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Ceska Sporitelna’s 2009 Operating Profit (IFRS) grew by almost 15% to CZK 26.62 bln (€ 1,005.93 mil)*, while Net Profit grew by approximately 6% to CZK 12.02 bln (€ 454.35 mil)*

Ceska Sporitelna’s 2009 Operating Profit (IFRS) grew by almost 15% to CZK 26.62 bln (€ 1,005.93 mil)*, while Net Profit grew by approximately 6%[1] to CZK 12.02 bln (€ 454.35 mil)* 

As of 31 December 2009, Ceska Sporitelna reported an unaudited consolidated Net Profit of CZK 12.02 bln, according to International Financial Reporting Standards (IFRS), up by 5.9% year-on-year¹. The Operating Profit, which shows the strength and commercial success of the Bank, was up by almost 15% year-on-year, at CZK 26.62 bln. 

“This result has only been possible thanks to the trust of our clients on the one hand and thanks to the hard work of our people on the other. This confirms our financial strength and stability. Apart from the excellent Operating Profit, we are very proud to report the  customer satisfaction index going back to the pre-crisis levels,” said Gernot Mittendorfer, CEO and Chairman of the Ceska Sporitelna Board of Directors.

Highlights of the 2009 results

Consolidated, unaudited figures, as of 31 December 2009 calculated according to the International Financial Reporting Standards (IFRS). Comparisons are made with the results as of 31 December 2008, unless specified otherwise. 2008 data cleared off the impact from the sale of Pojistovna CS:

• Operating Result increased by 14.9% to CZK 26.62 bln from CZK 23.17 bln.
• Net Profit was up by 5.9% at CZK 12.02 bln from CZK 11.35 bln¹ (with the influence of the sale of insurance activities in 2008 net profit dropped by 24%).
• Profit Before Tax increased by 7.8% to CZK 15.18 bln from CZK 14.08 bln.
• Net Interest Income increased by 2.6% to CZK 30.99 bln from CZK 30.22 bln.
• General Administrative Expenses dropped by 1.4% to CZK 19.27 bln from CZK 19.54 bln.
• Total Assets dropped year-on-year, by 0.8% to CZK 855.14 bln from CZK 862.23 bln.
• Loans and Advances to Customers were up by 1.7% to CZK 469.19 bln from CZK 461.42 bln.
• Retail loans (Bank only) were up by 5.3% to CZK 259.57 bln from CZK 246.60 bln.
• Amounts Owed to Customers increased slightly year-on-year, by0.2% toCZK 647.53 bln from CZK 645.95 bln.
• Net Interest Margin relating to avg. interest-bearing assets increased to 4.20% from 4.07%.
• Return on Equity (ROE) slightly increased to 19.3% from 19.2% (with the influence of the sale of insurance activities in 2008 decreased from 26.3%).
• Return on Assets (ROA) slightly increased to 1.4% from 1.3% (with the influence of the sale of insurance activities in 2008 dropped from 1.8%).
• Cost/Income Ratio improved year-on-year to 42.0% from 45.8%.
• Ratio of Client Loans to Client Deposits increased to 72.5 % from 71.4%.
• Capital Adequacy according to BASEL II (Parent bank only, according to CNB) increased to 12.3% from 10.31%.
• Index of Customer satisfaction in 2009 grew to 76.5 from 73.8 in 2008 despite demanding market conditions.

¹The comparison is cleared off the one-off positive impact from the sale of Pojistovna CS and on the discontinued insurance activities of a volume of CZK 4.46 bln included in 2008.

*1EURO = CZK 26.46

Full press release available in PDF version [new window]