CZECH REPUBLIC - ING Penzijni Fonds (ING PF), the Czech market's fifth largest pension fund, saw its first half profit raised by 59% to Kc184m from Kc115m last year, writes CTK, the Czech News Agency.
ING PF - part of the Dutch ING group - has a 10% Czech market share. At the end of June it had accumulated over 280,000 clients, up 15% year-on-year.
Assets managed by the fund totalled Kc7.66bn compared to Kc5.65bn in 1H 2002.
ING’s portfolio at the end of June comprised of state bonds (59%), bank bonds (17%), company bonds (6%), equities (7%), time deposits (5%) and T-bills (6%).
Overall, all 12 pension funds operating in the Czech market saw their profits rise by 27% year on year from Kc1.232bn in 1H 2002 to Kc1.57bn by June-end, 2003.
However, ING Bank saw profits down by nearly 50% compared with the same period one year ago.
Profits were Kc74.6m for the first half (2002 : Kc142.7m). Total assets fell by some 20% to Kc39.6bn.
The results were influenced in particular by the continuing fall in interest rates. At end-June, the repo rate stood at 2.25%.
Client loan volumes grew by 5% to Kc15.7bn. Client deposits fell by over a third to Kc10.13bn.
The ING CR group, which comprises a bank, an insurance company and a pension fund, saw profits rise by Kc5m to Kc629m in H1, while its total assets decreased by 5% to Kc69.3bn.
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