Czech and Slovak UniCredit Bank’s net profit was up 21 percent last year

UniCredit Bank, a subsidiary of Italian banking group UniCredit, has reported a 21% year-on-year increase in net profit to CZK 8.22 billion (EUR 341 million) in 2022. The deposit volume of the bank rose 10.5% to CZK 500 billion, and the volume of loans increased by 10.9% to CZK 516 billion. UniCredit Bank’s net fee and commission income increased by 10.4% to CZK 3.72 billion, while net interest income rose 18.5% to CZK 14.45 billion. The bank’s net operating profit rose 25.7% to CZK 11.3 billion. UniCredit Bank started its operations in the Czech market in November 2007 and currently serves over 880,000 clients in the Czech Republic and Slovakia.

In the wake of the energy crisis, the Czech government has decided to impose a windfall tax on the largest banks, including UniCredit Bank. The tax is a 60% surcharge on excessive profits and corresponds to the difference between the tax base and the average cost of the tax base over the last four years, plus 20%. UniCredit’s parent company reported a 64% increase in net profit to 5.4 billion euros last year, primarily due to higher interest rates, cost-saving measures, and a reduction in loan loss provisions. These results exclude business in Russia.

Article by Prague Forum

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