatory published information - Financial Results as of 31 December 2022.
Detailed information is available at the following link:
https://www.kb.cz/en/about-the-bank/for-investors-directory
(https://www.kb.cz/en/about-the-bank/for-investors-directory)
Regulatory Information
Results
FY 2022
Komerční banka's consolidated results for the full year 2022
Recovery in revenues, excellent cost discipline, resilient asset quality
"In spite of the many challenges brought by the year 2022 - mainly the war in
Ukraine and the related energy crisis and high inflation - Komerční banka
proved again it is a reliable partner for its clients. The strong financial
and business results were supported by dynamic recovery in activity among
households and businesses after two years of pandemic restrictions. The
environment will undoubtedly pose many challenges again in 2023, as inflation,
increasing costs of deposits, and effects of the economic slowdown will
influence the results of this year. Komerční banka will stand by its clients
and perform well even in a downturn," remarked Jan Juchelka, KB's Chairman of
the Board of Directors and Chief Executive Officer.
"In 2023, we are fully focused on implementing further steps of our strategy.
Komerční banka Group will proceed in its transformation to make itself a
Czech leader in the new era of banking. We will introduce to our clients and
the Czech public a new value proposition built in the currently largest
digital project in Czechia. Even in this year, Komerční banka will build,
together with its clients, a better and sustainable future," added Jan
Juchelka.
KB Group's lending to customers up by 6.2% year on year to
CZK 784.9 billion.
Deposits from clients decreased by (3.4%) year on year, to
CZK 916.8 billion.
Volume of non-bank assets under management (mutual funds, pension funds, life
insurance) leapt by 6.4% to CZK 216.6 billion.
KB Group was serving 2,240,000 clients. Standalone Komerční banka had
1,652,000 customers, up by 27,000 year on year.
Full year 2022 vis-à-vis 2021: Total revenues rose by 23.2% to
CZK 38.6 billion. Operating expenditures were higher by 6.1%, at
CZK 16.0 billion. Cost of risk (net creation of provisions for credit risk)
increased by 61.6% to CZK 1.2 billion. Profit attributable to the Group's
equity holders, at CZK 17.6 billion, was better by 37.9% year on year.
Income taxes rose to CZK 4.0 billion, growing by 32.0%.
Fourth quarter 2022 versus 4Q 2021: Total revenues were up by 10.4%, at
CZK 9.6 billion. Operating expenditures were higher by 5.1%, at
CZK 3.9 billion. Cost of risk (net creation of provisions for credit risk)
in the quarter was small. Profit attributable to the Group's equity holders,
at CZK 4.6 billion, was better by 11.0% year on year. Income taxes climbed
to CZK 1.1 billion, higher by 5.4%.
Volume of regulatory capital reached CZK 101.7 billion, capital adequacy
stood at 19.5%, and the Core Tier 1 ratio was 18.9%.
The Board of Directors will propose a dividend of CZK 60.42 per share,
totalling CZK 11.5 billion. Shareholders will vote on the proposal at the
General Meeting set for 20 April 2023.
KB had 69,034 shareholders (greater by 10,590 year on year), of which 63,050
were private individuals from the Czech Republic.
Komerční banka was named Bank of the Year, Corporate Bank of the Year, and
Bank without Barriers in the MasterCard Bank of the Year contest. KB also
received Banking Innovator recognition in VISA's Best Bank 2022 survey.
Prague, 8 February 2023 - Komerční banka reported today its unaudited
consolidated results for the full year 2022.
Financial and business performance
Total revenues reached CZK 38.6 billion, an improvement by 23.2% compared to
the year 2021 that had been affected by pandemic lockdowns and extraordinarily
low interest rates. The growth in revenues was mainly driven by net interest
income, which benefitted from expanding business volumes and higher yields
from reinvestment of liabilities and capital. Net fee and commission income
was also up thanks to greater transaction activity, clients' increased
investments in mutual funds, and heightened demand among corporations for some
services, such as for guarantees. Net profit on financial operations remained
very strong, driven by recovery in travel-related currency conversions and
demand from clients for hedging of financial risks in the volatile and
uncertain environment.
Operating expenses were up by 6.1%, at CZK 16.0 billion, even as they
absorbed an boost in the regulatory levy to the Resolution Fund by almost a
quarter. Administrative costs rose much less than did inflation. Greater
depreciation and amortisation charges reflected the ongoing investments into
digitalisation. Personnel expenses were higher by 2.6%, as the increase in
average salaries was partly offset by lower average number of employees.
Net creation of provisions for credit risks (cost of risk) totalled
CZK 1.2 billion, up by 61.6% year on year. The new provisioning mainly
related to anticipated future impacts of high inflation on the credit profile.
The level of new defaults remained relatively low across all client segments.
Faster growth of revenues compared to operating costs combined with a
well-controlled risk profile to drive improvement in reported net profit
attributable to shareholders by 37.9% to CZK 17.6 billion. Income taxes
climbed by 32.0% to CZK 4.0 billion.
Through the full year 2022, KB Group paid into public budgets CZK 3.6 billion
in income taxes, CZK 1.3 billion into the Resolution and Deposit Insurance
regulatory funds, CZK 2.0 billion for social and health insurance, CZK 1.9
billion in withholding tax from interest and dividends, and further
substantial amounts in other charges, such as VAT. The employees paid an
additional CZK 0.6 billion in income tax and CZK 0.6 billion in social and
health insurance.
Lending to clients went up by 6.2% to CZK 784.9 billion.(( 1 (#_ftn1) ))
The growth in the volume of housing loans outstanding slowed, as new
production of these loans decreased by almost two thirds on the Czech market.
The growth in consumer lending was moderate, too, influenced by weaker levels
of consumer confidence in the economy. Lending to businesses, and mainly to
larger corporations, was thus the main motor propelling overall loan portfolio
expansion at KB Group. Volumes of working capital financing as well as
investment loans increased. The business lending growth was concentrated in
euro rather than crowns. The volume of loans denominated in euros expanded by
43.1% year on year, and these loans represented 21.6% of the overall
portfolio.
