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Moneta Money Bank raises FY'17 profit forecast despite drop in Q2 earnings

MONETA Money Bank a.s. will target a consolidated net profit of 3.65 billion Czech koruny for 2017, according to its first-half results presentation.

The Czech lender had already increased its 2017 profit outlook after the first quarter, raising it to 3.5 billion koruny from 3.4 billion koruny.

Moneta also confirmed a commitment to its existing policy of earmarking at least 70% of the consolidated after-tax profit for dividend payments, adding that it aims to distribute its excess capital to shareholders. The excess capital — which stood at 3.2 billion Czech koruny at the end of the first half will also be used to offset the one-off impact of IFRS9 and to finance investments, the bank noted.

The lender added that its annualized cost of risk stood at 46 basis points at the end of the first half and that it currently expects a full-year cost of risk of 60 basis points to 70 basis points, having previously suggested it would be in the range of 80 basis points to 90 basis points.

Moneta posted an after-tax consolidated profit attributable to the equity holders of the parent of 1.16 billion koruny for the second quarter, compared with 1.20 billion koruny a year earlier.

As of Aug. 10, US$1 was equivalent to 22.30 Czech koruny.