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MONETA Money Bank

Banking > Czech Republic > MONETA Money Bank
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MONETA Money Bank

MONETA Money Bank is the 8th largest bank in the Czech Republic. Since its acquisition of the troubled Agrobanka in 1997, the bank has developed a branch network and client base (now amounting to over 200 branches and 600 ATMs), though its focus has been shifting towards purely consumer finance in the last decade. Now, with over 1 million retail clients, the bank is primarily focused on consumer finance, ranging from instalment payments,

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MONETA Money Bank is the 8th largest bank in the Czech Republic. Since its acquisition of the troubled Agrobanka in 1997, the bank has developed a branch network and client base (now amounting to over 200 branches and 600 ATMs), though its focus has been shifting towards purely consumer finance in the last decade. Now, with over 1 million retail clients, the bank is primarily focused on consumer finance, ranging from instalment payments, leasing, credit cards and consumer lending to mortgage loans, although less so for the latter in recent years. The strategy is reflected in the bank's financials. its net interest margin is three times the market average (6.53% in 2012), while non-performing loans accounted for nearly 16% of total loans, reflecting the products and clients the bank has been focusing on

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AnnualQuarterly
summary Unit
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

income statement

... ...                       8,944 9,075 9,828 9,385 9,310    
... ...                       12,617 12,775 13,574 12,631 12,102    
... ...                       7,184 7,385 7,995 7,183 6,569    
...                         3,899 3,817 4,259 4,180 4,506    

balance sheet

... ...                       2,555 3,838 1,114 533 139    
... ...                       97,180 96,328 97,493 107,197 108,437    
... ...                       17,151 8,856 22,835 20,401 13,277    
...                         141,708 137,034 134,622 143,403 140,037    
... ...                       29,810 33,839 38,047 42,583 27,839    
... ...                       267 378 123 247 289    
...                         108,661 98,612 93,641 97,006 108,698    
... ... ... ...                   0.000 0.000 5.00 16.0 8.00    

ratios

... ...                       14.0% 12.0% 11.8% 10.4% 12.8%    
...                         2.76% 2.74% 3.14% 3.01% 3.18%    
... ...                       3.85% 3.87% 4.11% 3.92% 3.90%    
... ...                       43.1% 42.2% 41.1% 43.1% 45.7%    
                          17.1% 20.0% 23.7% 27.8% 17.7%    
... ...                       6.34% 6.51% 7.24% 6.75% 6.57%    
... ...                       70.9% 71.0% 72.4% 74.3% 76.9%    
... ...                       26.7% 25.5% 23.3% 21.2% 19.3%    
... ...                       44.2% 44.0% 40.8% 36.5% 40.5%    
... ...                       21.0% 24.7% 28.3% 29.7% 19.9%    
... ...                       89.4% 97.7% 104% 111% 99.8%    
... ...                       68.6% 70.3% 72.4% 74.8% 77.4%    
... ...                       15.9% 16.2% 14.8% 12.9% 11.7%    
... ...                       76.9% 76.9% 83.8% 83.0% 84.0%    

valuation

... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 510    
... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 8.84    
... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 54.6    
... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 8.84    
... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    

Download Data
income statement Unit
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

