Interim report
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1 MONETA Money Bank, a.s. | Vyskočilova 1442/1b, 140 28 Praha 4 – Michle | Company ID 25672720 | Registered by the Municipal Court in Prague, Section B, Insert 5403 | tel.: +420 224 443 636 | www.moneta.cz PRESS RELEASE MONETA reports 2024 net profit of CZK 5.8 billion • Operating income of CZK 12.9 billion, up 6.3 per cent • Operating expenses stable at CZK 5.7 billion • Cost of risk of CZK 386 million, or 14 basis points • Net profit of CZK 5.8 billion, up 11.7 per cent • Loan portfolio up 4.5 per cent to CZK 276 billion • Customer deposit base up 7.7 per cent to CZK 430 billion • Return on Tangible Equity of 20.4 per cent • Management intends to propose 2024 dividend of CZK 10 per share Prague, 31 January 2025 – MONETA Money Bank (“MONETA”) today announced its unaudited consolidated financial results for the full year 2024. Net profit was CZK 5.8 billion, up CZK 0.6 billion, or 11.7 per cent , on 2023. Total balance sheet increased by 8 per cent to CZK 495 billion, driven by solid core customer deposit growth of 7.7 per cent to CZK 430 billion. MONETA’s strong capital position was further enhanced with a successful EUR 300 million bond issue to strengthen the minimum requirement for capital and eligible liabilities (MREL). That enabled an extraordinary dividend payment of CZK 3 per share in December 2024. Management plans to propose a 2024 dividend in the amount of CZK 10 per share , which represents 88 per cent of 2024 consolidated net profit. FINANCIAL RESULTS Total operating income reached CZK 12.9 billion in 2024, an increase of 6.3 per cent on 2023. Net interest income was CZK 8.9 billion, up 4 per cent year-on-year, supported by deposit repricing efforts and a sustained recovery in lending throughout 2024. Net fee and commission income increased by 16.6 per cent year-on-year to CZK 3.1 billion, thanks to strong commission income from the distribution of wealth management and insurance products. Third-party investment funds saw record sales that contributed CZK 739 million in fee income, which is more than double
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2 MONETA Money Bank, a.s. | Vyskočilova 1442/1b, 140 28 Praha 4 – Michle | Company ID 25672720 | Registered by the Municipal Court in Prague, Section B, Insert 5403 | tel.: +420 224 443 636 | www.moneta.cz PRESS RELEASE that of 2023. Newly distributed investment volumes increase d by 88.2 per cent to CZK 23.5 billion in 2024, and the total outstanding amount of distributed wealth management products increased to CZK 59.4 billion. MONETA’s total operating expenses were stable at CZK 5.7 billion, despite continuing inflationary pressure on personnel expenses . Regulatory charges decreased by 29.6 per cent year -on-year to CZK 216 million, and administrative expenses fell by 5 per cent to CZK 1.6 billion offset by an increase in personnel expenses by 6.4 per cent to CZK 2.7 billion. The cost of risk remained within expectations, with a net charge of CZK 386 million, or 14 basis points of the average net loan portfolio. This was supported by successful disposals of non-performing loans (NPLs) in the nominal amount of CZK 1.5 billion, which generated an income of CZK 132 million. MONETA’s loan portfolio performed well, with good client repayment discipline , and the NPL ratio stood at 1.3 per cent as at 31 December 2024, a record low. MONETA’s effective tax rate for 2024 was 14.6 per cent, in line with expectations. However, MONETA’s tax payments to the state budget ha ve increased year-on-year, with a contribution of CZK 4.4 billion in 2024, which was 10 per cent more than in 2023. Consolidated net profit was CZK 5.8 billion, up 11.7 per cent, or CZK 11.4 per share, which translates into a Return on Tangible Equity of 20.4 per cent. BALANCE SHEET AND CLIENT BASE MONETA’s balance sheet stood at CZK 495 billion at 31 December 2024, up 8 per cent year-on-year. This was driven by client deposit growth of 7.7 per cent to CZK 430 billion and supported by the successful issue of MREL bonds in the amount of EUR 300 million. Retail deposits grew by 3.5 per cent to CZK 324 billion and commercial deposits rose by 22.9 per cent to CZK 106 billion. The total gross performing loan portfolio increased by 4.5 per cent to CZK 276 billion during the period. A revival in demand for lending products drove growth on both our retail and commercial loan portfolios. The retail loan portfolio grew by 2 per cent year-on-year to CZK 183 billion. New retail loan volumes grew by 59.4 percent to CZK 37 billion in 2024. Of particular note was mortgage and consumer loans, with new volumes up 104 per cent and 47 per cent respectively. The commercial portfolio increased by 10 per cent to CZK 92.8 billion, driven mainly by small business-related lending products and investment loans. Commercial new lending volumes were up by 45.5 per cent to CZK 25.5 billion, including a 59.5 per cent increase in new small business loans and a 54.1 per cent rise in investment loans. The client base grew by 1.4 per cent year-on-year to 1.6 million as at 31 December 2024.
