Interest rates on deposits are going down. Domestic banks and credit unions are pushing for this by the decreasing rates of the Czech National Bank, where the most basic – the two-week repo rate – is currently 5.75 percent. Compared to last year, the drop in tariff rates is not so noticeable at first glance. … Read more
It also announced that it aims for a net profit exceeding five billion crowns for the whole of this year, which is 300 million crowns more than in the outlook published in July. Net interest income for the first three quarters fell by 11.3 percent year-on-year to 6.4 billion crowns, according to the bank, this … Read more
Next month, the Czech National Bank will end interest on deposits that banks must deposit with it as mandatory minimum reserves. This is definitely not a small amount, on average, banks held over 100 billion crowns with the CNB this year, and it will hurt the banks a lot. With this decision, the Central Bank … Read more
From the beginning of 2024, clients of Komerční banka, Moneta Money Bank, Air Bank and UniCredit Bank will gradually be able to deposit money in the shared ATM network under the same conditions as at their own bank’s facilities. The banks announced this in a joint statement on Thursday. This is the next step in … Read more
PX Index Falls for Fourth Consecutive Day on Prague Stock Exchange The Prague Stock Exchange experienced its fourth consecutive day of decline as the PX index fell by 0.14 percent to 1303.05 points. The drop was primarily driven by the shares of banking groups Erste and Komerční banka. However, the decline was partially offset by … Read more
You are reading a sample from the Cash Only newsletter, in which Martin Jašminský, Zuzana Kubátová and Jiří Zatloukal comment on events in Czech business every Friday. If you are interested in Cash Only, subscribe to the newsletter. The winners of the current situation are clearly smaller banks such as Fio or Trinity, which achieve … Read more
A prominent figure is slowly disappearing from the shareholder structure of Moneta Money Bank. Klaus Umek, a bon vivant and investment banker, got rid of almost half of his share in the bank in mid-April. The head of the activist fund Petrus Advisors, who in 2021 loudly protested the merger of Moneta and the banking … Read more
The tax on extraordinary profits, or the war tax, applies to the largest banks and energy companies. The government of Petr Fiala (ODS) promises up to 120 billion kroner in addition to this year’s budget. However, Moneta complains that because of the tax, he will have to radically limit investment plans and also get rid … Read more