income statement

Interest Income CZK mil
Interest Cost CZK mil
Net Interest Income CZK mil
Net Fee Income CZK mil
Other Income CZK mil
Total Revenues CZK mil
Staff Cost CZK mil
Depreciation CZK mil
Other Cost CZK mil
Operating Cost CZK mil
Operating Profit CZK mil
Provisions CZK mil
Extra and Other Cost CZK mil
Pre-Tax Profit CZK mil
Tax CZK mil
Minorities CZK mil
Net Profit CZK mil
Dividends CZK mil
... ...                       10,223 10,019 10,385 9,670 9,522    
... ...                       1,278 944 557 285 212    
... ...                       8,944 9,075 9,828 9,385 9,310    
... ...                       3,363 3,260 3,158 2,674 2,336    
... ...                       310 440 588 572 456    
... ...                       12,617 12,775 13,574 12,631 12,102    
... ...                       2,402 2,373 2,275 1,991 2,243    
... ...                       601 753 531 479 520    
... ...                       2,429 2,265 2,773 2,978 2,770    
... ...                       5,433 5,390 5,579 5,448 5,533    
... ...                       7,184 7,385 7,995 7,183 6,569    
... ...                       13,407 13,673 13,836 12,900 11,778    
... ...                       0.000 9.61 0.000 0.000 0.000    
... ...                       4,997 4,758 5,441 5,441 5,720    
... ...                       1,098 941 1,182 1,261 1,214    
... ...                       0.000 0.000 0.000 0.000 0.000    
...                         3,899 3,817 4,259 4,180 4,506    
... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 19,700 4,506    

growth rates

... ... ...                     15.2% 1.46% 8.30% -4.51% -0.799%    
... ... ...                     6.11% -3.06% -3.13% -15.3% -12.6%    
... ... ...                     16.2% 1.25% 6.25% -6.95% -4.19%    
... ... ...                     14.7% -0.784% 3.51% -2.35% 1.56%    
... ... ...                     17.4% 2.79% 8.26% -10.2% -8.55%    
... ... ...                     29.8% -4.78% 14.3% 0.000% 5.13%    
... ...                       21.2% -2.11% 11.6% -1.85% 7.80%    

market share

... ...                       7.78% 7.64% 8.07% ... ... ... ...
... ...                       7.31% 5.94% 6.94% 6.66% ... ... ...
                          8.71% 8.30% 7.51% ... ... ... ...
... ... ...             ... ...   ... ... 9.96% 9.91% ... ... ... ...
... ... ...                   ... ... ... ... ... ... ... ...
... ... ... ... ... ... ... ... ... ... ...     ... ... ... ... ... ... ...
                          12.3% 12.4% 11.3% ... ... ... ...

Download Data
balance sheet Unit
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

balance sheet

... ...                       12,945 15,610 9,372 11,746 15,475    
... ...                       2,555 3,838 1,114 533 139    
... ...                       97,180 96,328 97,493 107,197 108,437    
... ...                       21,363 19,789 17,640 16,850 15,387    
... ...                       51,596 49,230 39,168 36,806 35,933    
... ...                       24,221 27,309 29,930 40,706 44,555    
... ...                       17,151 8,856 22,835 20,401 13,277    
... ... ... ... ...                 802 761 889 646 914    
...                         141,708 137,034 134,622 143,403 140,037    
... ...                       29,810 33,839 38,047 42,583 27,839    
... ...                       0.000 0.000 0.000 0.000 0.000    
... ...                       111,899 103,195 96,575 100,820 112,198    
... ...                       267 378 123 247 289    
...                         108,661 98,612 93,641 97,006 108,698    
... ...                       78,565 71,457 68,555 69,182 73,465    
... ...                       22,879 19,904 18,664 19,720 24,001    
... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 87,413 93,730 102,515    
... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 5,528 2,658 5,639    
... ... ... ...                   0.000 0.000 5.00 16.0 8.00    
... ... ... ...                   2,971 4,205 2,806 3,551 3,203    

asset quality

Non-Performing Loans CZK mil
Gross Loans CZK mil
Provisions CZK mil
... ...                       17,432 17,779 16,513 15,547 14,023    
... ...                       109,709 110,001 111,329 120,097 120,215    
... ...                       13,407 13,673 13,836 12,900 11,778    

