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Report: Home Credit pours 500M koruny into Czech subsidiary


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Report: Home Credit pours 500M koruny into Czech subsidiary

Home Credit NV invested 500 million Czech koruny to increase the capital of Czech unit Air Bank a.s., E15 reported.

The very rapid expansion of Air Bank's business required a capital boost so it could keep its capital adequacy ratios at the level set by the regulator, the lender was cited as saying.

It is not the first capital hike at Air Bank during the last few months. In November, the bank sold 1.5 billion koruny of subordinated bonds in a private placement, the news report noted.

Air Bank reported a net profit of 1.1 billion koruny for the first nine months of 2019, an 11% fall year over year, while the number of clients went up by almost 17% to 770,000 and the number of current accounts increased by almost a fifth, according to E15.

As of Dec. 18, US$1 was equivalent to 22.92 Czech koruny.