Moneta Money Bank Raises 2024 Profit Outlook, Keeps Medium: term target

Moneta Money Bank, A.s

24/10/2024 09:04

PRAGUE, Oct 24 (Reuters) - Czech lender MONETA Money
Bank  MONET.PR  increased its 2024 profit target to 5.6 billion
crowns ($239.25 million) on Thursday after reporting a slight
rise in third-quarter earnings.
    The bank, the country's sixth biggest, said better operating
income, stable expenses and subdued loan provisioning would give
an extra boost to earnings this year. 
    MONETA had previously targeted a 5.2 billion crown profit in
2024. It reported profit of 4.2 billion in the first nine months
of this year on Thursday.
    The bank said it would maintain its medium-term outlook,
expecting a 5.3 billion crown profit in 2025, despite a recent
Czech National Bank decision to double the minimum reserve
requirement for banks.
    MONETA estimated the requirement would cut net interest
income by an annual 200 million to 300 million crowns in 2025
and in the following years.
    "We will absorb this setback without changing the guidance,"
Chief Executive Tomas Spurny said, adding opportunities in
wealth management products, lending and other growth areas would
help to compensate the negative impact. 
    The raised guidance for 2024 comes after MONETA this month
announced an extraordinary dividend due to its solid capital
position. Shareholders will vote on the proposal in November.
    Shares have climbed to all-time highs in the past week and
were up 0.9% at 116.80 crowns in mid-morning trade.

($1 = 23.4060 Czech crowns)

 (Reporting by Jason Hovet
Editing by Tomasz Janowski)
 ((jason.hovet@thomsonreuters.com;))