revenue
14.8 $billion
FY 2026
official guidance
MONETA MONEY BANK
Last · PragueCZK 189.70+2.80 (+1.50%)close · yahoo · 6h ago
Market capCZK 96.9B511.0M sh
P/E · TTM14.4fwd — · eps 13.13
Beta—vs S&P 500
Div yield6.27%annual · TTM
52w range
CZK 162.31CZK 206.00
Volume236.9Ksession
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Buy: MONETA delivered 1H net profit of CZK 3.3bn, up 8.1% year over year, with revenue/operating income up 6.5%, a 38.4% cost-to-income ratio and 9.1% loan growth.
Management raised its 2026 minimum profit target to CZK 6.8bn and retains substantial capital optionality, including a potential interim dividend, although higher RWA density, funding-cost pressure and normalized credit costs limit upside visibility.
Themes
- Profit Target Increase
- Loan Growth
- Net Interest Margin
- Capital Return
- Credit Risk
- Rwa Density
Near term
A potential interim dividend decision at the end of September; management cited distributable excess capital above CZK 8 per share but made no commitment.
Loan growth is already ahead of the full-year plan, while deposits are roughly at the year-end target; funding mix and the loan-to-deposit ratio will determine whether growth can continue without margin pressure.
Second-half net interest margin progression toward the 2.15%-2.20% year-end target, supported by mortgage repricing and a higher-margin commercial mix.
Third-quarter macro-model review could affect provisions, although management currently sees no adverse change in the available Czech National Bank forecast.
Longer term
The shift toward small business and SME lending is driving stronger growth and margins, but also raises RWA density and capital consumption; planned synthetic securitization in 2027 is not yet committed to a date.
Digital servicing, branch rationalization and artificial-intelligence initiatives could support structural efficiency, but management characterized AI benefits as medium- to long-term and provided no quantified savings.
The 90% payout policy and excess capital provide a meaningful shareholder-return catalyst if CET1 remains comfortably above target while the balance sheet expands.
Competitive deposit pricing remains a constraint: management is targeting only 2.5%-3.5% deposit growth and reported a stable 2.18% cost of funds.
Red flags
Credit costs were at 28bp in 1H, but the comparison is helped by fully released management overlays; future provisioning will be more dependent on underlying portfolio performance.
A single fraud-driven commercial default required 100% coverage and contributed to a sharp 2Q commercial cost-of-risk increase. Management identified no similar exposure, but fraud losses are inherently difficult to anticipate.
The loan-growth strategy is increasing RWA density, and the proposed securitization solution remains dependent on market demand and is described only as a 2027 possibility.
Customer growth is weak because deposit pricing is at the lower end of the market, creating a potential trade-off between preserving funding costs and sustaining loan expansion.
Forward outlook
revenue growth
6.1 pct
FY 2026
official guidance
revenue
7.5–9.5 pct
FY 2026
official guidance
gross margin
2.15–2.2 pct
FY 2026
official guidance
Recommendation history
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
Upcoming earnings
4:30 PM UTC+2
Period
Sep 2026
Est. EPS
—
Est. revenue
0
Earnings transcripts
- Issuer IR
Přepis záznamu z prezentace pololetních finančních výsledků za rok 2026 (angličtina)
MONETA MONEY BANK
- Issuer IR
Přepis záznamu z prezentace finančních výsledků za 1. čtvrtletí 2026 (angličtina)
MONETA MONEY BANK
- Issuer IR
Přepis záznamu z prezentace finančních výsledků za rok 2025 (angličtina)
MONETA MONEY BANK
- Issuer IR
Přepis záznamu z prezentace finančních výsledků za 3. čtvrtletí 2025 (angličtina)
MONETA MONEY BANK
Documents
FormReporting forFiledFlags
—2026-09-020
—2026-06-30≈0