Moneta: 4Q 2023 results tomorrow morning – divi could be CZK 8.2 per share

Tomorrow morning Moneta will publish the economic results for the fourth quarter of this year. At the level of net profit, we expect 20% year-on-year growth to CZK 1,275 million, which is mainly due to the resumption of growth in net interest income, continued solid growth in fee income and low risk costs. For the whole year, we expect a net profit of CZK 5.25 billion, thus exceeding the management’s forecast (CZK 5 billion). Net interest income has returned to growth on a quarterly basis since the first quarter of last year, and in 4Q we expect 4% growth, even in a year-on-year comparison. Revenues from fees should continue to grow solidly, mainly driven by fees from sales of third-party products (insurance, funds). We expect operating costs at the level of CZK 1.5 billion (+1% y/y). Wage growth and high inflation are partially offset by a significant decrease in the number of employees (-9.5% y/y at the end of September), a lower number of branches (-14 y/y to 140 at the end of September) and other austerity measures. We then expect adjustment items at the level of CZK 179 million, which represents risk costs at the level of 26 bb. From the point of view of the figures for the entire year 2023, the bank should fulfill the management’s outlook at all levels.

At the same time, we expect the management to publish the amount of the dividend that it will propose to the general meeting. With a payout ratio of 80%, our projections would indicate a dividend of CZK 8.2 (8.6% gross div. yield), however, management has previously stated that it considers this payout ratio to be minimal, so there is a real chance that the dividend will be higher .

In the long term, we consider Moneta shares to be undervalued, and the eventual fulfillment of our projections, combined with a high dividend and a solid medium-term outlook, could push the bank’s shares higher.

J&T BANKA, private and investment bank of successful people

Since 1998, it has been offering services and advice that not only solve the current needs of clients, but also take into account wider family relationships and a longer time horizon. They protect property not only against economic influences, but also against legislative changes and the course of life. They include multigenerational asset management and succession, investment consulting, securities trading, asset management and structuring, or life-style management services. In addition to comprehensive family office and private banking services, it provides specialized financing in the field of real estate and corporate acquisitions.

In addition to the Czech J&T Bank, the bank holding J&T Finance Group SE includes its Slovak branch, J&T Banka dd in Croatia and the Slovak banking group 365 (formerly Poštová banka).

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The article is in Czech

Tags: Moneta results tomorrow morning divi CZK share


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