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Press Release :: Ceskoslovenska obchodni banka

Logo Ceskoslovenska obchodni bankaCSOB reported a net profit for 9M 2009 of CZK 9.188 bn (approximately US$534 million). Loan portfolio increased by 5 % Y/Y while AUM and deposits declined by 2%. Operating income (underlying) grew by 3% and operating expenses decreased by 1%.

Highlights of the 9M 2009 results:
  • Net profit - reported: CZK 9.188 bn (+231% Y/Y).
  • Net profit - underlying: CZK 8.450 bn (-15% Y/Y).
  • Operating income - underlying: CZK 24.334 bn (+3% Y/Y).
  • Operating expenses - underlying: CZK 10.613 bn (-1% Y/Y).
  • Cost/income ratio - underlying: 43.6% (-1.6pp Y/Y).
  • Loans granted by the CSOB group: CZK 408.5 bn (+5% Y/Y).
  • Quality of loan portfolio: NPLs (excl. EGAP-covered) at 3.07%, credit costs at 1.09%.
  • Assets under management and deposits: CZK 701.1 bn (-2% Y/Y).
  • Of which, total deposits: CZK 475.1 bn (+2% Y/Y).
  • Total assets: CZK 891.2 bn (+8% Ytd.).
  • Capital and liquidity: high levels confirmed. The capital adequacy for the group at 12.26% and the loan/deposit ratio at 67.6%.

Pavel Kavánek, CEO, comments on the results: "Our result confirms that we are able to further develop our business activity and reach strong financial performance, even in the environment of increased costs of credit risk. The cost containment measures that we have been implementing since the end of the last year, started delivering visible effects in the third quarter. On the income side, we further grow in operating income, the net interest income in particular, based on the continuing growth of the loan portfolio and deposits."

Source: Ceskoslovenska obchodni banka
Date: 20.11.2009
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