growth rates

... ... ...                     -0.978% -0.877% 1.21% 9.95% 1.16%    
... ... ...                     -4.05% -5.40% -2.11% -1.59% -3.92%    
... ... ... ...                   -4.29% -7.37% -10.9% -4.48% -8.68%    
... ... ... ...                   -3.95% -4.59% -20.4% -6.03% -2.37%    
... ... ...                     9.60% 12.7% 9.60% 36.0% 9.46%    
... ...                       0.912% -3.30% -1.76% 6.52% -2.35%    
... ... ...                     14.7% 13.5% 12.4% 11.9% -34.6%    
... ...                       -2.13% -9.25% -5.04% 3.59% 12.1%    
... ... ...                     0.223% -9.05% -4.06% 0.915% 6.19%    
... ... ...                     -0.824% -13.0% -6.23% 5.66% 21.7%    

market share

... ...                       4.22% 4.08% 3.88% 4.07% ... ... ...
... ...                       2.93% 3.27% 3.45% 4.65% ... ... ...
... ...                       15.9% 15.2% 11.9% 11.1% ... ... ...
... ...                       6.64% 6.08% 5.71% 5.41% ... ... ...
... ...                       2.76% 2.44% 2.07% 1.87% ... ... ...
...                         3.07% 2.87% 2.59% 2.66% ... ... ...
...                         3.73% 3.15% 2.80% 2.82% ... ... ...
... ...                       4.59% 4.04% 3.78% 3.60% ... ... ...
... ...                       3.40% 2.78% 2.40% 2.35% ... ... ...

Download Data
ratios Unit
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

ratios

... ...                       14.0% 12.0% 11.8% 10.4% 12.8%    
...                         2.76% 2.74% 3.14% 3.01% 3.18%    
... ...                       3.85% 3.87% 4.11% 3.92% 3.90%    
... ...                       43.1% 42.2% 41.1% 43.1% 45.7%    
                          17.1% 20.0% 23.7% 27.8% 17.7%    
... ... ... ... ... ... ... ...           17.1% 20.0% 23.7% 27.8% 17.7%    
... ...                       6.34% 6.51% 7.24% 6.75% 6.57%    
... ... ...                     6.12% 6.31% 7.09% 6.67% 6.52%    
... ...                       7.25% 7.19% 7.65% 6.96% 6.72%    
... ... ...                     1.13% 0.877% 0.558% 0.289% 0.199%    
... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 471% 100%    
... ...                       70.9% 71.0% 72.4% 74.3% 76.9%    
... ...                       26.7% 25.5% 23.3% 21.2% 19.3%    
... ...                       2.45% 3.44% 4.33% 4.53% 3.77%    
... ...                       3,247 3,021 3,198 2,471 2,840    
... ...                       57,427 59,091 62,569 52,806 60,707    
... ...                       44.2% 44.0% 40.8% 36.5% 40.5%    
... ...                       21.0% 24.7% 28.3% 29.7% 19.9%    
... ...                       89.4% 97.7% 104% 111% 99.8%    
... ...                       68.6% 70.3% 72.4% 74.8% 77.4%    
... ...                       15.9% 16.2% 14.8% 12.9% 11.7%    
... ...                       76.9% 76.9% 83.8% 83.0% 84.0%    
... ...                       13.8% 14.2% 14.2% 12.0% 10.9%    
... ...                       2.24% 2.70% 2.64% 1.70% 0.787%    

Download Data
other data Unit
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

other data

                          253 260 252 243 236    
                          3,486 3,346 3,030 3,142 3,079    
... ... ...                     690 706 708 700 686    
... ...                       1.06 1.06 1.05 ... ... ... ...
... ... ...             ... ...   ... ... 1,013 1,016 1,028 ... ... ...
... ... ...                   ... ... ... ... ... ... ... ...
... ... ... ... ... ... ... ... ... ... ...     ... ... ... ... ... ... ...
... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    

Download Data
Czech Banking - Analysis of 3Q2014

This report analyses the main trends in the Czech banking with a special focus on the 3Q2014's performance. In the 108-page report, you will find all the necessary details regarding profitability of the sector, breakdown and trends of the volume growth, market share, margin and asset quality development in the sector and within the particular segments of the market.

