Moneta Money Bank As PSECZ:MONET
Moneta Money Bank : Interim report for 1Q 2026, consolidated
Source: MarketScreener
MONETA Money Bank, a.s.
Consolidated interim financial report
as at and for the three months ended 31 March 2026 (All amounts in CZK millions unless otherwise stated)
ContentsDisclaimer. 3
Letter from the Chairman of the Management Board 4
Key Performance Indicators. 8
Macroeconomic Environment. 9
Group Performance 10
Business Performance. 10
Financial Performance. 10
Outlook for 2026 and Risks. 11
Basic Information about MONETA Money
Bank, a.s. 12
Consolidated Interim Financial Statements for the Three-month Period Ended 31 March 2026 (Unaudited) 14
Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income for the Three-month Period Ended 31 March 2026
(Unaudited) 14
Consolidated Interim Statement of Financial Position as at 31 March 2026 (Unaudited) 15
Consolidated Interim Statement of Changes in Equity for the Three-month Period Ended 31 March 2026 (Unaudited) 16
Consolidated Interim Statement of Cash Flows for the Three-month Period Ended 31 March 2026 (Unaudited) 17
Notes to Unaudited Consolidated Interim Financial Statement. 19
Reporting Entity. 19
Basis of Preparation and Presentation 19
Use of Judgements and Estimates. 19
Material Accounting Policies. 19
Consolidation Group. 20
Dividends Paid 20
Net Interest Income 21
Analysis of Deferred Costs and Fees.22
Net Fee and Commission Income 23
Total Operating Expenses 23
Investment Securities 23
Loans and Receivables to Banks 24
Loans and Receivables to Customers 24
Due to Banks 24
Due to Customers 25
Issued Bonds. 25
Subordinated Liabilities 26
Legal Risks 26
Legal Disputes. 26
Segment Reporting 27
Related Parties 28
Risk Management. 29
Capital Management. 29
Loans and Receivables to Banks and Customers according to Their Categorisation 31
Walk of Allowances to Loans and Receivables to Customers. 32
Break-down of Allowances according
to Loan Type and Stages 34
Coverage of Non-performing Loans and Receivables 35
Net Impairment of Financial Assets 35
Maximum Credit Risk Exposures. 36
Fair Values of Financial Assets and Liabilities. 38
Subsequent Events 39
Management Affidavit 40
Alternative Performance Measures 41
Glossary 43
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Disclaimer
This report may contain projections, estimates, forecasts, targets, opinions, prospects, results, returns and forward-looking statements with respect to the financial g uidance, profitability, costs, assets, capital position, financial condition, results of operations, dividend and business (together "forward-looking statements") of MONETA Money Bank, a.s. (the "Bank"), and its consolidated subsidiaries (the "Group" or "MONETA").
Any forward-looking statements involve material assumptions and subjective judgements which may or may not prove to be correct and there can be no assurance that any of the matters set out in forward looking statements will actually occur or will be realised or that such matters are complete or accurate. The assumptions may prove to be incorrect and involve known and unknown risks, uncertainties, contingencies and other important factors, many of which are outside the control of the Group. Actual achievements, results, performance or other future events or conditions may differ mater ially from those stated, implied and/or reflected in any forward-looking statements due to a variety of risks, uncertainties and other factors. Any forward-looking statement contained in this report is made as at the date of this report. The Bank does not assume, and hereby disclaims, any obligation or duty to update forward-looking statements if circumstances or management's assumptions, beliefs, expectations or opinions should chang e, unless it would be required to do so under applicable law or
reg ulation. For these reasons, recipients should not place reliance on, and are cautioned about relying on, any forward-looking statements.
Dividend guidance
Subject to corporate, regulatory and reg ulator's limitations, the Bank's target is to distribute the Group's excess capital above that required to meet the Group's internal target of the capital adequacy ratio, which is 15.25 % (effective from 1 January 2025). However, the internal capital adequacy ratio target is not legally binding upon the Group and is subject to change on the basis of the ongoing re-assessment by the Management Board of the Bank based on the business results and development.
Material assumptions for forward-looking
statementsWhen preparing g uidance for 2026-20301 MONETA has made several economic, market, operational, regulatory and other assumptions of both quantitative and judgemental nature. These assumptions include the following:
GDP growth in 2026 by 2.4 % and in 2027 by 2.8 % and then stable growth of 2.5 % annually'.