Deposits from clients decreased by (3.4%) year on year to
CZK 916.8 billion.(( 2 (#_ftn2) )) On the other hand, the volume of KB
Group clients' assets in mutual funds, pension savings, and life insurance
rose by 6.4% to CZK 216.6 billion. The clients were looking for greater
returns on their money in saving and term accounts and in mutual funds. In the
higher interest rate environment, the competition for deposits on the market
intensified.
Shareholders, capital, and dividends
KB's capital adequacy ratio reached a strong 19.5%, and Core Tier 1 capital
stood at 18.9%. The liquidity coverage ratio was 160%, significantly above the
regulatory minimum of 100%.
In view of KB's 2022 result, strong capital position, outlook for growth in
risk-weighted assets, and capital requirements, as well as in accordance with
KB's standard dividend policy of paying out between 60-70% of the net profit
generated, Komerční banka's Board of Directors has decided to propose to the
Annual General Meeting a dividend payment of CZK 11.5 billion. That would come
to CZK 60.42 per share and put the payout ratio at 65% of KB Group's
attributable consolidated net profit. The corresponding gross dividend yield
based on 2022's closing share price is 9.2%.
The proposed dividend is in line with the long-term capital management plan,
which maintains capital adequacy at a level appropriate to the risks assumed
under the given economic conditions in the Czech Republic and with respect to
the Bank's business opportunities. The proposal also maintains adequate scope
for Komerční banka Group's future business growth and, in the opinion of the
Board of Directors, provides shareholders with a fair share of profits.
Considering the current state of affairs, KB's management intends for 2023 to
propose distributing as dividends 65% of attributable consolidated net profit
earned in the year.
As of 31 December 2022, Komerční banka had 69,034 shareholders (up by 10,590
year on year), of which 63,050 (greater by 10,227 from the year earlier) were
private individuals from the Czech Republic. Strategic shareholder Société
Générale maintained its 60.4% stake while minority shareholders owned 39.0%
and KB held 0.6% of the registered capital in treasury.
Achievements and awards (in fourth quarter 2022)
KB Group continued in implementing its strategic KB2025 programme, announced
in November 2020. During the fourth quarter, KB switched successfully to a new
payment card platform - TSYS Prime - after 26 years of operating the previous
system. The change has improved security and efficiency of card payments
processing and it offers new options for cards administration.
In a vote of economists, analysts, and business experts, Komerční banka was
named winner in the 21st year of the prestigious MasterCard Bank of the Year
survey. In addition to the main prize, it also won first place for Corporate
Bank of the Year and Bank without Barriers, as well as second place for
Mortgage of the Year, Private Bank of the Year, and Responsible Bank of the
Year.
KB also was awarded the Banking Innovator title in VISA's Best Bank
recognition, especially for its shared ATM network project, improving access
to financial services, sustainability, and efficiency of operations. In the
parallel awards for insurers, KB Pojišťovna was named Best Life Insurer. It
clearly led competitors in the assessment of quality and scope of services.
KB was rated AA in the MSCI ESG global measurement of how companies manage
financially relevant Environmental, Social and Governance (ESG) risks and
opportunities. The AA rating is reserved for companies leading their
respective industries. KB also improved to 3.7 out of 5 its score in FTSE4Good
index measuring the performance of companies demonstrating ESG practices.
Market environment (in fourth quarter 2022)(( 3 (#_ftn3) ))
Life in 2022's fourth quarter was still mostly influenced by energy prices and
the inflationary environment generally, which were biting mainly into
household budgets. The global market environment was marked by rising interest
rates. The direct consequences and amplification of existing economic
obstacles (mainly related to supply chain disruptions) from the Russian
military's invasion of Ukraine had already been reduced to limited importance
in the fourth quarter.
The Czech economy continued to slow during the fourth quarter, with the growth
rate remaining negative, at (0.3%), quarter on quarter (+0.4% year on year),
as per the flash estimate. In the third quarter, economic output had been down
(0.2%) quarter on quarter but was higher by +1.5% year on year, as per final
numbers. The manufacturing sector saw stable development, driven mainly by the
important automotive sector that had gained further momentum since summer. Car
production for 2022 was up by 10.2% year over year. Labour market conditions
remained tight, but nominal wage growth did not keep up with rising consumer
prices.(( 4 (#_ftn4) )) The unemployment rate remains one of the lowest
within the EU, standing at just 2.3% in December (according to the Eurostat
methodology after seasonal adjustment).(( 5 (#_ftn5) )) The Czech labour
ministry reported a slight tick up in the unemployment rate in December.(( 6
(#_ftn6) ))
Strong pressure from the primary price categories continued. In the fourth
quarter, dynamics of industrial producer prices averaged 21.8% year on year
and 0.3% quarter on quarter, agricultural producer prices 28.1% year on year
(down (2.3%) quarter on quarter), and construction work prices 12.0% (1.2%
quarter on quarter). Pressure from the primary price categories together with
wage cost dynamics as well as energy prices are transmitting through to
consumer price inflation. The consumer price climb did decelerate in December
to 15.8% year on year due to weaker growth in transport costs, but the
year-on-year rise was driven mainly by housing, water, and energy costs and to
a similar extent also by prices of food and non-alcoholic beverages. Dynamics
of core inflation slowed to 13.3% in December from 14.6% in October.(( 7
(#_ftn7) ))
The CNB had left the main 2W repo monetary policy rate on hold at 7% since 23
June. Subsequently, as of 31 December, 3M PRIBOR reached 7.26% (+318 bps year
to date, +1 bps quarter on quarter) and the 10Y interest rate swap hit 4.79%
(+153 bps year to date, (30) bps quarter on quarter). Meanwhile, the interest
rate swap curve remained inverted (5Y at 5.23%, +138 bps year to date, (31)
bps quarter on quarter) and yields on 10-year Czech government bonds grew to
5.02% (+229 bps year to date, (22) bps quarter on quarter).
By the end of December, the Czech crown had appreciated against the euro by
1.8% quarter over quarter and by 3.0% year on year, reaching CZK 24.1 per
euro. The CNB's support of the crown exchange rate via interventions on the FX
market to neutralise the depreciating mood on this market faded away in fourth
quarter 2022 as compared to the third quarter.
