Two of the largest Czech banks, Česká spořitelna (ČS) and Komerční banka (KB), reported drops in profits for Q1 2016. Komerční banka’s profit was down 16.3 percent to CZK 2.9bn, while ČS reported a 7.9 percent decrease to CZK 3.4bn. However, profits rose for their mother companies, French Société Générale and Austrian Erste Group. KB spokesman Michal Taubner said that risk costs had jumped 106 percent y-o-y (thanks to low levels in 2015), while client deposits increased by six percent to CZK 672.9bn. The bank’s total loan volume rose 7 percent to CZK 548.8bn. ČS reported a decrease in revenues from commercial operations and assets by 46.8 percent y-o-y to CZK 600m with operational profit dropping 14.4 percent y-o-y to CZK 5.1bn.