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3 MONETA Money Bank, a.s. | Vyskočilova 1442/1b, 140 28 Praha 4 – Michle | Company ID 25672720 | Registered by the Municipal Court in Prague, Section B, Insert 5403 | tel.: +420 224 443 636 | www.moneta.cz PRESS RELEASE CAPITAL POSITION As at 31 December, MONETA’s regulatory capital was CZK 31.6 billion and the total capital adequacy ratio was 18.25 per cent, which exceeds the management capital target of 15.05 per cent valid as at 31 December 2024. The excess capital, therefore stands at CZK 5.5 billion, representing CZK 10.8 per share. Over and above the excess capital position, a d ividend accrual of CZK 5.1 billion, or CZK 10 per share, was maintained and will be proposed to shareholders for approval at the General Meeting in April 2025. The proposed dividend represents a pay-out ratio of 88 per cent from the 2024 consolidated net profit. As at 31 December 202 4, the minimum requirement for capital and eligible liabilities (MREL) position was 26.99 per cent, which comfortably exceeds the targeted 21.95 per cent (including the management buffer). The total management capital target will increase from 15.05 per cent as at 31 December to 15.25 per cent effective 1 January 2025. That is due to the combination of a lower Pillar II requirement by 30 basis points and a newly introduced systemic risk buffer of 50 basis points. LIQUIDITY POSITION MONETA’s liquidity position remained strong. The balance of high-quality liquid assets increased by 16.9 per cent in 2024 to stand at CZK 187 billion. The Liquidity Coverage Ratio stood at 357 per cent as at 31 December, comfortably above the regulatory requirement of 100 per cent. DIGITAL CAPABILITIES MONETA’s digital users grew throughout 2024. The award-winning Smart Banka mobile application is now the most important client interface. Digital platforms have a combined 1.5 million registered clients, up 7.3 per cent year-on-year, and hosted an average 684,000 client visits per day in 2024. At the Internet Effectiveness Awards MONETA ’s website redesign and optimisation took first place in the category for Digital Transformation and Banks, Insurance and Finance categories. Digital originations in 2024 accounted for 57 per cent of new volumes of consumer loans, 46 per cent for new volumes of small business loans and 33 per cent of new mortgage origination. Online new units for retail current deposits and retail savings and term accounts, was 43 per cent and 67 per cent respectively.
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4 MONETA Money Bank, a.s. | Vyskočilova 1442/1b, 140 28 Praha 4 – Michle | Company ID 25672720 | Registered by the Municipal Court in Prague, Section B, Insert 5403 | tel.: +420 224 443 636 | www.moneta.cz PRESS RELEASE MARKET OUTLOOK MONETA’s management publishes its medium-term guidance for the period 2025–2029, which envisages the delivery of cumulative net profit of CZK 33.3 billion in the next five years. That is 46.2 per cent higher compared to delivered cumulative net profit in the past five years . Additionally, management seeks to keep dividend pay-out ratio at 90 per cent. Market guidance published on 31 January 2025 Metrics 2025 2026 2027 2028 2029 Cumulative Operating income (CZK bn) 13.6 14.6 15.1 15.8 16.5 75.6 Operating expenses (CZK bn) (5.9) (6.1) (6.2) (6.4) (6.6) (31.2) Operating profit (CZK bn) 7.7 8.5 8.9 9.4 9.9 44.4 Cost of risk (bps) (15-35) (25-45) (25-45) (25-45) (25-45) - Effective tax rate (%) 15.5% 15.5% 15.5% 15.5% 15.5% - Net profit (CZK bn) 6.0 6.3 6.6 7.0 7.4 33.3 Earnings per share (CZK) 11.7 12.3 12.9 13.7 14.5 65.1 Return on Tangible Equity (RoTE) 20% 20% 21% 21% 22% - Commenting on MONETA’s financial results for the full year 2024, Tomáš Spurný, Chairman of the Management Board and CEO, said: “I am pleased to report that we have once again successfully delivered against our targets and commitments.” MONETA FY 2024 Earnings call will be held on 31 January 2025 at 10am CET. Information how to register for the call can be found on investor web pages at https://investors.moneta.cz or here. Enquiries: MONETA Money Bank, a.s. Press Office: Lucie Leixnerová media@moneta.cz +420 720 804 485 Investor Relations: Linda Kavanová investors@moneta.cz +420 224 442 549
