In the first half of this year, the gross net profit of banks and savings banks in the Czech Republic increased by CZK 23.6 billion year on year to CZK 54.61 billion. This comes from data published by the Czech National Bank. Bank assets amounted to 9.624 trillion kroner at the end of June, up 1.1 trillion from the end of the year.




Prague

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CNB | Photo: Michaela Danilova | Source: iROZHLAS.cz

In the first six months, profit from banks’ financial and operating activities rose by 30.2 billion year on year to 117.7 billion crowns. Its interest income increased by 104.6 billion to 186.1 billion crowns. Their income from fees and commissions increased by 3.2 billion to 26.1 billion crowns.


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In connection with the energy crisis and the rise in electricity and gas prices, the government is considering imposing an unexpected tax on banks. Details of the plan have not yet been released. Finance Minister Zbyněk Stanjura (ODS) previously spoke about the fact that it should concern energy companies, banks and refineries. Next year, it could bring about 70 billion kroner to the budget.

“The first half of the year was very good for the banks. Financial houses benefited from higher interest rates, which helped to revalue some loans and increase reinvestment income from deposits with the National Central Bank. Despite the inevitable cooling of the economy, the banks have not yet increased the formation of reserves, and the cost of risk remains low,” said Cyrus analyst Tomasz Weiler. According to him, the effect of the low comparative base also played a role in the increase. In the first half of 2021, their earnings were very low in response to the shaky recovery after the coronavirus outbreak.

Komerční bank’s net profit rose 60 percent year-on-year to CZK 8.426 billion, and ČSOB Group rose 52 percent to CZK 10.1 billion. In the case of Česká spořitelna, it was 67 percent year on year to 11 billion crowns. Moneta Money Bank’s net profit rose 101 percent to 2.9 billion crowns, and Raiffeisen Bank’s net profit rose 78 percent to more than three billion crowns. Czech and Slovak bank UniCredit reported a net profit of 4.2 billion crowns, an increase of 45 percent.

CTK

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