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 Full Year 2018 Komercni Banka as Earnings Call UBS Investment Bank, Research Division - Associate Director and Analyst - European Banks Research * Samuel Magnum Goodacre

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Full Year 2018 Komercni Banka as Earnings Call UBS Investment Bank, Research Division - Associate Director and Analyst - European Banks Research * Samuel Magnum Goodacre Empty
PostSubject: Full Year 2018 Komercni Banka as Earnings Call UBS Investment Bank, Research Division - Associate Director and Analyst - European Banks Research * Samuel Magnum Goodacre   Full Year 2018 Komercni Banka as Earnings Call UBS Investment Bank, Research Division - Associate Director and Analyst - European Banks Research * Samuel Magnum Goodacre I_icon_minitimeMon Jul 22, 2019 7:32 pm

Full Year 2018 Komercni Banka as Earnings Call
Prague 1 Feb 13, 2019 (Thomson StreetEvents) -- Edited Transcript of Komercni Banka as earnings conference call or presentation Thursday, February 7, 2019 at 1:00:00pm GMT
TEXT version of Transcript
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Corporate Participants
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* Didier Luc Marie Dominique Colin
Komercní banka, a.s. - Senior Executive Director, Chief Risk Officer & Member of Management Board
* Jan Juchelka
Komercní banka, a.s. - Chairman of the Board & CEO
* Jirí Šperl
Komercní banka, a.s. - Executive Director of Strategy & Finance
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Conference Call Participants
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* Andrzej Nowaczek
HSBC, Research Division - Analyst
* Gabor Zoltan Kemeny
Autonomous Research LLP - Research Analyst
* Máté Nemes
UBS Investment Bank, Research Division - Associate Director and Analyst - European Banks Research
* Samuel Magnum Goodacre
JP Morgan Chase & Co, Research Division - Executive Director and Head of Emerging Market Europe, Middle East and Africa (CEEMEA) Banks
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Presentation
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Operator [1]
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Good afternoon, and welcome to the Komercní banka FY and Q4 2018 Results Call. Please note that the call is being recorded. (Operator Instructions) I would now like to hand you over to your host for the call, Jan Juchelka. Thank you.
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Jan Juchelka, Komercní banka, a.s. - Chairman of the Board & CEO [2]
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Hello. Good afternoon, everybody. Thank you for being with us. We are here in Prague, the entire Management Board of Komercní banka. And it's our pleasure to present to you the financial results of KB as of 31 December 2018.
Let me read you through the first part of the pages and turn your attention to Page #4. I'll just make a brief introduction of the context of the fourth quarter of 2018 and tackle a couple of points where there will be more detail -- more detailed information down the presentation.
First of all, let me say the -- we have continued our increasing number of KB Mobile Banking clients, which grew by 40% to 611,000 clients eligible to use the mobile banking, which makes the largest community at the Czech market of these clients.
In parallel with that, we have introduced in November 2018 the new authentication tool, which is named [KB Key] or KB Klíc in Czech language. During the first 2 months, there was 51,000 clients who activated this new feature. As of today, we are heading to almost double number of the users to 100,000.
We continue growing the clients base. The incremental growth was not tremendous, nonetheless, the net increase [went] up by another 3,000 clients year-over-year comparison to 1,668,000 clients. The group, as whole, in Czech Republic and Slovakia has 2.4 million clients.
The market was characterized by intense competition. In 2018, the total volume of KB Group's lending expanded by 4.7%., pace of growth similar both in the retail and business lending. The competition did not allow the banks to translate the 5 hikes of the base rates, interest rate provided by Czech National Bank during the year.
The overall volume of deposits within KB Group expanded by 5.2%. The bank deposits from individuals were higher by 10%.
KB reported 3.7% increase in revenues, mainly driven by the net interest income.
Recurring operating costs increased slower than the inflation, in spite of higher staff remuneration. Let me remind that the wage inflation went -- grew above 8% in 2018. The cost of risk discipline remained on the positive side, and we recorded a net release of provisions at the level of CZK 0.6 billion.
Recurring net profit improved by 5.8% on a year-over-year basis. And reported net profit, including one-offs, is almost stable at the level of minus 0.6%, which means that we have created attributable net profit at the level of CZK 14.8 billion without any significant or material one-off transactions, as it was the case back in 2017 when we sold our headquarters building in Prague, for example.
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Full Year 2018 Komercni Banka as Earnings Call UBS Investment Bank, Research Division - Associate Director and Analyst - European Banks Research * Samuel Magnum Goodacre
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