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5 MONETA Money Bank, a.s. | Vyskočilova 1442/1b, 140 28 Praha 4 – Michle | Company ID 25672720 | Registered by the Municipal Court in Prague, Section B, Insert 5403 | tel.: +420 224 443 636 | www.moneta.cz PRESS RELEASE GROSS PERFORMING LOAN PORTFOLIO AS AT 31 DECEMBER 2024 CZK bn 31/12/2024 31/12/2023 % change Mortgage loans 130.2 127.6 2.1% Consumer lending 47.8 47.1 1.5% out of which: Consumer loans 38.1 36.3 5.0% Building savings loans 9.6 10.7 (10.6)% Auto loans 2.7 2.5 9.0% Credit cards and overdrafts 2.4 2.4 (0.3)% Retail Total 183.1 179.5 2.0% Investment loans 50.1 45.2 10.8% Working capital loans 16.6 15.4 7.7% Small business loans 16.3 13.8 17.6% Auto loans 8.6 7.7 11.6% Commercial leases 1.2 2.2 (43.6)% Commercial total 92.8 84.4 10.0% Total gross performing loan portfolio 275.9 263.9 4.5% FUNDING BASE AS AT 31 DECEMBER 2024 CZK bn 31/12/2024 31/12/2023 % change Retail core customer deposits 324.0 313.2 3.5% Commercial core customer deposits 105.8 86.1 22.9% Core customer deposits total 429.8 399.2 7.7% Subordinated deposits 2.9 2.9 0.1% Issued securities 16.3 8.5 91.4% Due to banks and other1 3.4 4.9 (29.4)% Wholesale total 22.6 16.3 39.0% Total funding base 452.4 415.5 8.9% OPERATING PLATFORM AS AT 31 DECEMBER 2024 31/12/2024 31/12/2023 % change Number of branches 124 134 (7.5)% Number of ATMs2 1,966 1,971 (0.3)% Number of clients (million) 1.6 1.6 1.4% Note: Figures in the table may not add up to the total due to rounding differences. 1 Excluding opportunistic repo operations and CSA. 2 Shared ATM network including 557 MONETA’s ATMs, 791 KB ATMs, 367 Air Bank ATMs and 251 UniCredit Bank ATMs as at 31 December 2024 and 562 MONETA’s ATMs, 792 KB ATMs, 365 Air Bank ATMs and 252 UniCredit Bank ATMs as at 31 December 2023.
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6 MONETA Money Bank, a.s. | Vyskočilova 1442/1b, 140 28 Praha 4 – Michle | Company ID 25672720 | Registered by the Municipal Court in Prague, Section B, Insert 5403 | tel.: +420 224 443 636 | www.moneta.cz PRESS RELEASE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2024 Consolidated unaudited statement of profit or loss for the period ended 31 December 2024 CZK m FY 2024 FY 2023 % change Interest and similar income 22,207 22,046 0.7% Interest expense and similar charges (13,288) (13,469) (1.3)% Net interest income 8,919 8,577 4.0% Fee and commission income 3,725 3,217 15.8% Fee and commission expense (665) (593) 12.1% Net fee and commission income 3,060 2,624 16.6% Dividend income - 3 (100.0)% Net income from financial operations 860 889 (3.3)% Other operating income 72 54 33.3% Total operating income 12,911 12,147 6.3% Personnel expenses (2,664) (2,504) 6.4% Administrative expenses (1,552) (1,633) (5.0)% Depreciation and amortisation (1,225) (1,233) (0.6)% Regulatory charges (216) (307) (29.6)% Other operating expenses (65) (53) 22.6% Total operating expenses (5,722) (5,730) (0.1)% Profit for the period before tax and net impairment of financial assets 7,189 6,417 12.0% Net impairment of financial assets (386) (305) 26.6% Profit for the period before tax 6,803 6,112 11.3% Taxes on income (995) (912) 9.1% Profit for the period after tax 5,808 5,200 11.7%
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7 MONETA Money Bank, a.s. | Vyskočilova 1442/1b, 140 28 Praha 4 – Michle | Company ID 25672720 | Registered by the Municipal Court in Prague, Section B, Insert 5403 | tel.: +420 224 443 636 | www.moneta.cz PRESS RELEASE Consolidated unaudited statement of financial position as at 31 December 2024 CZK m 31/12/2024 31/12/2023 % change Cash and cash balances at central bank 13,541 10,871 24.6% Derivative financial instruments with positive value 596 544 9.6% Investment securities 116,664 104,353 11.8% Hedging derivatives with positive fair values 2,314 2,701 (14.3)% Change in fair value of items hedged on portfolio basis 200 122 63.9% Loans and receivables to banks 79,206 69,632 13.7% Loans and receivables to customers 275,383 263,064 4.7% Intangible assets 3,365 3,332 1.0% Property and equipment 2,260 2,400 (5.8)% Investments in subsidiaries and associates 3 3 0.0% Current tax assets 70 76 (7.9)% Other assets 1,380 1,086 27.1% Total Assets 494,982 458,184 8.0% Due to banks 3,834 5,423 (29.3)% Due to customers 430,021 399,497 7.6% Derivative financial instruments with negative value 532 523 1.7% Hedging derivatives with negative fair values 4,259 4,548 (6.4)% Change in fair value of items hedged on portfolio basis 78 63 23.8% Issued bonds 11,562 3,808 203.6% Subordinated liabilities 7,622 7,604 0.2% Provisions 263 266 (1.1)% Current tax liability 47 54 (13.0)% Deferred tax liability 469 462 1.5% Other liabilities 4,416 3,733 18.3% Total Liabilities 463,103 425,981 8.7% Share capital 10,220 10,220 0.0% Statutory reserve 102 102 0.0% Other reserves 1 1 0.0% Retained earnings 21,556 21,880 (1.5)% Total Equity 31,879 32,203 (1.0)% Total Liabilities & Equity 494,982 458,184 8.0%