International Property News
Cesk sporitelna nets CZK 12.15bn in 2007
3rd March 2008
Ceska sporitelna, the largest bank by number of clients in the Czech Republic, netted a consolidated Kc12.15bn in 2007, 17 percent more year-on-year, the bank announced Friday.
The dividend has been proposed at Kc30 per share, the same as a year ago.
Ceska sporitelna was the bank with the highest profit last year in the Czech Republic. Ceskoslovenska obchodni banka saw its net consolidated profit up 13.6 percent at Kc10.84bn and Komercni banka raised its net profit by 22 percent to Kc11.23bn.
"The results show that Ceska sporitelna is more focused on retail clients than its rivals, and benefitted the most from the boom of demand for consumer and housing loans last year," said Cyrrus analyst Marek Hatlapatka.
Net profit in 2006 totalled Kc10.39bn.
Ceska sporitelna belongs to the Austrian Erste Bank group.
Operating profit grew by 22.8 percent to Kc18.37bn.
Net interest income increased by 16.7 percent to Kc24.69bn from Kc21.15bn in 2006.
Total assets rose by 11.8 percent to Kc814.13bn.
Loans to clients were 27.1 percent up at Kc418.42bn. Personal loans totalled Kc220.72bn, 28.4 percent more year-on-year.
Mortgages granted to individuals grew by 39 percent year-on-year to Kc112bn. Consumer loans increased by 23 percent to Kc59bn.
Loans granted to the corporate sector grew by 27 percent to Kc151bn, of which loans to small and medium-sized companies were 19 percent higher at Kc47.6bn.
The bank's obligations to clients rose by 10 percent to Kc591.61bn. Client deposits increased by 8.4 percent to Kc448.8bn.
Deposits by the corporate sector were 17.1 percent higher at Kc91.57bn.
Return-on-equity improved to 23.8 percent from 23 percent in 2006.
The costs-to-income ratio improved to 50 percent from 53.7 percent.
The number of the bank's clients grew to 5.29 million. The number of giro accounts increased by nearly 2 percent to 2.84 million.
This year, Ceska sporitelna expects its net profit to rise by 15 to 20 percent.
The costs-to-income ratio is expected to fall below 50 percent.
|
