Q3 2024 Moneta Money Bank as Earnings Call Transcript
Key Points
- Moneta Money Bank AS (XPRA:MONET) reported a year-to-date profit of CZK4.2 billion, marking a 6.6% increase year-on-year.
- The bank's return on tangible equity is nearly 20%, indicating strong profitability.
- Operating income increased by nearly 5% to CZK9.5 billion, driven by a 14.5% growth in net fee and commission income.
- The bank's capital adequacy ratio stands at a solid 19.2%, with a surplus capital of CZK7.2 billion.
- Moneta Money Bank AS (XPRA:MONET) plans to propose an extraordinary dividend of CZK3 per share, reflecting strong capital position and profitability.
- The bank is underperforming in the lending market, with a growth of only 0.5% against the market's 4.6%.
- There is a notable decline in branch visits by nearly 15%, indicating a shift away from physical banking.
- Personnel costs increased by 6.3%, driven by higher sales incentives and increased average salaries.
- The bank's treasury income decreased by 21% year-on-year, reflecting a declining 2-week repo rate.
- The commercial loan book yields have not reduced despite rate cuts, indicating potential challenges in adjusting to market conditions.
Dear ladies and gentlemen, welcome to the conference call of Moneta Money Bank regarding third-quarter 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. (Operator Instructions)
Today's speakers are Mr. Tomas Spurny; Mr. Carl Normann Vokt; Mr. Jan Fricek; and Mr. Jan Novotny. May I now hand over to Mr. Spurny, who will lead you through the conference call. Sir, please go ahead.
Good morning, ladies and gentlemen. I have the pleasure of presenting yet another quarter. So, if I can ask you to turn attention to page 2, where we summarize key highlights of our performance. At the end of the third quarter, we generated year-to-date profit of CZK4.2 billion. The profit increased 6.6% on year-on-year basis.
The net profit so far translates to return on tangible equity, which is nearly 20%. It's 19.8%, so we have a slight increase in the return ratio. Majority of
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