PPF profits rise in 2019, but losses for 2020 stacking up

The financial group PPF, owned by the richest Czech, Petr Kelner, saw its profits rise in 2019 by 16 percent to CZK 26.7bn thanks to strong results in financing and in the telecom sector. PPF's profits were just CZK 23.1bn in 2018. In the past year, its assets under management rose 8 percent to CZK 1.3 trillion, or €48.6bn. Financial director Kateřina Jirásková said the company's biggest successes had come from consumer financing, banking, telecoms and real estate, which has been showing stable profitability. "What was key was the profitability of the both the financial holdings and our telecoms business where our acquisition of assets in Telenor in Hungary, Bulgaria, Serbia and Montenegro are on full display." However, this year's results are going to be hit hard by the coronavirus, especially its consumer loan business in Asia where losses have already run into the billions.