UniCredit Bank Czech Republic Releases Net Profit For 2008

UniCredit Bank Czech Republic's profit after tax increased from CZK 2,933 million (for Q1−4 2007) to CZK 4,911 million (for Q1−4 2008). "In 2008, UniCredit Bank Czech Republic operated on the Czech financial market for its first full year as

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UniCredit Bank Czech Republic’s profit after tax increased from CZK 2,933 million (for Q1−4

2007) to CZK 4,911 million (for Q1−4 2008).

“In 2008, UniCredit Bank Czech Republic operated on the Czech financial market for its first full year as a unified bank following the integration of Živnostensk banka and HVB Bank,” says Jiř Kunert, CEO and chairman of the board of directors of UniCredit Bank Czech Republic. “The bank’s financial result is indicative of a very successful year, supported by significant growth in financing both the economy and the population as well as by rigorous control over the bank’s expenses.

The 67.4% growth in net profit also was aided by the sale of the bank’s shares in Hypo stavebn spořitelna and the Prague Stock Exchange. Even without this one-off income, however, the bank grew beyond the established targets. The end of 2008 proved already to be difficult. On the other hand, UniCredit Bank confirmed that it is prepared to face the worsened economic conditions in the Czech Republic – and that is seen especially in the great potential that is the knowledge base of its employees, who communicate with their clients, find solutions to overcome difficulties and support their clients’ activities.”

UniCredit Bank Czech Republic’s net interest, fee and commission income rose year on year to CZK 9,119 million, which represents an increase of 10.3% compared to the same period of the previous year (Q1-4 2007: CZK 8,268 million).

General administrative expenses decreased by 9.3% to CZK 3,933 million (Q1-4 2007: CZK 4,337 million).

As of 31 December 2008, UniCredit Bank Czech Republic’s total assets amounted to CZK 278,681 million, an increase of 5.5% over the figure as of 31 December 2007 (CZK 264,097 million). On the assets side of the balance sheet, loans and advance to customers rose by 14.9% to the total of CZK 173,856 million compared with the level as of 31 December 2007 (CZK 151,320 million).

On the liabilities and equity side, amounts due to customers decreased by 2.5% to CZK 170,770 million (31 December 2007: CZK 175,160 million). Liabilities from debt securities increased by 30.6% to CZK 37,270 million (31 December 2007: CZK 28,536 million). The bank’s equity grew compared to year-end 2007 (CZK 23,143 million) by 16.9% to CZK 27,063 million

D.C.

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