CSOB Sees First Half Profits Jump By 91%

The net profit of the ČSOB Group in the first half of the year rose by 91 percent to 6.6 billion crowns. The volume of assets under management increased by 13 percent to 268 billion crowns. 

“The net profit of the ČSOB Group increased year-on-year in the first half of the year due to the release of loan loss provisions. The quality of the loan portfolio remains very high. The vast majority of clients returned to repayment after the moratorium. The share of non-performing loans was 2.06 percent at the end of June, which meant a slight year-on-year decrease, “commented the results of ČSOB’s CEO John Hollows.

According to him, the volume of client deposits and assets under management continued to grow year on year, and there was also high demand for housing loans. The volume of ČSOB loans increased by two percent to CZK 804 billion. The volume of deposits increased by nine percent to CZK 1.161 trillion. The bank’s operating revenues reached CZK 16.4 billion, which was a year-on-year decrease of 12 percent. Operating costs rose by six percent to 10.3 billion crowns.

Housing loans, ie mortgages and loans from building savings, increased by six percent year on year. The number of mortgages sold more than doubled in the first half of the year.

The results for the first half of the year have already been published by all competing large banks. Komerční banka’s net profit increased by 17.4 percent year-on-year to CZK 5.258 billion in the first half of the year, Česká spořitelna by 43.4 percent to CZK 6.6 billion, Raiffeisenbank by 26 percent to CZK 1.69 billion, Moneta Money Bank by 19, 3 percent to 1.43 billion crowns.

The ČSOB Group includes ČSOB, Hypoteční banka, ČSOB stavební spořitelna, ČSOB Penzijní společnost, Patria Finance, ČSOB Leasing and ČSOB Factoring. ČSOB belongs to the international banking and insurance group KBC, which is active in Belgium and the countries of Central and Eastern Europe.