In

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This report analyses the main trends in the Czech banking with a special focus on the 3Q2014's performance. In the 108-page report, you will find all the necessary details regarding profitability of the sector, breakdown and trends of the volume growth, market share, margin and asset quality development in the sector and within the particular segments of the market.

In addition, you will find here financials and market share of the 20 banks we cover in the Czech Republic including all key ratios describing their business. The report includes 446 charts and 40 tables.

The key points are:

  • Czech commercial banks announced a net profit of CZK 14,387 mil in the third quarter of the year, up 3.5% compared to the same period last year. In the first nine months of the year, however, the banks' profit dropped 0.8% yoy to CZK 50,258 mil. This implies an annualised ROE of 11.6% for the last 12 months.
  • Loans grew 0.6% qoq (or 5.2% yoy) in the third quarter. Mortgages still drive the volume growth (creating 90% of the loan growth in the 3rd quarter and 57% ytd) while corporate loans and consumer lending stagnate.
  • The weak momentum is especially disappointing as the economy picks up. Banks are overcapitalized (CAR at 18%) and have plenty of cheap deposits to play with (with loans accounting for 76% of deposits only).
  • In addition, asset quality remains of little concern. Non-performing loans account for 6.2% of total loans while half of them are covered by loan provisions.
  • The trio of the largest banks (Sporitelna, CSOB and Komercni Banka) created 70% of the quarterly profit and 66% of loan growth in the third quarter of the year. Despite losing market share in revenue or overall assets, their market dominance continues. On the other hand, small players finally seem to be challenging the "boring" status quo.

You might also find all banks' financials in the Company section at www.helgilibrary.com/companies, and key charts for each bank at www.helgilibrary.com/charts.

The report is free to download, just register at our webpage.

GE Money Bank CR - Analysis of 3Q2014 Performance

This report analyses the performance of the Bank for the 3Q2014. You will find all the necessary details regarding volume growth, market share, margin and asset quality development in the Bank.

The key highlights are:

GE Money's net rises 11.4% in 3Q14...

GE Money Bank reported a net profit of CZK 1,083 mil. in 3Q14,

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This report analyses the performance of the Bank for the 3Q2014. You will find all the necessary details regarding volume growth, market share, margin and asset quality development in the Bank.

The key highlights are:

GE Money's net rises 11.4% in 3Q14...

GE Money Bank reported a net profit of CZK 1,083 mil. in 3Q14, up 11.4% compared to the same period last year. As revenue fell a further 10.3% yoy and operating profit was down 5.2%, the whole bottom line improvement came from the lower cost of provisioning.

The overall profitability looks good in spite of the weak momentum and low-quality profit drivers. GE Money's capital adequacy rose to nearly 28% at the end of September, which means the "true" bank's ROE is closer to the 20% level (instead of 10.5% reported in 3Q14). This is very impressive by any standards.

...thanks to lower provisions

Loan provisions have, on average, eaten more than a third of the bank's operating profit in 2011-2013. The fall to 18% at the end of the third quarter of 2014 therefore serves as an important booster to the bank's bottom line:

In addition, the lower cost of risk is not at the expense of declining provision coverage. The share of non-performing loans dropped to below 16% of total loans in September (down from 17.7% three years ago) while provision coverage remains stable at an impressive 75-80% of NPLs.

Balance sheet momentum gets worse...

Negative momentum in the bank's balance sheet therefore remains the single biggest worry in our view. Total loans dropped a further 2.7% yoy while deposits fell more than 1.0% yoy.

This is the result of the bank's strategy and market trends rather than weak sales in our view. GE Money Bank's business model is heavily focused on consumer lending. The bank continues to lose market share in mortgage lending (the fastest-growing business for a decade now) while it remains on the sidelines in the corporate segment. So, when Czechs don't spend and lever up, GE Money's business suffers.

