Half Year 2024 Moneta Money Bank as Earnings Call Transcript
Key Points
- Moneta Money Bank AS (XPRA:MONET) delivered a net profit of CZK2.7 billion in the first half of 2024, representing a 9% year-on-year increase.
- The bank achieved a 20% return on tangible equity, indicating strong profitability.
- Operating income increased by 6% year-on-year to CZK6.2 billion, driven by higher commission income from wealth management and insurance products.
- The bank's funding base grew by 14%, reaching CZK443 billion, demonstrating strong deposit gathering capabilities.
- Digital platform usage is growing, with nearly 700,000 daily touch points and a 34% increase in loan applications through the platform.
- The loan portfolio growth was modest at 3%, indicating slower lending activity compared to the deposit growth.
- The Czech crown is weakening against both the euro and the dollar, impacting the bank's currency exchange operations.
- The cost of funds remains a concern, although it has decreased by 30 basis points, it still poses a challenge in a competitive market.
- The bank's net interest income decreased by 2.6% year-on-year due to lower repo rates, affecting overall profitability.
- There is uncertainty regarding the potential implementation of a bank tax in 2025, which could impact future profitability.
Hello, ladies and gentlemen, and welcome to the conference call of MONETA Money Bank regarding the first half 2024 financial results. Please note that this conference call will be recorded. This event will have a live presentation followed by a Q&A session. As a reminder, all participants will be in a listen only mode. Today's speakers yes are Mr. Tomáš Spurný, Mr. Carl Normann Vökt, and Mr. Jan Novotný. May I now hand you over to Mr. Spurný who will lead you through the conference call. Please go ahead.
Good morning. Once again, I have the pleasure to introduce our results. I'll start with synthesis of the results which are on page 2 of our presentation. During the first semester of this year, we have delivered a net profit of CZK2.7 billion. We consider this number to be satisfactory from absolute point of view and from growth compared to first semester of 2023.
The result translates into 20% return on tangible equity. We were able to deliver this
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
