- Hans Weber
- December 6, 2023
ČSOB Group’s net profit rose by nine percent to CZK 17.5 billion last year
The ČSOB Group, one of the largest domestic banks in the Czech Republic, has reported a net profit of CZK 17.5 billion for last year, an increase of nine percent from the previous year. The volume of assets under management also saw a seven percent rise to CZK 308 billion, with 115,000 new clients bringing the total number of clients to 4.34 million.
CEO Aleš Blažek attributed the successful results to a strong trio of growth in deposits, loans, and investments. Despite the difficult economic conditions, the bank saw a five percent increase in total loans, totaling CZK 874 billion, and a seven percent increase in the volume of deposits, totaling CZK 1.232 billion.
Housing loans also saw a four percent increase, with the bank financing the housing of 24,500 clients and providing 2,131 mortgages worth around CZK 9 billion for energy-efficient housing. The bank also recorded a significant 650 percent increase in the number of loans for home insulation or photovoltaics.
The ČSOB Group’s operating income rose by 24 percent to CZK 44.1 billion, while operating expenses increased by 11 percent to CZK 20.5 billion, excluding bank taxes. The group includes ČSOB, Hypoteční banka, ČSOB stavební spořitelna, ČSOB Penzijní společnost, ČSOB Leasing, and ČSOB Factoring.
ČSOB is part of the international banking and insurance group KBC, which operates in Belgium and Central and Eastern Europe. The bank has maintained its capital and liquidity at an excellent level, according to CEO Blažek, who also appreciated that even in the challenging economic situation, clients have acted responsibly, with no major problems in repaying liabilities.
In conclusion, the ČSOB Group’s strong performance in the past year is a testament to the bank’s resilience and ability to adapt to the changing economic conditions. The growth in deposits, loans, and investments, as well as the increase in the number of clients and the volume of assets under management, demonstrate the bank’s ability to provide quality services to its clients. With its focus on energy-efficient housing and environmentally-friendly initiatives, ČSOB is well positioned for continued growth and success in the future.
Article by Prague Forum