Information on development in residential real estate prices is available for
the third quarter. Prices growth was still positive in that period, but the
dynamics slowed significantly for older flats and most visibly for newly
developed flats in Prague. In this segment, even the quarter-on-quarter change
was negative for the first time since the last quarter of 2017. Prices paid in
2022's third quarter for previously owned flats were up 23.4% year on year
across Czechia and by 15.7% year on year in Prague. Prices obtained for new
flats (in Prague only) were 13.7% greater than a year earlier.(( 8 (#_ftn8)
)) Quarter-on-quarter as well as the year-on-year dynamics slowed, too, as
documented by the European house price index.(( 9 (#_ftn9) ))
Total bank lending for the overall market (excluding repo operations) grew by
5.8% year on year through the end of 2022.(( 10 (#_ftn10) )) Lending
expansion was somewhat slower in retail banking (5.0% year over year), with
housing loans growth in single-digit territory as new mortgage production has
decreased significantly due to rising interest rates, stricter borrowing
conditions as per CNB regulations, and high property prices. Lending to
businesses increased year on year by 6.8% in December 2022 due to the
dynamics of all main segments, including non-financial corporates, the public
sector, and the financial institutions segment. Business lending growth
occurred mainly in euro-denominated loans.
The volume of client deposits in Czech banks expanded by 6.5% year over year
as of December.(( 11 (#_ftn11) )) Deposits from individuals had grown in
total by 4.8% while the business deposit market grew by 8.6% year over year. A
clear switch from current to term and saving deposits was observed, as
individual term deposits were higher year on year by 143.7%. Business term
deposits added 96.6% over the previous year. Non-term deposits declined in
both segments: by (4.6%) year over year in the segment of individuals and
(9.8%) in the business segment.
Developments in the client portfolio and distribution networks
31 Dec 2021 31 Dec 2022 Change
YoY
KB Group's clients 2,251,000 2,240,000 (11,000)
Komerční banka 1,625,000 1,652,000 27,000
- individual clients 1,383,000 1,408,000 26,000
- internet banking clients 1,465,000 1,515,000 50,000
- mobile banking clients 1,034,000 1,145,000 111,000
Modrá pyramida 485,000 461,000 (25,000)
KB Penzijní společnost 520,000 505,000 (15,000)
ESSOX (Group) 137,000 132,000 (5,000)
KB branches (CZ) 242 218 (24)
Modrá pyramida points of sale 202 198 (4)
SGEF branches 9 9 0
ATMs (KB network) 860 850 (10)
- of which deposit-taking 502 521 19
- of which contactless 604 645 41
ATMs (Total shared network) 860 1,412 552
- of which deposit-taking 502 708 206
Number of active debit cards 1,420,000 1,473,000 53,000
Number of active credit cards 184,000 194,000 10,000
Number of cards virtualized into payment apps 390,000 497,000 107,000
KB key authentication users 963,000 1,089,000 126,000
Comments on business and financial results
The financial data published below are from unaudited consolidated results
compiled under IFRS (International Financial Reporting Standards). Unless
stated otherwise, the data are as of 31 December 2022.
BUSINESS PERFORMANCE
Loans to customers
Total gross volume of lending to clients rose by 6.2% year on year to
CZK 784.9 billion.(( 12 (#_ftn12) ))
In lending to individuals, the overall volume of housing loans grew by 4.5%
from the year earlier. Within this total, the portfolio of mortgages to
individuals expanded by 2.3% to CZK 268.7 billion. Modrá pyramida's loan
portfolio swelled by a strong 12.1% to CZK 85.3 billion. The growth in the
outstanding volume slowed because new production of housing loans in 2022
decreased by (64.6%) year on year from the extraordinarily high levels of the
previous year to CZK 38.5 billion. The volume of KB Group's consumer lending
(provided by the Bank and ESSOX Group in the Czech Republic and Slovakia) was
up by 4.6%, at CZK 34.8 billion. This growth pace was also affected by
weakening confidence levels among consumers in the Czech economy.
The total volume of loans to businesses and other lending provided by KB Group
was greater by 8.0% year on year, at CZK 396.1 billion. Expansion was faster
in euro-denominated loans, available to businesses with revenues in the
European currency. Lending to small businesses declined by (2.4%) to
CZK 46.8 billion. In the environment of higher interest rates, some small
business clients decided to use their excess money to repay loans. The overall
CZK volume of credit granted by KB to medium-sized, large corporate, and other
clients in the Czech Republic and Slovakia(( 13 (#_ftn13) )) climbed by 10.3%
year on year to CZK 317.9 billion. At CZK 31.5 billion, the total credit
and leasing amounts outstanding at SGEF were up by 2.7% year over year.
Amounts due to customers and assets under management
The volume of standard client deposits within KB Group decreased by (3.4%)
year on year to CZK 916.8 billion.(( 14 (#_ftn14) )) This development was
influenced by clients shifting some of their savings to mutual funds or even
utilising them to cover the mounting costs of living. The competition for
deposits on the market has intensified. Moreover, clients often have been
switching their deposits from current accounts to better-yielding term and
savings accounts. Deposits at Komerční banka from individual clients were
down by (7.6%) from the year earlier, at CZK 327.8 billion. The deposit book
at Modrá pyramida diminished by (8.1%) to CZK 56.0 billion. Total deposits
from businesses and other corporations were smaller by (0.1%), at
CZK 526.3 billion.
The volumes in mutual funds held by KB Group clients grew by 18.5% to
CZK 98.3 billion. Client assets managed by KB Penzijní společnost were
2.2% greater, at CZK 73.0 billion. Technical reserves in life insurance at
Komerční pojišťovna were lower by (7.9%) year on year, at
CZK 45.3 billion.
The Group's liquidity as measured by the ratio of net loans(( 15 (#_ftn15) ))
to deposits (excluding repo operations with clients but including debt
securities held by KB and issued by the Bank's clients) stood at 85.2%. The
Group's liquidity coverage ratio ended the year at 160%, well above the
regulatory limit of 100%.
FINANCIAL PERFORMANCE
Income statement
Komerční banka's revenues (net operating income) reached
CZK 38,632 million, better by 23.2% compared to the year 2021 that had been
affected by pandemic lockdowns and extraordinarily low interest rates. The
revenues growth was mainly driven by net interest income, which benefitted
from expanding business volumes and higher yields from reinvestment of
liabilities and capital. Net fee and commission income was also up thanks to
greater transaction activity, clients' increased investments in mutual funds,
and heightened demand among corporations for some services, such as for
guarantees. Net profit on financial operations remained very strong, driven by
recovery in travel-related currency conversions and demand from clients for
hedging of financial risks in the volatile and uncertain environment.