...and the bank remains overcapitalized

A mixture of superior profitability, weak loan growth and no dividend policy resulted in a hefty overcapitalisation of the bank. At the end of September, GE Money's capital adequacy reached a "horrific" 27.6%. That is too much even for the generally over-capitalised Czech market with the average CAR at 18%:

Nor is funding an issue. Loans accounted for 96% of deposits only at the end of the third quarter. While lower than the market average, this is well below the 133% seen at GE Money in the middle of 2007.

You will find more details about the bank at www.helgilibrary.com/companies

GE Money Czech Rep. at a Glance

GE Money Bank, a part of the worldwide General Electric concern, is the 8th largest bank in the Czech Republic. Since its acquisition of the troubled Agrobanka in 1997, the bank has developed a branch network and client base (now amounting to over 200 branches and 600 ATMs), though its focus has been shifting towards purely consumer finance in the last decade. Now,

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GE Money Bank, a part of the worldwide General Electric concern, is the 8th largest bank in the Czech Republic. Since its acquisition of the troubled Agrobanka in 1997, the bank has developed a branch network and client base (now amounting to over 200 branches and 600 ATMs), though its focus has been shifting towards purely consumer finance in the last decade. Now, with over 1 million retail clients, the bank is primarily focused on consumer finance, ranging from instalment payments, leasing, credit cards and consumer lending to mortgage loans, although less so for the latter in recent years. The strategy is reflected in the bank's financials. its net interest margin is three times the market average (6.53% in 2012), while non-performing loans accounted for nearly 16% of total loans, reflecting the products and clients the bank has been focusing on.

This report offers a summary of the company's performance in 1999-2012. You will find here all the key numbers from the bank's balance sheet, income statement and main ratios related to the bank's business.

In addition, the report provides a detailed overview of the bank's market position in the comparison with the overall banking sector

GE Money Czech Republic at a Glance

GE Money Bank CR, a part of the worldwide General Electric concern, is the 8th largest bank in the Czech Republic. Since its acquisition of the troubled Agrobanka in 1997, the bank has developed a branch network and client base (now amounting to over 200 branches and 600 ATMs), though its focus has been shifting towards purely consumer finance in the last decade.

Read more »

GE Money Bank CR, a part of the worldwide General Electric concern, is the 8th largest bank in the Czech Republic. Since its acquisition of the troubled Agrobanka in 1997, the bank has developed a branch network and client base (now amounting to over 200 branches and 600 ATMs), though its focus has been shifting towards purely consumer finance in the last decade. Now, with over 1 million retail clients, the bank is primarily focused on consumer finance, ranging from instalment payments, leasing, credit cards and consumer lending to mortgage loans, although less so for the latter in recent years.

The strategy is reflected in the bank's financials. its net interest margin is three times the market average (6.53% in 2012), while non-performing loans accounted for nearly 16% of total loans, reflecting the products and clients the bank has been focusing on.

This report offers a summary of the company's performance in 2003-2012. You will find here all the key numbers from the bank's balance sheet, income statement and main ratios related to the bank's business. In addition, the report provides a detailed overview of the bank's market position in the comparison with the overall banking sector.

GE Money Czech Republic in Numbers

GE Money Bank CR, a part of the worldwide General Electric concern, is the 8th largest bank in the Czech Republic. Since its acquisition of the troubled Agrobanka in 1997, the bank has developed a branch network and client base (now amounting to over 200 branches and 600 ATMs), though its focus has been shifting towards purely consumer finance in the last decade.

Read more »

GE Money Bank CR, a part of the worldwide General Electric concern, is the 8th largest bank in the Czech Republic. Since its acquisition of the troubled Agrobanka in 1997, the bank has developed a branch network and client base (now amounting to over 200 branches and 600 ATMs), though its focus has been shifting towards purely consumer finance in the last decade. Now, with over 1 million retail clients, the bank is primarily focused on consumer finance, ranging from instalment payments, leasing, credit cards and consumer lending to mortgage loans, although less so for the latter in recent years.

