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ČSOB posted net profit of CZK 3.3bn for 1Q 2016

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Net profit of ČSOB group for 1Q 2016 decreased by 13 % year on year to CZK 3.3bn. The volume of loans has increased by 7 % to CZK 596bn. Deposits have increased by 7 % to CZK 726bn. Operating revenues have decreased by 4 % to CZK 8.1bn. The capital indicator (Core) Tier 1 reached 17.7 %. ČSOB general manager John Hollows said that despite unfavourable factors, the group will focus on clients and innovations. The growth of trading volumes was more than compensated by decreasing margin and a decrease of revenues from fees and commissions. Profitability was influenced by estimated contributions to the Resolution Fund and the System of Deposit Insurance. The strengthening of the loan portfolio was due to continuing growth of mortgages and corporate loans, complemented by an increase in SME loans and leasing.


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