Czech Banks Dividend premium fading, but Moneta still stands out

Research evidence excerpt

Czech Banks Dividend premium fading, but Moneta still stands out

13 May 2026

Czech Banks EquitiesCommercial Banks

Dividend premium fading, but Moneta still stands out Czech Republic

◆ Already high payouts and slowing EPS growth amid fierce Cihan Saraoglu*, PhD

competition and base effects make outlook less appealing EEMEA Banks Analyst

HSBC Yatirim Menkul Degerler A.S.

cihansaraoglu@hsbc.com.tr

◆ Moneta still has room to lift DPS through capital instruments +90 212 376 46 20

while Komercni’s payout and DPS are set to decline Siddarth Sambamurthy*

Associate

◆ We cut earnings estimates and adjust TPs; retain Buy on Bangalore

Moneta and Hold on Komercni

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

Earnings outlook turns less inspiring, but capital return remains supportive:

Intense competition in deposits, modest fee momentum, and CoR normalization from

last year’s unusually low levels are slowing earnings growth across Czech banks. At

the same time, three consecutive years of 100%-plus payouts have reduced capital

buffers, narrowing the dividend yield premium versus regional peers. We maintain

our Hold rating on Komercni, as we expect lower payouts to reduce its dividend yield

below peers trading at cheaper multiples. Meanwhile, we reiterate our Buy rating on

Moneta, as its untapped AT-1 capacity could still support DPS growth through special

dividends. Although Moneta share price has outperformed Komercni’s by 12% since

Sep’25, its dividend yield remains c.1.5ppt higher, which in our view supports further

divergence in performance (see Czech Banks: Diverging paths, 22 Sep 2025).

Moneta, Buy, increase TP to CZK225 (from CZK205): Shift in loan mix towards