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30.10.2014 07:30

Ceska sporitelna: Stable Operating Result and Healthy Loan Growth Earn, Net Profit Down by 2.2% to CZK 11.23 bn

As at 30 September 2014 (for the first three quarters of 2014), Ceska sporitelna reported an unaudited consolidated net profit of CZK 11.23 bn, according to International Financial Reporting Standards (IFRS). This is a year-on-year dip by 2.2%, from CZK 11.48 bn. The operating result remained stable, at CZK 16.99 bn (for the first three quarters of 2013 it amounted to CZK 17.10 bn). An important indicator is the continuing year-on-year growth of the loan portfolio by 2.4% to CZK 510.05 bn. However, also new loans grew, e.g., the volume of new consumer loans grew by 2.9% year-on-year, to CZK 18.87 bn.

“The growth of lending on the banking market is outpacing the growth of the economy and we are playing an important role in supporting the economic revival. In spite of ever-increasing regulatory requirements, we are able to satisfy the growing demand of corporations and households for the financing of their needs.

In corporate financing, we joined our parent bank Erste Group in arranging a bond issue for NET4GAS, which was the largest CZK corporate bond issue of the last decade,” said Pavel Kysilka, Chairman of Ceska sporitelna’s Management Board.

Growth in retail loans was driven primarily by strong client demand for mortgages. Ceska sporitelna’s innovative approach and unique offer of mortgage sales via Facebook were appreciated not only by hundreds of households, but also by the expert jury of the FLEMA Media Awards competition, which rewarded the bank with first place in the Best Use of Digital Media Category. This was only one of the many interesting innovations Ceska sporitelna introduced in the third quarter.

“We opened a new experimental branch in Pilsen in August, and whatever clients value most we will then offer throughout the branch networks. One example is the launch of the videobanker service in the self-service zone, where, via a screen, a banker from our client centre will help clients take care of a number of simple tasks. An absolute innovation is the offer of personal banking for clients from the middle income group, under the brand BLUE. I thank all my colleagues for all the new developments that we have been able to offer our clients,” added Pavel Kysilka.

The European Central Bank's asset quality review and stress tests published on 26 October 2014 confirmed the sound financial health and strong capital position of Erste Group.


Consolidated, unaudited figures, as of 30 September 2014, according to International Financial Reporting Standards (IFRS). Comparisons are made with the results as of 30 September 2013, unless otherwise specified:

  • Operating Result remained stable at CZK 16.99 bn; for the first three quarters of 2013, it amounted to CZK 17.10 bn 
  • Profit Before Tax decreased by 2.5% to CZK 13.95 bn from CZK 14.31 bn
  • Net Profit decreased by 2.2% to CZK 11.23 bn from CZK 11.48 bn
  • Net Interest Income declined by 2.7% to CZK 19.95 bn from CZK 20.51 bn
  • Operating Expenses declined by 4.2% to CZK 13.60 bn from CZK 14.20 bn
  • Total Assets went down by 4.9% to CZK 897.28 bn from CZK 943.38 bn (influenced by deconsolidation of Transformovany fond ČSPS, net of this impact, total assets would have slightly increased by 0.3%)
  • Gross Loans to Customers rose by 2.4% to CZK 510.05 bn from CZK 497.93 bn
  • Customer Deposits decreased by 2.6% to CZK 669.01 bn from CZK 686.83 bn
  • Net Interest Margin related to average interest-bearing assets decreased slightly to 3.55% from 3.63%
  • Return on Equity (ROE) decreased to 14.5% from 16.0%
  • Return on Assets (ROA) increased to 1.7% from 1.6%
  • Cost/Income Ratio improved to 44.5% from 45.3%
  • Ratio of Client Loans to Client Deposits grew to 73.4% from 69.8%
  • Capital Adequacy according to Basel III (financial group) as at 30 September 2014 amounted to 18.1% and continues to exceed the regulatory requirement


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 Ceska sporitelna Groups 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 iits ncome statement and balance sheet as a result of harmonisation 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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