Net interest income was up by 31.4%, at CZK 28,632 million, from the low
base of the year 2021. The volume of assets increased and market interest
rates rose significantly year on year, thus supporting the yields from
reinvesting deposits and the Bank's own funds. Net interest income, however,
retreated somewhat in the last quarter of the year, a reflection of the
increasing costs of deposits. The net interest margin for the whole of 2022,
computed as the ratio of net interest income to interest-earning assets
reported on the balance sheet, reached 2.4%. That compares to 1.9% a year
earlier and a level similar to that in pre-pandemic 2019.
Net fee and commission income grew by 7.2% to CZK 6,121 million. Transaction
fees contributed most to this growth, as clients' transaction activity
recovered across all transaction types compared to the time of the economy's
partial lockdown a year earlier. In particular, payments by card gained
significantly in popularity. Deposit product fees were almost stable in line
with the numbers of clients. Fees from cross-selling were up notably, driven
mainly by clients' rising investments in mutual funds and sales of insurance
products. Income from loan services was down marginally year over year due to
lower fees for loans to small businesses, consumer loans, overdrafts, and
credit cards, while fees for factoring services and credit lines improved year
on year. KB recorded also an increase in income from specialised financial
services, primarily due to greater issuance of bank guarantees.
Net profit on financial operations improved slightly, by 1.0% to
CZK 3,666 million. This excellent result was driven by solid demand from
clients for hedging of financial risks in the volatile environment, as well as
by recovery in currency conversions related to return of international travel.
KB was successful with its offer of tailored hedging strategies for SME
clients, particularly those based on currency options.
Dividend and other income was up by 1.4% to CZK 213 million. This line item
primarily comprises revenues from property rental and ancillary services.
Operating expenses rose by 6.1% to CZK 16,014 million. Contributions to the
regulatory funds (Deposit Insurance Fund, Resolution Fund) constituted the
fastest growing component, expanding by 24.1% year on year to
CZK 1,292 million. Personnel expenses increased by 2.6% to
CZK 7,734 million, as the rise in average salaries was partly offset by a
decrease in the average number of employees by (2.4%) to CZK 7,503.(( 16
(#_ftn16) )) General and administrative expenses (not including contributions
to the regulatory funds) were up by 6.7%, at CZK 3,965 million, with the
costs rising in most categories but remaining below the level of inflation.
Relatively faster increase was recorded in costs related to training,
recruiting, and travel. Depreciation, amortisation, and impairment of
operating assets grew by 7.8% to CZK 3,023 million, driven mainly by new and
upgraded software acquired in pursuit of KB's digitalisation strategy.
The sum of profit before allowances for loan losses, provisions for other
risk, profit on subsidiaries, and income tax (operating profit) was up by
39.2%, at CZK 22,618 million.
Cost of risk (impairment losses and provisions for loans and net result from
transferred and written-off loans) reached CZK 1,181 million, higher by
61.6% in comparison with the year 2021. The new provisioning mainly related to
anticipated future impacts of high inflation on the credit profile, which is
in line with the forward-looking principles of the IFRS 9 accounting
standard. The Group also released remaining provisions for risks related to
the Covid-19 pandemic, as well as others to reflect several successful
resolutions in the corporate client segment. The level of new defaults
remained relatively low across all client segments. The cost of risk in
relative terms and as measured against the average volume of the lending
portfolio during the year 2022 came to 15 basis points. That compares with 10
basis points for the same period a year earlier.
Income from shares in associated undertakings (i.e. Komerční pojišťovna)
was down (32.1%) year on year, at CZK 150 million, influenced by interest
rate developments and the insurance reserves creation and utilisation at
Komerční pojišťovna.
Net profit on subsidiaries and associates increased by 192.0% to CZK 73, as it
included a gain from revaluation of a stake in a subsidiary.
Net profits on other assets reached CZK 111 million, mainly due to gains
from sales of buildings that were partly offset by accelerated depreciation of
technical improvements in leased branches that had been closed. In the
previous year, net profit on other assets had been CZK 258 million.
Income tax was higher by 32.0%, at CZK 3,998 million.
KB Group's consolidated net profit for 2022 reached CZK 17,773 million,
which was higher by 36.8% in comparison with the year earlier. Of this total,
CZK 217 million was profit attributable to the non-controlling owners of
minority stakes in KB's subsidiaries (down by (18.1%) year on year).
Reported net profit attributable to the Group's equity holders totalled
CZK 17,556 million, which is 37.9% more year on year.
Other comprehensive income, deriving mainly from revaluations and
remeasurements of some hedging, foreign exchange, and securities positions, as
well as from effects of changed interest rates on the value of equity
participation in an associated company, reached CZK (2,153) million.
Consolidated comprehensive income for the full year 2022 totalled
CZK 15,620 million, of which CZK 213 million was attributable to owners of
non-controlling stakes.
Statement of financial position
Unless indicated otherwise, the following text provides a comparison of the
balance sheet values as of 31 December 2022 with the values from the statement
of financial position as of 31 December 2021.
Assets
As of 31 December 2022, KB Group's total assets had grown by 4.8% year to date
to CZK 1,304.1 billion.
Cash and current balances with central banks were down (52.6%), at
CZK 14.2 billion. Financial assets held for trading at fair value through
profit or loss (trading securities and derivatives) increased by 39.2% to
CZK 57.3 billion. The fair value of hedging financial derivatives climbed by
50.8% to CZK 21.6 billion.
Year to date, there was a (15.2%) decline in financial assets at fair value
through other comprehensive income totalling CZK 30.2 billion. This item
consisted mainly of debt securities issued by government institutions.
