Matt Atlas

Air Bank Profits Up 25% In First Half Of 2021

The Air Bank Group, which consists of Air Bank, Benxy, and the Czech and Slovak Home Credit, reported a net profit of CZK 877 million in the first half of the year. This is a year-on-year increase of 25 percent. The Air Bank Group belongs to the PPF Group, which is negotiating its merger with Moneta Money Bank. The increase in profit is mainly due to the business results of companies in the group. The group’s total assets increased by 13 percent year on year to 148.3 billion crowns.

The combined results were prepared for information purposes only with a view to negotiations on a possible merger of these companies with Moneta. The combined results thus relate to a hypothetical situation if Air Bank, Benxy, Home Credit, and Home Credit Slovakia formed one consolidated group.

In mid-2021, the Air Bank Group had 1.24 million active clients, of which Air Bank accounted for 895,000 clients. The total volume of the group’s new loans in the first half of the year rose by 37 percent year on year to CZK 24 billion. The total loan portfolio of the Air Bank Group increased by four percent to CZK 59.1 billion in the first half of 2021.

Air Bank grew 57 percent year on year in new consumer loans and 188 percent in mortgages. The Benxy platform, which provides the Zonky service, also saw an increase, with the volume of new loans increasing by 43 percent year on year. The volume of cash loans at the Czech Home Credit increased by 13 percent year-on-year; in Slovakia, the driving force was the financing of the purchase of used vehicles with a year-on-year increase of more than 18 percent, the group informed. For Benxy, the first half of 2021 was the second half in a row for which the company reported a profit.

“We focus on what we can do, and it’s great that our clients are perceiving this difference in our market. Our strategy is also taking full advantage of us at the business level, with clients using our services more and more. In addition to us for our maximum online availability, ease of use, and friendliness in the use of our services, other new clients are coming, “said Michal Strcula, CEO of Air Bank and Member of the Supervisory Board of Benxy, Home Credit, and Home Credit Slovakia.

Air Bank, Benxy, Home Credit, and Home Credit Slovakia are indirectly controlled by Home Credit Group BV, which is part of the PPF Group. It is active in 25 countries. It invests in a number of industries, from financial services to telecommunications, media, biotechnology, real estate to engineering. The group owns assets of 39.7 billion euros and employs 94,000 people worldwide.