J&T BANKA closes 2023 with net profit of CZK 5.4 billion

As seen in its audited consolidated results, J&T BANKA closed last year with its highest-ever net profit of CZK 5.39 billion (up by CZK 2.01 billion). The balance sheet also grew, expanding by 29% year on year to CZK 293.08 billion. Indeed, 2023 was a year of dynamic growth for the Bank.

The increase in total assets was positively influenced by the environment of high interest rates, which enabled the Bank to offer appealing deposit products. The volume of deposits received from customers at the end of the year totaled CZK 217.84 billion (up by 32.8%).

The fastest-growing category of client assets was nevertheless that of investment funds, driven in particular by the J&T ARCH INVESTMENTS fund, which became the largest fund in the Czech and Slovak republics at the end of the year, as its volume exceeded CZK 55 billion. Overall, the assets in investment funds expanded year on year by almost a half. The growth in assets was favorably reflected in higher net fee income, which rose by 21% to CZK 2.3 billion.

At the beginning of 2023, the Bank had received an investment rating from Moody’s at Baa2 with a stable outlook. In the first quarter, J&T opened a fully digital J&T Direktbank in Frankfurt, Germany, where it has since succeeded to attract more than 20,000 clients and a deposit volume of almost CZK 20 billion. In cooperation with JP Morgan, Société Générale, and Raiffeisenbank International, the Bank issued its first international Eurobonds, thus taking a significant step toward additional successful issues in the future. At the end of 2023, then, the Bank successfully completed its exit from the Russian market.

Owners’ equity increased by CZK 5.10 billion year on year and totaled CZK 40.96 billion at the close of 2023.

Capital adequacy reached 24.9% on a consolidated basis. The Bank has more than adequate capital for its further development.