The strategy is reflected in the bank's financials. its net interest margin is three times the market average (6.53% in 2012), while non-performing loans accounted for nearly 16% of total loans, reflecting the products and clients the bank has been focusing on.

This excel file offers a summary of the company's performance in between 1Q2003-1Q2013, both on the quarterly as well as the annual basis. You will find here all the key numbers from the bank's balance sheet, income statement and main ratios related to the bank's business. In addition, the file provides a detailed overview of the bank's market position in the comparison with the overall banking sector

GE Money Czech Rep. - Analysis of Mortgage Lending in 1Q13

This report analyses the housing lending in the Czech Republic for the 1Q2013. You will find all the necessary details regarding volume growth (for both, the mortgage as well as Building Society lending), market share, margin and asset quality development in the mortgage segment. Also, based on the example of Hypotecni Banka, we calculate profitability of the mortgage

Read more »

This report analyses the housing lending in the Czech Republic for the 1Q2013. You will find all the necessary details regarding volume growth (for both, the mortgage as well as Building Society lending), market share, margin and asset quality development in the mortgage segment. Also, based on the example of Hypotecni Banka, we calculate profitability of the mortgage busines for each bank.

This report focuses specifically on development in GE Money Bank CR in the 1Q2013. The key highlights are:

GE Money continues to retreat from mortgages

As part of its global strategy, the Czech Republic’s GE Money Bank continues to retreat from mortgage lending. In 1Q13,  mortgage loans dropped a further 3.4% qoq, while the annual reduction deepened to 9.9% yoy. That is compared to a market which grew 1% qoq and 6.3% yoy

...as part of its global strategy

GE Money Bank remains one of the few banks on the Czech market which continues not only to lose market share, but also to reduce its mortgage loan portfolio. From having 5.7% of the mortgage market in March 2007, the bank was holding only 2.7% of the total at the end of March 2013. In addition, GE Money’s mortgage loan book has dropped nearly 25% since the end of 2008, while the market has grown 45% during the same period.

In terms of new production, the bank sold 1.6% of the new mortgages generated on the market in 2012. The momentum continues to deteriorate as 1Q13 sales imply a further reduction to only 1.0% of the total number of mortgage loans sold.

When compared to its nearest peers, Raiffeisenbank and UniCredit, GE Money Bank has been selling at less then 20% of their level in recent quarters.

Mortgages – 6% of GE Money Bank’s profit?

Residential mortgage loans represented still more than a fifth of GE Money’s total loans at the end of March 2013. Although this is 7% lower than five years ago, it is still a third higher than at UniCredit Bank in relative terms, for example.

When Hypoteční banka’s financials are taken as a benchmark (for more details see page 9), we believe mortgage lending business generates around 6% of GE Money’s overall profitability now. 

This is less than the 24% of Raiffeisenbank and 20% of ČSOB, the two universal banks most exposed to the mortgage business. This is also less than the 10-15% we calculated for UniCredit Bank

Analysis of Mortgage Lending in 1Q13

This report analyses the housing lending in the Czech Republic for the 1Q2013. You will find all the necessary details regarding volume growth (for both, the mortgage as well as Building Society lending), market share, margin and asset quality development in the mortgage segment. Also, based on the example of Hypotecni Banka, we calculate profitability of the mortgage

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This report analyses the housing lending in the Czech Republic for the 1Q2013. You will find all the necessary details regarding volume growth (for both, the mortgage as well as Building Society lending), market share, margin and asset quality development in the mortgage segment. Also, based on the example of Hypotecni Banka, we calculate profitability of the mortgage business for each bank.