Financial assets at amortised cost grew by 5.3% to CZK 1,154.1 billion. The
largest portion of this consisted of (net) loans and advances to customers,
which increased year to date by 7.8% to CZK 781.5 billion. A 97.6% share in
the gross amount of client loans was classified in Stage 1 or Stage 2, while
2.4% of the loans were classified in Stage 3 (non-performing loans). The
volume of loss allowances created for amounts due from customers came to
CZK 13.9 billion. Loans and advances to banks declined by (9.3%) to
CZK 233.4 billion. The majority of this item consists in reverse repos with
the central bank. The value held in debt securities was up by 22.1% and
reached CZK 139.3 billion at the end of December 2022.
Revaluation differences on portfolio hedge items totalled CZK (2.6) billion,
larger by 305.1%. Current and deferred tax assets stood at CZK 0.3 billion.
Prepayments, accrued income, and other assets, which include receivables from
securities trading and settlement balances, decreased overall by (0.1%) to
CZK 5.8 billion. Assets held for sale diminished by (86.6%) to
CZK 0.1 billion.
Investments in associates rose by 79.6% to CZK 1.4 billion.
The net book value of tangible assets declined by (2.5%) to CZK 8.8 billion.
Intangible assets grew by 14.6% to reach CZK 9.0 billion. Goodwill, which
primarily derives from the acquisitions of Modrá pyramida, SGEF, and ESSOX,
remained unchanged at CZK 3.8 billion.
Liabilities
Total liabilities were 5.6% higher in comparison to the end of 2021 and stood
at CZK 1,180.6 billion.
Financial liabilities at amortised cost went down by (0.6%) to
CZK 1,050.3 billion. Amounts due to customers comprise the largest
proportion of this total, and these declined by (0.7%) to CZK 950.7 billion.
This total included CZK 33.9 billion of liabilities from repo operations
with clients and CZK 7.5 billion of other payables to customers. Amounts due
to banks increased through the year 2022 by 2.2% to CZK 85.2 billion.
Revaluation differences on portfolios hedge items were CZK (52.7) billion.
Current and deferred tax liabilities were at CZK 2.6 billion, up by 66.2%.
Accruals and other liabilities, which include payables from securities trading
and settlement balances, grew by 34.5% to CZK 16.8 billion.
The provisions balance was (14.2%) lower, at CZK 1.2 billion. Provisions for
other credit commitments are held to cover credit risks associated with credit
commitments issued. The provisions for contracted commitments principally
comprise those for ongoing contracted contingent commitments, legal disputes,
self-insurance, and the retirement benefits plan.
Subordinated and senior non-preferred debt, at CZK 38.7 billion, was up
1,453.9% year to date, influenced by issuances of loans in order to meet
regulatory minimum requirements for own funds and eligible liabilities (MREL).
Because those debts are issued in euro, the CZK value of this debt reflects
also changes in the Czech crown exchange rate.
Equity
Total equity declined year to date by (2.6%) to CZK 123.4 billion, as it was
driven upwards by the volume of net profit generated during the year but
downwards by the volume of both tranches of dividends paid in 2022. The Group
also recognised a reduction in the value of retained earnings related to
Komerční pojišťovna. The value of non-controlling interests reached
CZK 3.2 billion. As of 31 December 2022, KB held in treasury 1,193,360 of
its own shares constituting 0.63% of the registered capital.
Regulatory capital and other regulatory requirements
Total regulatory capital for the capital adequacy calculation came to
CZK 101.7 billion as of 31 December 2022. Capital adequacy stood at 19.5%.
Core Tier 1 (CET1) capital totalled CZK 98.6 billion and the Core Tier 1
ratio was 18.9%. Tier 2 capital summed to CZK 3.1 billion, which was 0.6% of
risk-weighted assets. On 10 October, KB exercised a call option and repaid the
subordinated debt of EUR 100 million from 2017. At the same time, it took on a
new subordinated debt of EUR 100 million with a maturity of 10 years and an
option to repay after 5 years. The interest rate of this loan is stipulated at
3M EURIBOR plus 3.79%, using the actual/360 day count convention.
As of 1 January 2023, Komerční banka's overall capital requirements (OCR)
come to approximately 17.4%. The minimum required level of CET1 is 12.6%, and
the minimum Tier 1 capital ratio stands at 14.7%.
The CNB announced an additional hike in the countercyclical buffer
requirement, by 50 bps with effect from April 2023, to 2.5%. Assuming no
further changes, as from 1 April 2023, the minimum OCR will reach
approximately 17.9%, the minimum CET1 ratio 13.1%, and the minimum Tier 1
ratio 15.2%.
KB Group's Liquidity Coverage Ratio came to 160% as of 31 December 2022. The
applicable regulatory minimum is 100%.
Effective from 1 January 2022, KB Group is required to comply with a minimum
requirement for own funds and eligible liabilities (MREL) equal to 14.4% of
the consolidated total risk exposure and 4.46% of the consolidated total
exposure. Based on the CNB general approach,(( 17 (#_ftn17) )) MREL is
expected to reach 21.2% of the consolidated total risk exposure and 5.91% of
the consolidated total exposure with effect as of 1 January 2024. The MREL
requirement is defined as a sum of the amount of loss absorption and
recapitalisation. In addition to the MREL, expressed as a percentage of
risk-weighted assets, the Group must also fulfil the combined capital buffer.
According to current regulations and the criteria from the supervisor, this
requirement stands at 6.50% as of 1 January 2023.
In the so-called "single point of entry" resolution strategy, KB intends to
fulfil its MREL requirements by accepting senior non-preferred loans from
Société Générale S.A. As of 31 December, KB accepted such loans in a total
principal volume of EUR 1.5 billion.(( 18 (#_ftn18) ))
Expected development and main risks to that development in 2023
Given the high level of uncertainty and risks related to projecting future
business results, investors should exercise caution and judgement before
making their investment decisions while considering these forward-looking
estimates and targets.
KB Group is continuously monitoring and evaluating potential influences upon
its activities and upon its clients of the current crisis caused by Russia's
invasion of Ukraine launched on 24 February 2022. Although its direct exposure
to Russia and Ukraine is limited, the Group is also evaluating indirect
impacts (e.g. dependency on energy resources and raw materials, supply chain
disruptions). As may be necessary and appropriate, the Group will respond to
the changing situation by adjusting its policies (e.g. risk, operational,
accounting), including possible adjustments to provisions and reserves in
accordance with the IFRS 9 standard.
