Air Bank reports net profit of CZK 268 million and 106,000 new clients for 2015
Audited consolidated results of Air Bank a.s. as at 31 December 2015 under IFRS:
For the second year in a row, in 2015 Air Bank generated a profit. The bank reported consolidated full year net profit of CZK 268 million, a decrease of 14% year on year. The decline was mainly attributable to the difficult economic environment combined with rapid growth in the number of client deposits. Due to the sharp increase in new customers, Air Bank paid more than CZK 600 million in interest last year alone.
At the end of 2015, the total number of customers rose 33% to 424,000. Air Bank was the fastest growing bank in the Czech market in absolute terms last year, adding more than 106,000 new clients. Retail deposit growth continued as the volume of deposits in current and savings accounts increased 27% to CZK 69.4 billion. The total volume of loans in Air Bank’s portfolio grew 8% to CZK 27 billion.
In 2015, Air Bank’s net banking income (NBI), net of loan losses, increased 3% year on year to CZK 1.7 billion. General administrative and overhead costs grew 13% year on year to CZK 1.4 billion, primarily due to the aggressive expansion of the bank’s branch network.
Last year saw a 23% surge in Air Bank’s total assets year on year to CZK 77.2 billion, and an 8% increase in equity to CZK 5.1 billion at the end of 2015.
Key financial and business results of Air Bank a.s. as at 31 December 2015
|Key ratios (CZKm)||31 Dec 2014||31 Dec 2015||YoY change|
|NBI net of loan losses||1,624||1,667||3%|
|Administrative and overhead costs||(1,999)||(1,358)||13%|
|Other key performance indicators||31 Dec 2014||31 Dec 2015||YoY change|
|Number of clients||317,876||424,024||33%|
|Number of current accounts||277,115||410,087||48%|
|Number of savings accounts||215,359||283,965||32%|
|Volume of deposits||CZK 54.7bn||CZK 69.4bn||27%|
|Volume of loans||CZK 25.1bn||CZK 27.0bn||8%|
|Number of employees||563||669||19%|
|Number of branches||24||31||+ 7|
|Number of ATMs||52||72||+ 20|