This report provides a summary of the development in the 1Q2013. The key highlights are:

  • Mortgage loans increased by less than 1% qoq in the seasonally weakest quarter of the year, but the overall momentum stabilized. The annual increase remained unchanged at 6.3% yoy and sales of new loans of CZK 27.8 bil were nearly as high as in the same quarter last year:
  • Mortgage loans reached 18.2% of GDP at the end of March 2013, or more than a third of bank loans when other housing loans are included. Nearly 15% of Czech households have a mortgage loan now, while more than 14% of residential dwellings were financed through a mortgage loan, according to our calculations.
  • The average interest rate on mortgage loans continues to decline in line with the overall market trends. It reached 3.17% in 1Q13 while the average interest rate on the total mortgage loan stock dropped below 4.5%. This would imply that new loans were sold still with a decent 220 bp margin over a 5-year swap in 1Q13.
  • The share of non-performing loans increased slightly in the 1Q13, from 3.16% to 3.30% of total mortgage loans at the end of March. This is a result of the overall low indebtedness of Czech households, strict lending procedures and only a mild fall in real estate prices. Czech housing affordability remains one of the best in Europe.
  • As mortgage loans have grown to a sizable amount, the business  has become much more cost-efficient and profitable. We estimate mortgage business generates ROE of over 20% and contributes around 15% to the banking sector’s bottom line. LBBW and Raiffeisen seem to generate over 20% of their profits from mortgages when Hypoteční Banka’s results are taken as a guide.
  • The three largest banks (ČSOB, Česká Spořitelna and Komerční banka) further cemented their market position in 1Q13 taking their share to 65.4%.  ČSOB remains the leader closely followed by Spořitelna. In 1Q13, Raiffeisen confirmed its turnaround while GE Money Bank continued losing its market position the most.
GE Money Czech Republic - Analysis of Mortgage Lending in 4Q12

This report analyses the housing lending in the Czech Republic for the 4Q2012. You will find all the necessary details regarding volume growth (for both, the mortgage as well as Building Society lending), market share, margin and asset quality development in the mortgage segment. Also, based on the example of Hypotecni Banka, we calculate profitability of the mortgage

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This report analyses the housing lending in the Czech Republic for the 4Q2012. You will find all the necessary details regarding volume growth (for both, the mortgage as well as Building Society lending), market share, margin and asset quality development in the mortgage segment. Also, based on the example of Hypotecni Banka, we calculate profitability of the mortgage business for each bank.

This report focuses specifically on development in GE Money Bank Czech Republic in the 4Q2012. The key highlights are:

  • Mortgage loan growth slowed down to 6.3% yoy, while sales of new mortgages dropped to last year’s level in 4Q12.
  • The top 3 banks further cemented their market position to over 65% in 2012. They sold more than 70% of the new mortgages in 4Q12.
  • ČSOB is the clear winner for the year 2012, while GE Money Bank and Raiffeisenbank lost the most.

Mortgage loans represented nearly 30% of all bank loans in 4Q12. The mortgage business generates around 15% of banks’ profits.

GE Money continues to retreat from mortgages

As part of its global strategy, the Czech Republic’s GE Money Bank continues to retreat from mortgage lending. In 4Q,  mortgage loans dropped a further 3.5% qoq, while the annual reduction deepened to 7.4% yoy in 2012. That is compared to a market which grew 2% qoq and 6.3% yoy. 

...as part of its global strategy

GE Money Bank remains one of the few banks on the Czech market which continues not only to lose market share, but also to reduce its mortgage loan portfolio. From having 5.7% of the mortgage market in March 2007, the bank was holding only 2.8% of the total at the end of 2012. In addition, GE Money’s mortgage loan book has dropped 22% since the end of 2008, while the market has grown 43.5% during the same period.

In terms of new production, the bank sold 1.6% of the new mortgages generated on the market in 2012. The momentum continues to deteriorate as 4Q sales imply a further reduction to only 1.3% of the total number of mortgage loans sold.

When compared to its nearest peers, Raiffeisenbank and UniCredit, GE Money Bank has been selling at less then 20% of their level in recent quarters.

Mortgages – 6% of GE Money Bank’s profit?

Residential mortgage loans represented more than a fifth of GE Money’s total loans at the end of 2012. Although this is 7% lower than five years ago, it is still a third higher than at UniCredit Bank in relative terms, for example.

