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30.04.2014 07:30

Ceska sporitelna: Operating Result Stabilisation and Continuously Increasing Demand for Loans, Net Profit Down by 4.9% to CZK 4.00 bn

As at 31 March 2014, Ceska sporitelna reported an unaudited consolidated net profit of CZK 4.0 bn, according to International Financial Reporting Standards (IFRS). This means that, year-on-year, it dropped by 4.9%, from CZK 4.20 bn. The operating result remained stable, at CZK 5.80 bn, as in Q1 2013, it amounted to CZK 5.78 bn.

“The recovery of household and business confidence and their solid financial condition are contributing to the continued growth of the Czech economy. Its growth is also supported by record low interest rates and financial services prices in general, thanks to the low inflation rate and fierce competition on the banking market. Our good operating result was supported by revived household demand for consumer loans, where we noted a nearly 30% increase in sales, but also by continuously increasing interest in mortgages and corporate financing. EU accession ten years ago has brought the Czech economy many fundamental benefits, which have particularly aided our export-oriented industry, but other sectors, as well. We are happy to have become recognised as the number one on the market in European advisory and services, which constitute a solid part of our comprehensive offer for the corporate and public sector, under the Erste Corporate Banking brand,” said Pavel Kysilka, Chairman of the Ceska sporitelna Management Board.

HIGHLIGHTS OF THE Q1 2014 RESULTS*

Consolidated, unaudited figures, as of 31 March 2014, according to International Financial Reporting Standards (IFRS). Comparisons are made with the results as of 31 March 2013, unless otherwise specified: 

  • Net Profit decreased by 4.9% to CZK 4.00 bn from CZK 4.20 bn
  • Profit Before Tax decreased by 4.6% to CZK 5.0 bn from CZK 5.24 bn
  • Operating Result remained stable at CZK 5.80 bn, in Q1 2013, it amounted to CZK 5.78 bn 
  • Net Interest Income declined by 2.9% to CZK 6.71 bn from CZK 6.91 bn
  • Operating Expenses declined by 4.6% to CZK 4.52 bn from CZK 4.74 bn
  • Total Assets went down by 6.7% to CZK 913.94 bn from CZK 979.60 bn (influenced by deconsolidation of TFPSCS)
  • Net Loans to Customers rose by 3.3% to CZK 491.42 bn from CZK 475.76 bn
  • Customer Deposits (at FV and amortised costs) decreased by 3.2% to CZK 678.54 bn from CZK 700.68 bn
  • Net Interest Margin related to average interest-bearing assets slightly grew to 3.56% from 3.55%
  • Return on Equity (ROE) decreased to 15.5% from 17.6%
  • Return on Assets (ROA) amounted to 1.7%, just like in the 1st quarter of 2013
  • Cost/Income Ratio improved year on year to 43.8% from 45.0%
  • Ratio of Client Loans to Client Deposits grew to 72.4% from 67.9%
  • Capital Adequacy (financial group) at strong 18.6% as of 31 March 2014 (the regulatory requirement is 8.0%)

Full version of Press Release [new window]

Presentation of results [new window]


* A transformed pension fund – Transformovany fond penzijniho pripojisteni se statnim prispevkem Ceská sporitelna – penzijni spolecnost, a.s. (“Transformovany fond CSPS“) was deconsolidated from the consolidated whole of Ceska sporitelna as at 1 January 2014. The fund includes funds from supplementary pension insurance with a government contribution in the III pillar.  The Transformovany fond ČSPS continues to be managed by the CS Financial Group through Česka sporitelna – penzijni spolecnost, a.s.
In line with Erste Group, CS changed the structure of income statement and balance sheet as a result of harmonization with FINREP reporting in order to align with EBA requirements for financial reporting (the historic net profit, equity or balance sheet totals are not influenced).

 





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