After the Czech economy had probably overcome a shallow recession in the
second half of 2022, it is expected to grow marginally in 2023. Household
consumption, affected by the decline in real wages, will remain weak. On the
other hand, fixed investments should expand somewhat, supported by the energy
transition and by utilisation of funds of the European Union.
Although inflation will decelerate, its average rate during the year will
still be exceeding 10%. Unemployment is expected to increase just slightly and
the labour market will remain tight. The growth in nominal wages will
accelerate, albeit not enough to match the rise in consumer prices.
The Czech National Bank is likely to keep interest rates at their current
levels (7% repo rate) until the second half of the year, when it could start
to reduce them gradually.
The CNB has announced that it would boost the requirement for countercyclical
capital buffer on Czech exposures of banks to the maximum level of 2.5%,
effective from April 2023. During 2023, the increase comes in two steps, in
January and April, by 50 basis points in each case. KB will also continue
gradually taking loans from Société Générale in order to meet the
regulatory requirements for own funds and eligible liabilities (MREL) from the
EU's banks recovery and resolution directive (as the concept of single point
of entry is applied within the SG Group).
In December 2022, the Parliament approved a bill introducing a new tax
impacting several banks, including Komerční banka. This so-called "windfall
tax" will be applied to profits of selected banks generated in the years 2023,
2024, and 2025. The windfall tax rate of 60% is constructed as a surcharge on
top of the standard 19% tax rate, which means that the effective tax rate for
the "windfall" part of the profit is 79%. Windfall is defined as a difference
between the income tax base (profit before tax) of the respective year and the
average profit before tax in the four years 2018-2021, increased by 20%. The
windfall tax is imposed on (standalone) banks with net interest income that
had exceeded CZK 6 billion in 2021. Within KB Group, it applies to standalone
Komerční banka. Given the income tax base of standalone KB in 2018, 2019,
2020, and 2021, the windfall tax base comes to CZK 15.8 billion. According to
the projections for the financial results detailed below, the new tax's impact
in 2023 should be limited.
The banking market for loans will absorb a combination of effects, including
quite dynamic nominal indicators but rather sluggish real growth rates. Total
lending on the market should decelerate to a mid-single-digit year-on-year
percentage rate. The outstanding volumes of housing loans are expected to
record only marginal gains as the production of new housing loans dropped
significantly during 2022. Consumer credit expansion should slow slightly to a
mid-single-digit pace, as the burden from weak consumer confidence levels will
be offset by the still favourable labour market situation. Lending to
businesses and other corporations should rise at a mid-single-digit pace,
driven by investment activity and supported even by partial return of clients
to banking loans from debt capital markets.
Growth in the volume of deposits on the market will hover around mid-single
digits in total. The pace of expansion in deposits from individuals will be
slower, as some households continue to tap their reserves to cover increased
costs of living. Businesses, on the other hand, have mostly been able to
protect their profitability margins and ability to generate cash. Several
players on the market for deposits have adopted aggressive pricing policies,
mainly during the second half of 2022. This situation may last as long as the
market interest rates stay very high.
Komerční banka will continue implementing the changes in accordance with its
KB2025 programme that had been announced in November 2020. An introduction to
clients of the new value proposition embodied in KB's new digital bank will
constitute a crucial milestone along the transformation journey.
In this context, KB management expects that the Group's loan portfolio will
record a mid-single-digit growth rate for 2023. The outstanding volume of
housing loans should still expand slightly, and the volume of new sales of
these loans should not fall further in comparison with 2022. Consumer lending
should grow faster, with expected return of consumer confidence and
improvements in the offer and the sales process. The corporate loan book
should grow at a mid-single-digit pace, as KB aims to confirm the gains
recently achieved in its market share of business loans.
Total deposit balances are expected to expand at an upper-mid-single-digit
pace, slightly faster than do the loans. Deposits of corporate clients may
grow somewhat faster than do volumes in the retail segments. The growth in
term deposits will probably still outpace that in current accounts by a large
margin.
Following a recovery from the pandemic lows in 2022, KB Group's total net
operating income for 2023 should reach a level similar to that in the previous
year. Net interest income will probably retreat somewhat, mainly due to higher
average costs of deposits. Net fees and commissions should improve by
mid-single digits, driven mainly by dynamic development of the volumes in
mutual funds. The net profit on financial operations will likely grow
meaningfully, propelled by gains from currency conversions related to
travelling and hedging of financial risks for clients, but also due to a
shifting allocation of trading gains from interest income to financial
operations, which reflects movements in interest rates in different
currencies.
As ever, operating expenses remain under tight control and the figure for the
full year will rise at an upper mid-single-digit pace, thus by much less than
the rate of inflation. The Group will continue its transformation, which
consists in investing into building the new digital infrastructure, overall
simplification, and decreasing the numbers of employees and premises in use.
The management has agreed with the trade unions on increasing wages by an
average 5% from Aprill 2023 on a constant staff basis. Depreciation and
amortisation charges will be growing at a high-single-digit pace, in
reflection of the investments in digital transformation. Regulatory levies for
the Resolution and Deposit insurance funds will be decided by the CNB, but
they should reflect the recently decelerated dynamics of deposits in the
banking system. Other administrative costs will be offsetting the effects of
the high inflation by the ongoing optimisation of operations.
Cost of risk will be influenced by several factors, including in particular
the still-high inflation and energy costs, slower economic growth, and higher
interest rates. Certain impacts from such environment had already been
anticipated in provisioning during 2022. Reflecting the resilient credit
profile of KB's asset portfolio, the cost of risk in 2023 should not exceed
the estimated normalised level of around 30 basis points across the whole
business cycle.
The key risks to the expectations described above consist in further
escalation of the war in Ukraine and its economic repercussions, as well as
rapid decline in consumption. Generally, the open Czech economy would be
sensitive to a worsening external economic environment, as well as to abrupt
changes to relevant exchange and interest rates or to monetary or fiscal
policies. The possible disruption of gas supplies remains a risk, but its
significance has diminished.
Management expects that KB's operations will generate sufficient profit in
2023 to cover the Group's capital needs ensuing from its growing volume of
assets as well as to pay out dividends.
