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Moneta Stavebni Sporitelna - Takeaways from 3Q2022 Results

Jiří Staník
December 9, 2022

Moneta Stavebni Sporitelna rose its net profit 5.7% to CZK 165 mil in 3Q2022 and generated ROE of 25.4%.

Revenues increased 1.19% yoy and cost rose 150%, so cost to income increased to 21.2%

Cost of risk was again negative at -0.783% of loans and loan to deposit ratio increased to 55.3%

Revenues & Costs

Revenues increased only 1.19% yoy to CZK 215 mil in the third quarter driven by net interest income (up 2.22% yoy) and fee growth (5.0% yoy). When compared to three years ago, revenues were down 24.2%:

Net interest margin increased 0.055 pp to 2.03% of total assets. Average asset yield was 3.65% in the third quarter of 2022 (up from 3.09% a year ago) while cost of funding amounted to 1.75% in 3Q2022 (up from 1.19%).

Costs increased by 150% yoy due only to a base effect (negative depreciation cost last year). Staff cost fell 37.2% as the bank reduced number of people by more than a third while other cost rose less than 2.0% yoy. As a result, cost to income reached impressive 21.2% in the last quarter:

Loans, Deposits and Capitalization

Moneta Stavebni Sporitelna's loans grew 0.54% qoq and 2.49% yoy  while deposits fell 2.41% qoq and 2.34% yoy. That’s compared to average of -2.19% and -0.340% average annual growth seen in the last three years.

At the end of third quarter of 2022, Moneta Stavebni Sporitelna's loans accounted for 55.3% of total deposits and 49.7% of total assets.

Retail loans grew 0.762% qoq and were 3.46% up yoy and accounted for 94.1% of the loan book at the end of the third quarter of 2022:

We estimate that Moneta Stavebni Sporitelna has lost 0.020 pp market share in the last twelve months in terms of loans (holding 0.408% of the market at the end of 3Q2022). On the funding side, the bank seems to have lost 0.049 pp and held 0.467% of the deposit market:

The Bank has written back further CZK 32 mil in the last quarter (fourth consecutive quarter of negative provisioning), so cost of risk reached -0.783% of average loans. High provision coverage (169% last year, some 120% now on our estimates) could be the reason. We also expect NPL ratio might have reached approximately 1.0% of total loans, down from 1.51% when compared to the previous year:

We estimate Moneta Stavebni Sporitelna's capital adequacy ratio reached 14.2% in the third quarter of 2022, up from 13.5% for the previous year. Bank equity accounted for 16.1% of loans:


Overall, Moneta Stavebni Sporitelna made a net profit of CZK 165 mil in the third quarter of 2022, up 5.70% yoy. Operating profit fell 12.8% yoy, but when adjusted for the negative depreciation charge last year, the underlying growth would have reached approximately 10% yoy. This means an annualized return on equity of 25.4%, or 33.7% when equity "adjusted" to 15% of risk-weighted assets:


Very good cost control and support from ongoing provision write-backs. The Bank seems to remain over-provisioned while asset quality remains good. Lack of top-line and volume growth remain the main things to watch.

Jiří Staník
Jiří Staník
CEO & Founder
He spent nearly two decades analysing companies in the region of Central and Eastern Europe, primarily in the area of financial services. Jiri built and headed Equity Research at Wood & Company, a Central European brokerage firm, and got several awards (such as The Best Equity Research or The Best Analyst by Euromoney).