When Hypoteční banka’s financials are taken as a benchmark, we believe mortgage lending business generates around 6% of GE Money’s overall profitability now. 

This is less than the 24% of Raiffeisenbank and 20% of ČSOB, the two universal banks most exposed to the mortgage business. This is also less than the 10-15% we calculated for UniCredit Bank

MONETA Money Bank's corporate loans reached CZK 40,706 mil in 2014, up 36.0% when compared to the previous year.

Czech banking sector provided corporate loans of CZK 875 bil in 2014, up 0.867% when compared to the last year.

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MONETA Money Bank's corporate loans reached CZK 40,706 mil in 2014, up 36.0% when compared to the previous year.

Czech banking sector provided corporate loans of CZK 875 bil in 2014, up 0.867% when compared to the last year.

MONETA Money Bank accounted for 4.65% of all corporate loans issued in Czechia at the end of 2014. Historically, the bank’s market share in corporate loans reached an all time high of 4.65% in 2014 and an all time low of 0.458% in 2000.

That's compared to a 2.66% market share the bank held in terms of total assets at the end of 2014.

You can see all the company’s data at MONETA Money Bank Profile, or you can download a report on the firm in the report section.

MONETA Money Bank generated total banking revenues of CZK 13,574 mil in 2013, up 6.25% when compared to the previous year.

Czech banking sector banking sector generated total revenues of CZK 168,171 mil in 2013,

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MONETA Money Bank generated total banking revenues of CZK 13,574 mil in 2013, up 6.25% when compared to the previous year.

Czech banking sector banking sector generated total revenues of CZK 168,171 mil in 2013, up 0.610% when compared to the last year.

As a result, MONETA Money Bank accounted for 8.07% of all bank revenues generated by banks in Czechia in 2013. Historically, the bank’s market share in total revenues reached an all time high of 8.07% in 2013 and an all time low of 3.91% in 2001.

That's compared to a 2.59% market share the bank held in terms of total assets at the end of 2013.

You can see all the company’s data at MONETA Money Bank Profile, or you can download a report on the firm in the report section.

MONETA Money Bank has issued total of 1,016 '000 payment cards at the end of 2013, up 0.312% when compared to the previous year.

Czech banking sector banking sector issued total of 10,251 thous. of bank cards in 2013,

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MONETA Money Bank has issued total of 1,016 '000 payment cards at the end of 2013, up 0.312% when compared to the previous year.

Czech banking sector banking sector issued total of 10,251 thous. of bank cards in 2013, up 0.827% when compared to the last year.

MONETA Money Bank therefore accounted for 9.91% of all bank cards issued by banks in Czechia at the end of 2013. Historically, the bank’s market share in payment cards reached an all time high of 10.4% in 2009 and an all time low of 6.40% in 2006.

That's compared to a 2.59% market share the bank held in terms of total assets at the end of 2013.

You can see all the company’s data at MONETA Money Bank Profile, or you can download a report on the firm in the report section.

MONETA Money Bank's corporate deposits reached CZK 19,720 mil in 2014, up 5.66% when compared to the previous year.

Czech banking sector accepted corporate deposits of CZK 838 bil in 2014, up 7.93% when compared to the last

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MONETA Money Bank's corporate deposits reached CZK 19,720 mil in 2014, up 5.66% when compared to the previous year.

Czech banking sector accepted corporate deposits of CZK 838 bil in 2014, up 7.93% when compared to the last year.

MONETA Money Bank accounted for 2.35% of all corporate deposits taken by banks in Czechia at the end of 2014. Historically, the bank’s market share in corporate deposits reached an all time high of 3.64% in 2010 and an all time low of 2.16% in 2006.

That's compared to a 2.66% market share the bank held in terms of total assets at the end of 2014.

You can see all the company’s data at MONETA Money Bank Profile, or you can download a report on the firm in the report section.

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