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Česká Spořitelna’s net profit up to CZK 8.2bn in H1

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Česká Spořitelna reported unaudited consolidated net profit of CZK 8.2bn for H1 2016, up 12.5% y/y. For the first time ever, the balance sum exceeded CZK 1 trillion and totalled CZK 1.0373 trillion (up 12.3% y/y). Gross client loans soared 7.7% to CZK 569bn. Liabilities to clients grew 10.5% to CZK 763.1bn. Tier 1+2 capital adequacy ratio totalled 19.6%. ČS’ board of directors chairman Tomáš Salomon has stated that growth in the loan segment was driven by new mortgages, which exceeded CZK 25bn in H1. Lower adjusting entries for credit portfolio also had a positive effect.

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