Air Bank reports first quarter profits of CZK 35 million and now has more than 450,000 customers
Unaudited results of Air Bank a.s. on a standalone basis as at 31 March 2016 under IFRS:
Air Bank started the year with another profit-making quarter. For the first quarter 2016, the bank reported a profit of CZK 35 million. On a year-on-year basis, Air Bank’s profit declined 73%, due to the persisting difficult economic environment, as well as a decrease in income from card fees caused by new legislation.
The number of the bank’s customers rose rapidly, surging 32% year on year to 452,000 at the end of March 2016. The volume of deposits increased 25% year on year to CZK 71.9 billion, while the net loan portfolio increased 7% to CZK 27.5 billion. Air Bank’s total assets grew 22% year on year to CZK 79.2 billion. The bank’s equity rose 3% to CZK 5 billion.