1M PRIBOR assumed to be stable at 3.6 % in years 2026-2030*.
Gross performing loan balance is expected to grow at 6.1% CAGR in the five years until 2030.
Customer deposits balance is expected to g row at 3.6 % CAGR in the five years until 2030.
Third parties' data
Certain industry and market information in this report has been obtained by the Bank from third party sources. The Bank has not independently verified such information and the Bank does not provide any assurance as to the accuracy, fairness or completeness of such information or opinions contained in this report.
1Five-year guidance published on 3 February 2026.
2 Internal forecast derived from macroeconomic forecast from CNB published in November 2025 (https://www.cnb.cz/en/monetary-policy/forecast/cnb-forecast-archive/CNB-forecast-Autumn-2025/).
3 Based on internal assumptions.
MONETA Money Bank, a.s.
Consolidated interim financial report
as at and for the three months ended 31 March 2026 (All amounts in CZK millions unless otherwise stated)
- Letter from the Chairman of the Management Board
Dear Shareholders,
The first quarter of 2026 was positive for MONETA. Our business performed according to plan, and delivered a net profit of CZK 1.6 billion, an increase of 8 per cent year-on-year.
Our profitability was supported by year-on-year
g rowth in total operating income of 4.8 per cent to CZK 3.5 billion, and benefitted from a broadly stable cost base of CZK 1.5 billion (up 1 per cent). As a result, our operating profit increased by
7.8 per cent to CZK 2 billion. This performance was accompanied by a 6 per cent increase in the credit costs, which materialised at CZK 160 million.
Our improved operating income was primar ily a result of strong er net interest income, which increased by 7.7 per cent to CZK 2.5 billion. This reflected higher interest income from our expanding loan portfolio, as well as lower funding costs due to a decline in interest paid across our deposit products. Overall, despite strong competition, our cost of funding on customer deposits slig htly decreased to 1.99 per cent.
Additionally, we maintained solid net fee and commission income. This category improved by
1.8 per cent to CZK 863 million, mainly due to higher commission income from wealth management products. And our net income from financial operations performed according to budgetary expectations, decreasing by
17.9 per cent to CZK 138 million.
We incurred operating expenses in the amount of CZK 1.5 billion, which is an increase of 1 per cent. This was impacted by 8.5 per cent higher personnel expenses, which came in at
CZK 661 million. Personnel costs rose due to salary increases granted during 2025 and additional 2025 bonus expenses. Our administrative expenses decreased by
3.9 per cent and came in at CZK 365 million, which is mainly attributable to the lower IT expenses, postage and other expenses categories. Our depreciation and amortisation charges declined by 9.2 per cent to
CZK 266 million, which was attributable to the extension of the useful life across a number of tang ible and intangible assets.
In parallel, we continued to modernise and optimise our branch network. During the first quarter, we opened a new branch in Prague (Krakov shopping centre) and decided to close six branches by the end of upcoming quarter. Our branch network now stands at 123. We further expanded the number of cashless branches by ten, bringing the total to 74. We anticipate having 78 cashless branches by the end of the second
quarter. These efforts are consistent with our overall branch optimisation programme. With respect to cash operations, we seek to move these onto our ATM network, concerning both withdrawals and deposits. We are continuing to focus our branches and our staff on the provision of client advisory and to support high-value product distribution throughout our network. The current strategy therefore requires a lower number of branches in high footfall locations across the country.
Our credit costs reached CZK 160 million, representing 6 per cent growth. The increase in the net creation of loan loss provisions was driven by higher new loan volumes, which impacts the creation of coverage, and lower overall release of management overlay. So far, we have experienced a stable and benign risk environment, as reflected in our lowest non-performing loan ratio over the last ten years. We have also continued to successfully dispose of non-performing loans.
And, finally, we enjoy stable metrics concerning the development of past due loan repayments, and our ability to collect and cure rates across our loan product categories.
I am proud that MONETA was recognised by the banking industry and public alike in this year's
Finparada awards. We received nine awards, winning six golds including the People's Choice
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MONETA Money Bank, a.s.
