GE Money Bank Q1-3 profit up 8% at CZK 2.33 billion

Prague, Nov 6 (CTK) - GE Money Bank had a Kc2.33bn net profit in
January-September, up 8 percent year on year, the volume of loans jumped by
a fifth and the volume of deposits rose by 14 percent, the bank told CTK in
a press release Thursday.

The volume of loans topped Kc91bn at end-September, and client deposits
reached Kc61bn.

As for rivals, Ceska sporitelna saw consolidated net profit grow by over 73
percent to Kc14.08bn in Q1-3. Without the influence of the sale of insurer
Pojistovna CS, its net profit rose by 21 percent.

CSOB will publish its Q1-3 economic results this afternoon. It has issued a
preliminary warning that its profit will be lower owing to the financial
crisis.

Komercni banka will publish its economic results on Friday.

GE Money Bank has not yet reported unfavourable impacts in connection with
the global financial crisis.

"The quality of the loan portfolio remains high. No negative development
was seen compared with last year," GE Bank said.

GE Money Bank CEO Peter Herbert added that the improvement in the economic
results came thanks to the growth in the number of clients and a more
active use of its products and services.

Consumer loans exceeded Kc34bn, up 23 percent on the year. Demand for loan
consolidation stays high.

Despite the overall slowdown on the mortgage market, GE Money Bank's
mortgage loans portfolio reached nearly Kc25bn.

Loans to small and midsized companies increased by 14 percent to Kc29bn.
Deposits of small and midsized companies grew by 17 percent and deposits of
individuals added over 13 percent.

Total assets topped Kc96bn, 19 percent more than a year earlier. Capital
adequacy was at over a fifth, which is more than double the required level
set by the regulatory authority.

Client numbers grew by over 44,000 to nearly 944,000.

The GE Money group's other members are GE Money Multiservis and GE Money
Auto.