Komercni banka profits fell 38.5 percent in 2020

Komercni banka's profits fell 38.5 percent during the first half of 2020 to CZK 4.4 billion, while turnover fell 6.7 percent to CZK 15.1 billion. The results were heavily influenced by the the worsening economic situation and reduced consumer consumption as a result of restrictive measures taken against the pandemic. Along with lower revenues, the bank's bottom line was hurt by increased contributions to the Fund for Crisis Solutions and by investments needed to digitize the bank's services and operations. "KB also set aside restructuring reserves for expenses connected with the accelerated transformation on the basis of experience with the Covid-19 epidemic," wrote the company. The volume of loans to clients rose 5 percent to CZK 676.3 billion while deposits rose 7.1 percent to CZK 898.4 billion.