Consolidated interim financial report
as at and for the three months ended 31 March 2026 (All amounts in CZK millions unless otherwise stated)
Award for our current account with mobile application and retail consumer loan, and we were named the Product Company of the Year.
On 19 March we published a notice for our Shareholder Meeting to be held on 21 April. Our shareholders will be asked to approve our 2025 financial statements, our proposed 2025 dividend of CZK 11.5 per share, our 2025 Remuneration Report and several amendments to the Remuneration Policy covering the Supervisory Board and the Audit Committee remuneration.
On the regulatory front, in February the Czech National Bank (CNB) lowered the Bank's Minimum Requirement for Own Funds and Eligible Liabilities (MREL) by 30 bps to 16.8 per cent of our total volume of risk exposure. I will address our capital position in more detail elsewhere in my letter.
You will all be aware of the crisis in the Middle East brought about by conflict between the US and Israel, on one side, and Iran, on the other. As a direct consequence, the price of crude oil has increased, which in turn has led to higher prices at the petrol pumps, with a clear knock-on effect regarding inflation. The crisis has also impacted the financial markets, as a result of which MONETA adjusted its mortgage rates on
30 March, with effect from 3 April. Several other Czech lenders have similarly moved to adjust their mortgage rates. The CNB, meanwhile, is monitoring the impact of the conflict, and on
19 March held the 2-week repo rate at
3.5 per cent. We must all hope that a resolution to the conflict is found sooner rather than later.
Economic environment
Turning to the Czech economy, inflation was
1.9 per cent in March, and was fuelled by higher prices for fuel and services. The central bank's Monetary Department updated its inflation forecast, which partly incorporates higher oil prices, and says headline inflation will be below
2 per cent this year. However, the forecast warns that core inflation will "remain elevated in the quarters ahead", which suggests the CNB will keep interest rates where they are for the foreseeable future. As noted above, the CNB held firm on interest rates at its last monetary meeting, with the next scheduled for 7 May.
The Czech economy grew by a relatively healthy
2.6 per cent in 2025, with household consumption being a key driver. The CNB forecasts this year's g rowth to reach 2.9 per cent.
The government of Prime Minister Andrej Babis" plans to run a state budget deficit of
CZK 310 billion this year. As at March, the state budget deficit had reached CZK 27.6 billion, an amount that was impacted by the provisional budgeting period while the government began to
reorganise state expenditures after it took office before Christmas.
I will now provide some more detail to our financial performance.
Financial Performance in 1Q 2026
MONETA made a net profit of CZK 1.6 billion in the first quarter of this year, up 8 per cent year-on-year thanks to higher operating income that reached CZK 3.5 billion, up 4.8 per cent year-on-year. This result was mainly driven by higher net interest income.
Net interest income rose by 7.7 per cent to
CZK 2.5 billion thanks to a lower cost of funding, which was in line with the decrease of market rates between the first quarter of 2025 and the quarter just ended, and also thanks to continuous demand for new loans, which supported our net interest income. Net fee and commission income was up 1.8 per cent to CZK 863 million. Third party commission income rose by 7.8 per cent to
CZK 555 million, thanks mainly to the distribution of wealth management products.
Operating expenditures for the first quarter were broadly stable at CZK 1.5 billion, up only 1 per cent year-on-year, when higher personnel expenses and regulatory charges were offset by lower depreciation and amortisation charges and administrative expenses.
Our credit costs, at CZK 160 million or 22 bps, were at the lower end of the guided range of 20-35 bps. Our non-performing loan (NPL) ratio was 1 per cent at the end of the quarter, once again thanks to continued good repayment discipline.
This was supported by income from the sale of NPLs, which generated an income of CZK 39.4 million.
MONETA's effective tax rate in the first quarter was at 15.2 per cent, as per guidance.
Our balance sheet at the close of the quarter stood at CZK 520 billion, up by 3.2 per cent compared to year-end 2025. MONETA's capital adequacy ratio stood at 17.88 per cent as at
31 March.
Business Performance
Our overall gross performing loan portfolio g rew by 1.8 per cent since the end of 2025 to
CZK 297 billion, driven by our commercial
segment, where we saw continued growth in new lending volumes.
MONETA's total customer deposit balance rose by
2.2 per cent to CZK 450 billion compared to year-end.
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