ANNEX: Consolidated results as of 31 December 2022 under International
Financial Reporting Standards (IFRS)
Reported Recurring
FY 2021 FY 2022 Change FY 2021 FY 2022 Change
YoY
YoY
(CZK million, unaudited)
Net interest income 21,795 28,632 31.4% 21,795 28,632 31.4%
Net fee and commission income 5,711 6,121 7.2% 5,711 6,121 7.2%
Net profit on financial operations 3,630 3,666 1.0% 3,630 3,666 1.0%
Dividend and other income 210 213 1.4% 210 213 1.4%
Net banking income 31,346 38,632 23.2% 31,346 38,632 23.2%
Personnel expenses (7,539) (7,734) 2.6% (7,539) (7,734) 2.6%
General admin. expenses (excl. regulatory funds) (3,715) (3,965) 6.7% (3,715) (3,965) 6.7%
Resolution and similar funds (1,041) (1,292) 24.1% (1,041) (1,292) 24.1%
Depreciation, amortisation and impairment of operating assets (2,803) (3,023) 7.8% (2,803) (3,023) 7.8%
Total operating expenses (15,099) (16,014) 6.1% (15,099) (16,014) 6.1%
Operating profit 16,247 22,618 39.2% 16,247 22,618 39.2%
Impairment losses (775) (1,109) +/- (775) (1,109) +/-
Net gain from loans and advances transferred and written off 44 (72) +/- 44 (72) +/-
Cost of risk (731) (1,181) 61.6% (731) (1,181) 61.6%
Net operating income 15,516 21,437 38.2% 15,516 21,437 38.2%
Income from share of associated companies 221 150 (32.1%) 221 150 (32.1%)
Net profit/(loss) on subsidiaries and associates 25 73 >100% 25 73 >100%
Net profits on other assets 258 111 (57.0%) 258 111 (57.0%)
Profit before income taxes 16,020 21,771 35.9% 16,020 21,771 35.9%
Income taxes (3,028) (3,998) 32.0% (3,028) (3,998) 32.0%
Net profit for the period 12,992 17,773 36.8% 12,992 17,773 36.8%
Profit attributable to the Non-controlling owners 265 217 (18.1%) 265 217 (18.1%)
Profit attributable to the Group's equity holders 12,727 17,556 37.9% 12,727 17,556 37.9%
Statement of financial 31 Dec 2021 31 Dec 2022 Ytd
position
(CZK million, unaudited)
Assets 1,244,353 1,304,063 4.8%
Cash and current balances with central bank 29,947 14,190 (52.6%)
Loans and advances to banks 257,196 233,398 (9.3%)
Loans and advances to customers (net) 724,587 781,463 7.8%
Securities and trading derivatives 190,924 226,848 18.8%
Other assets 41,699 48,164 15.5%
Liabilities and shareholders' equity 1,244,353 1,304,063 4.8%
Amounts due to banks 83,372 85,176 2.2%
Amounts due to customers 956,929 950,692 (0.7%)
Securities issued 13,666 12,156 (11.0%)
Subordinated and senior non preferred debt 2,490 38,694 >100%
Other liabilities 61,114 93,910 53.7%
Total equity 126,782 123,435 (2.6%)
Key ratios and indicators 31 Dec 2021 31 Dec 2022 Change year on year
Capital adequacy (CNB) 21.3% 19.5% q
Tier 1 ratio (CNB) 20.9% 18.9% q
Total risk-weighted assets (CZK billion) 484.4 523.0 8.0%
Risk-weighted assets for credit risk (CZK billion) 400.2 430.8 7.7%
Net interest margin (NII / average interest-bearing assets)III 1.9% 2.4% p
Loans (net) / deposits ratioIV 76.4% 85.2% p
Cost / income ratioV 48.2% 41.5% q
Return on average equity (ROAE)VI 10.7% 14.4% p
Return on average Tier 1 capitalVII 12.8% 17.6% p
Return on average assets (ROAA)VIII 1.1% 1.4% p
Earnings per share (CZK)IX 67.4 93.0 37.9%
Average number of employees during the period 7,687 7,503 (2.4%)
Business performance in retail segment - overview 31-Dec-22 Change year on year
CZK bil.
Mortgages to individuals - volume of loans outstanding 268.7 2.3%
Building savings loans (MPSS) - volume of loans outstanding 85.3 12.1%
Consumer loans (KB + ESSOX + PSA Finance) - volume of loans outstanding 34.8 4.6%
Small business loans - volume of loans outstanding 46.8 (2.4%)
Insurance premiums written (KP) 6.9 (5.7%)
Senior non-preferred loans as of 31 December 2022:
Issue Principal Call option date* Interest rate (ACT/360)
27 Jun 2022 EUR 250m 28 Jun 2027 3M Euribor + 2.05%
21 Sep 2022 EUR 250m 21 Jun 2026 1M Euribor + 1.82%
21 Sep 2022 EUR 250m 21 Sep 2029 1M Euribor + 2.13%
9 Nov 2022 EUR 250m 9 Nov 2025 1M Euribor + 2.05%
9 Nov 2022 EUR 250m 9 Nov 2027 1M Euribor + 2.23%
9 Nov 2022 EUR 250m 9 Nov 2028 3M Euribor + 2.28%
* Maturity date is one year after the call option excise date.
Subordinated debt as of 31 December 2022:
Issue Principal Call option date* Interest rate (ACT/360)
10 Oct 2022 EUR 100m 11 Oct 2027 3M Euribor + 3.79%
* Maturity date is one year after the call option excise date.
Financial calendar:
12 May 2023 1Q 2023 results
3 August 2023 1H and 2Q 2023 results
3 November 2023 9M and 3Q 2023 results
Definitions of the performance indicators mentioned herein:
I.
Housing loans: mortgages to individuals provided by KB + loans to clients
provided by Modrá pyramida;
II.
Cost of risk in relative terms: annualised 'Allowances for loan losses'
divided by the average of 'Gross amount of client loans and advances', year to
date;
III.
Net interest margin (NIM): 'Net interest income' divided by average
interest-earning assets (IEA) year to date. IEA comprise 'Cash and current
balances with central banks' ('Current balances with central banks' only),
'Loans and advances to banks', 'Loans and advances to customers', 'Financial
assets held for trading at fair value through profit or loss' (debt securities
only), 'Non-trading financial assets at fair value through profit or loss'
(debt securities only), 'Financial assets at fair value through other
comprehensive income' (debt securities only), and 'Debt securities';
IV.
