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    Air Bank finishes first half on a positive note with first half loss down 95% to CZK 15.1 million

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    The growing demand for Air Bank’s services was clearly visible in its financial results. In the first half of 2013 Air Bank’s loss decreased to CZK 15.1 million, a 95% improvement compared to the CZK 284 million loss for the same period in 2012. Air Bank plans to be in profit in 2015.

    “Building a bank from scratch and making it profitable within four years would be a resounding success, and we are on the right track to achieving this ambitious goal. Our CZK 323 million loss for FY 2012 was already only half the estimated level, and for FY 2013 it may be even lower, between CZK 150 and 200 million,” said Pavel Pfauser, Air Bank’s CFO.

    As at 30 June 2013, the number of Air Bank’s clients increased 223% year-on-year to more than 150,000. The biggest increase was in the number of current accounts which rose 340%. The volume of client deposits rose 133% year-on-year to CZK 44 billion. The loans with a reward for timely repayment, which Air Bank launched in October 2012, were also successful. By the end of June 2013, the bank had lent more than CZK 1.1 billion to more than 12,000 clients.

    Air Bank achieved the significant reduction to its loss for the most part by growing the funds from client deposits. Some of these deposits were invested profitably on the Czech and international bond markets, and Air Bank was successful in growing other deposits internally within the group. Gradually, the proportion of revenues from consumer loans also increased. Thanks to this, Air Bank posted an operating income of CZK 375.4 million for H1 2013.

    Consistent operating cost management was also a key factor in reducing the loss. Air Bank grew quickly, recruiting new employees and opening additional branches, yet costs increased only 20% year-on-year to CZK 386.8 million. “While our operating costs will continue to be closely managed, we expect more dynamic growth in operating income in the future. Thanks to this, we may turn a profit in as early as 2015,” concluded Pavel Pfauser.  

    Key ratios (in CZK ‘000) 30 June 2013 30 June 2013 YoY change
    Interest income 584,523 123,704 373%
    Interest expense (357,803) (132,748) 170%
    Net interest income 226,720 (9,044) 2,607 %
    Operating income 375,422 (27,441) 1,468%
    Operating costs (386,775) (323, 433) 20% 
    Loss before tax (11,333) (350,874) -97%
    Net loss -15 082 (284,231) -95%
    Total assets 47,201,653 21,597,973 119%
    Equity 2,826,894 1,405,579 101%
    Other interesting numbers 30 June 2013 30 June 2013 YoY change
    Number of clients 150,948 46,708 223%
    Number of current accounts 97,055 22,056 340%
    Number of saving accounts 123,970 43,141 187%
    Volume of loans CZK 1.14bn (since October 2012) (since October 2012)
    Volume of deposits CZK 44bn CZK 18.9bn 133%
    Number of employees 472 347 36 %
    Number of branches 20 16 +4
    Number of ATMs 42 34 +8
    Number of Sazka cash withdrawal points 4,300 (since April 2013) (since April 2013)

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