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28.02.2014 07:30

Ceska Sporitelna in 2013: Demand for Loans Grew Even in a Period of Economic Decline, Net Profit Declined by 6.2%, to CZK 15.59 bn (EUR 0.6 bn)

As at 31 December 2013, Ceska sporitelna reported an unaudited consolidated net profit of CZK 15.59 bn (EUR 0.6 bn)1, according to International Financial Reporting Standards (IFRS). This is a  year-on-year drop by 6.2%, from CZK 16.61 bn (EUR 0.66 bn)1. The operating result was down by 4.0%, to CZK 24.29 bn (EUR 0.94 bn). Ceska sporitelna’s Management Board plans to propose a dividend payment of CZK 60 per share at the April General Meeting.

Due to high profits in 2013, Ceska sporitelna was a major contributor to the state budget – it paid CZK 4.06 bn in income tax, and another CZK 2.07 bn in social and health care insurance contributions for its employees.

“The outlook for the Czech economy is improving and we expect it to grow by two percentage points this year. For some time, we have been seeing growing business and household confidence in the future. Among Ceska sporitelna’s large corporate clients, we have noted a strong, almost 13% growth in demand for the financing of their investment, operating, and business goals, which is excellent news for employment. In addition, households’ increased interest in mortgages continued, and we provided 30% more new consumer loans. The good financial condition of the economy has also been confirmed by a drop in non-performing loans and by the improving quality of our loan portfolio,” said Pavel Kysilka, CEO and Chairman of the Management Board of Ceska sporitelna.

“The continued growth in deposits as well as in assets under management reflects the high level of consumer confidence and satisfaction of clients from all segments, as has been confirmed by the number of domestic and international awards that we won in 2013, both in banking and also for our involvement in the social sphere. I would like to thank all my colleagues. They can be justly proud of what they did for our clients, the public, and the economy in general in the uneasy year,” added Pavel Kysilka.


Consolidated, unaudited figures, as of 31 December 2013, according to International Financial Reporting Standards (IFRS). Comparisons are made with the results as of 31 December 2012, unless otherwise specified:

  • Net Profit decreased by 6.2% to CZK 15.59 bn from CZK 16.61 bn
  • Profit Before Tax decreased by 5.3% to CZK 19.48 bn from CZK 20.58 bn
  • Operating Result declined by 4.0% to CZK 24.29 bn from CZK 25.31 bn  
  • Net Interest Income declined by 5.9% to CZK 27.91 bn from CZK 29.65 bn
  • General Administrative (Operating) Expenses decreased by 3.6% to CZK 17.59 bn from CZK 18.26 bn
  • Total Assets went up by 5.2% to CZK 968.72 bn from CZK 920.40 bn
  • Loans to Customers rose by 3.8% to CZK 507.47 bn from CZK 489.10 bn
  • Retail Loans (bank only) increased by 4.6% to CZK 275.93 bn from CZK 263.71 bn
  • Mortgage Loans to Private Individuals increased by 11.5%, to CZK 155.10 bn from CZK 139.16 bn
  • Loans to Corporations and Large Municipalities (bank only) grew by 6.2%, to CZK 196.84 bn from CZK 185.43 bn
  • Customer Deposits increased by 3.1% to CZK 726.59 bn from CZK 704.53 bn
  • Net Interest Margin related to average interest-bearing assets decreased to 3.61% from 3.74%.
  • Return on Equity (ROE) decreased to 16.2% from 19.3%.
  • Return on Assets (ROA) declined to 1.6% from 1.8%.
  • Cost/Income Ratio increased slightly to 42.0% from 41.9%
  • Ratio of Client Loans to Client Deposits grew to 69.8% from 69.4%.
  • Capital Adequacy (bank only) in compliance with BASEL II (according to the CNB) increased to 17.7% from 16.0% (the regulator’s requirement is 8,0%).


Full version of Press Release [new window]

Presentation of results [new window]

1 1 EUR = 25.97 CZK (2013), 1 EUR = 25.15 CZK (2012)

* In line with the legal regulation concerning the reform of the pension system, the net assets of supplementary pension insurance participants were transferred from Penzijní fond Ceske sporitelny, as at 1 January 2013, to a transformed pension fund – Transformovany fond penzijniho pripojisteni se statnim prispevkem Ceská sporitelna – penzijni spolecnost, a.s. (“Transformovany fond CSPS“). Data from the 2012 consolidated profit and loss statement was recalculated to a comparative base. Transformovany fond CSPS continues to be managed by the CS Financial Group, through a newly established pension company. This company is entitled to a portfolio management fee of a maximum of 15% of the fund’s profit, and its role is to ensure positive financial results and take care of the capital position of Transformovany fond CSPS

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