Saturday, 18 November 2017

ČS reports net profit of CZK 11.7bn for 9M 2017

CIA News |
6 November 2017

Česká Spořitelna (ČS) reported unaudited net consolidated profit of CZK 11.7bn for 9M 2017, compliant with IFRS, down 1.8% y/y, due to the one-off revenue from Visa Europe stock sale in 2016.

Excluding this factor, profit in 9M 2017 grew 8.7% y/y. Gross client loans, excl. reverse repo operations, gained 9.1% y/y to CZK 639.1bm. Liabilities to clients totalled CZK 879.1bn (up 13.8% y/y). Consolidated balance sum totalled CZK 1.3210 trillion, up 21.7% y/y.

The group’s capital ratio reached 18%. ČS’ board of directors chairman Tomáš Salomon has added that the increase in provided mortgages and consumer and corporate loans indicates that Czech households and companies continue to do well. Their good condition is confirmed also by the decreasing share of bad loans.