23/09/2020 PPF banka announces profit of CZK 1.201 billion for the first half of 2020

PPF banka has published its 1H 2020 results; the key highlights are:

• PPF banka reported net profit of CZK 1.201 billion for 1H 2020. This represents an increase of 14% compared with the same period last year (CZK 1.053 billion as of 30 June 2019);
• The capital adequacy ratio increased by 1.7% to 20%;
• PPF banka’s total assets amounted to CZK 220.2 billion.

In the first half of 2020, PPF banka exercised greater prudence when assessing new loans it was providing. The bank also very quickly became involved in providing help to its current and new clients through the COVID III and COVID Plus schemes of guaranteed loans.

“For the first half of this year, we successfully maintained the Bank’s stable financial results despite the fact that, due to COVID-19, we had to implement significant prudential provisions,” said Petr Jirásko, the CEO of PPF banka. “We remain dedicated and highly focused on our current clients who are facing the consequences of the measures imposed to stop the spread of COVID-19, and are in discussions with them about potential modifications to their payment schedules and the provision of bridging loans,” Petr Jirásko comments on the current situation.

At the 30 June 2020, PPF banka’s total comprehensive income was CZK 1.5 billion. Net profit after tax was after CZK 1.201 billion. On 30 June 2020, the Bank’s assets amounted to CZK 220.2 billion.