Ceskoslovenska Obchodni Banka (CSOB), the
In the fourth quarter alone, the bank's net profit plunged 23% y/y to CZK 2.9bn as one-time gains from the sale of a stake in CSOB Pojistovna in Q4 2012 wasn't repeated. Adjusted for that sale, the net profit declined by 3% in 2013 and grew by 14% in Q4 2013.
CSOB's net interest income declined 4% on the year to CZK 24.1bn in 2013 as higher business activity was mitigated by the low interest rate environment, the bank said. Net income from fees and commissions, on the other hand, was by 9% higher on the year at CZK 5.98bn driven up by increased demand for mutual funds and higher sales in the financial markets area.
Operating expenses fell 3% y/y to CZK 15.5bn in 2013. Impairments on loans and receivables declined by 14% y/y to CZK 1.4bn.
CSOB's loan portfolio expanded by an annual 7% to CZK 508.5bn helped by a 9% rise in mortgages, a 14% growth in corporate loans and a 4% increase in loans to SMEs. Deposits at CSOB grew 5% y/y to CZK 660.3bn.
CSOB is owned by
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