Net loans to deposits: ('Net loans and advances to customers' inclusive of
debt securities held by KB and issued by the Bank's clients less 'reverse repo
operations with clients') divided by the quantity ('Amounts due to customers'
less 'repo operations with clients');
V.
Cost to income ratio: 'Operating costs' divided by 'Net operating income';
VI.
Return on average equity (ROAE): annualised 'Net profit attributable to the
Group's equity holders' divided by the quantity average group 'shareholders'
equity' less 'Minority equity', year to date;
VII.
Return on average Tier 1 capital: annualised 'Net profit attributable to the
Group's equity holders' divided by average group 'Tier 1 capital', year to
date;
VIII.
Return on average assets (ROAA): annualised 'Net profit attributable to the
Group's equity holders' divided by average 'Total assets', year to date;
IX.
Earnings per share: annualised 'Net profit attributable to the Group's equity
holders' divided by the quantity average number of shares issued minus average
number of own shares in treasury.
Reconciliation of 'Net interest margin' calculation, (CZK million,
consolidated, unaudited):
(source: Profit and Loss Statement) FY 2022 FY 2021
Net interest income income, year-to-date 28,632 21,795
Of which:
Loans and advances at amortised cost 51,842 20,713
Debt securities at amortised cost 3,187 2,065
Other debt securities 559 681
Financial liabilities at amortised cost (22,194) (2,288)
Hedging financial derivatives - income 37,176 11,697
Hedging financial derivatives - expense (41,938) (11,074)
(source: Balance Sheet) 31-Dec-22 31-Dec-21 31-Dec-21 31-Dec-20
Cash and current balances with central banks / Current balances with central 6,167 21,455 21,455 15,050
banks
Loans and advances to banks 233,398 257,196 257,196 262,606
Loans and advances to customers 781,463 724,587 724,587 679,956
Financial assets held for trading at fair value through profit or loss / Debt 9,968 8,696 8,696 3,342
securities
Non-trading financial assets at fair value through profit or loss / Debt 132 135 135 279
securities
Financial asset at fair value through other comprehensive income (FV OCI) / 30,119 35,509 35,509 40,151
Debt securities
Debt securities 139,276 114,078 114,078 92,839
Interest-bearing assets (end of period) 1,200,524 1,161,656 1,161,656 1,094,223
Average interest-bearing assets, year‑to-date 1,181,090 1,127,939
NIM year-to-date, annualised 2.42% 1.93%
(( 1 (#_ftnref1) )) Including debt securities issued by KB's corporate
clients. The volume of reverse repo operations with clients as of 31 December
2022 as well as of 31 December 2021 was nil.
(( 2 (#_ftnref2) )) Excluding repo operations with clients. The total volume
of 'Amounts due to customers' moved down by 0.7% to CZK 950.7 billion.
(( 3 (#_ftnref3) )) Unless stated otherwise, data sources for this section:
Czech Statistical Office, Czech National Bank, KB Economic Research.
Comparisons are year on year.
(( 4 (#_ftnref4) )) The latest available data for the third quarter showed
wage inflation picking up to +6.1% year on year (down by (9.8%) in real
terms).
(( 5 (#_ftnref5) ))
https://ec.europa.eu/eurostat/documents/2995521/15893630/3-01022023-BP-EN.pdf/e907214e-5496-dfa0-cd00-2d68dbf62f2b?version=1.0&t=1675170911446
(https://ec.europa.eu/eurostat/documents/2995521/15893630/3-01022023-BP-EN.pdf/e907214e-5496-dfa0-cd0)
Data as of December 2022.
(( 6 (#_ftnref6) )) https://www.mpsv.cz/web/cz/mesicni
(https://www.mpsv.cz/web/cz/mesicni) . Data as of December 2022.
(( 7 (#_ftnref7) )) Source: ARAD statistics of the CNB, www.cnb.cz.
(( 8 (#_ftnref8) )) Source:
https://www.czso.cz/csu/czso/indices-of-realized-flat-prices-3-quarter-of-2022
(https://www.czso.cz/csu/czso/indices-of-realized-flat-prices-3-quarter-of-2022)
Publication code 014007-22, released 14 December 2022.
(( 9 (#_ftnref9) )) Source:
https://ec.europa.eu/eurostat/databrowser/view/prc_hpi_q/default/table?lang=en
(https://ec.europa.eu/eurostat/databrowser/view/prc_hpi_q/default/table?lang=en)
(( 10 (#_ftnref10) )) Source of data on banking market developments: ARAD
statistics of the CNB, www.cnb.cz.
(( 11 (#_ftnref11) )) Source of data on banking market developments: ARAD
statistics of the CNB, www.cnb.cz.
(( 12 (#_ftnref12) )) Including debt securities issued by KB's corporate
clients. There were no reverse repo operations with clients to report as of 31
December 2022 or 31 December 2021.
(( 13 (#_ftnref13) )) Inclusive of factor finance outstanding at Factoring KB
and merchant and car dealers' financing from ESSOX Group.
(( 14 (#_ftnref14) )) Excluding volatile repo operations with clients. The
total volume of 'Amounts due to customers' decreased by0,7 year on year to CZK
950,7 billion.
(( 15 (#_ftnref15) )) Gross volume of loans reduced by the volume of
provisions for loan losses.
(( 16 (#_ftnref16) )) Recalculated to a full-time equivalent number.
(( 17 (#_ftnref17) ))
https://www.cnb.cz/en/resolution/general-approach-of-the-czech-national-bank-to-setting-a-minimum-requirement-for-own-funds-and-eligible-liabilities-mrel/
(( 18 (#_ftnref18) )) An overview of senior non-preferred tranches to meet
the MREL requirements is in the Annex.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END FR UPUWGPUPWPPMRecent news on Komercni Banka as
See all newsREG - Komercni Banka - Extension of the mandate of the BoD member
AnnouncementREG - Komercni Banka - 3rd Quarter Results
AnnouncementREG - Komercni Banka - Principal Shareholders 3Q 2024
AnnouncementREG - Komercni Banka - Half-year Report
AnnouncementREG - Komercni Banka - Half-year Report
Announcement