CSOB Group Net Profit Up 45% In 1st HalfPetr Dubinsky
The ČSOB group’s net profit in the first half rose by 45 percent to CZK 10.9 billion. The increase in profit was due to the purchase of the remaining 45% stake in ČMSS and the revaluation of the existing stake. The volume of assets under management of the group grew by a tenth to CZK 228.2 billion, according to information from ČSOB, which is one of the largest domestic banks.
The net profit of the ČSOB group grew year-on-year due to both a rise in net interest income and a one-off income of CZK 2.1 billion resulting from the revaluation of 55% of ČMSS in connection with the acquisition of the remaining stake. litigation and based on the impact of ČMSS consolidation.
In the first half of the year, the volume of ČSOB loans increased by three percent to CZK 752 billion, while the volume of deposits decreased by five percent to CZK 978 billion. The increase in the loan portfolio was mainly driven by growth in mortgage loans, building savings, SME loans and consumer finance. The volume of deposits declined due to a lower volume of repo operations with institutional clients.