CSOB, the largest bank in the Czech Republic, reported a rise in net profits for 2012 of 37 percent, to CZK 15.29bn. This came on the back of interest income of CZK 25bn for the year, and the sale of its share in KBC Insurance for CZK 1.2bn. Its operational expenses rose 2% to CKZ 16bn, while its loan portfolio grew 8% to CZK 476.1bn. The level of savings held by the bank rose 3% to 629.6bn.
The bank’s general director Pavel Kavanek said “The growth of our loan portfolio in 2012 proves that despite the slow economy, demand for credit products continues. We expect similar developments this year as well.” The bank has a Tier 1 capital ratio of 13%.
