Last year, the ČSOB Group’s net profit rose by 90 percent year on year to CZK 16.2 billion. The volume of assets under its management increased by 16 percent to 288 billion crowns. ČSOB, which is one of the largest domestic banks. Other large banks also saw a significant increase in profits.
“The high quality of the loan portfolio largely contributes to the growth of our bancassurance group’s net profit. The share of non-performing loans in the entire portfolio was 1.83 percent at the end of December, the lowest level since 2008. The volume of loans grew by a solid five percent year-on-year.,” commented ČSOB CEO John Hollows.
The volume of ČSOB deposits increased by eight percent year-on-year to CZK 1.157 trillion. The volume of assets invested in mutual funds increased by a quarter. Operating revenues increased by one percent to CZK 35.7 billion. Operating expenses excluding bank taxes amounted to CZK 18.5 billion and were thus two percent higher than the year before.
The volume of ČSOB housing loans increased by six percent to 487 billion crowns. The volume of mortgages sold last year increased by 71 percent year on year. “The unprecedented mortgage boom was driven mainly by the low level of interest rates and fears of their further increase in combination with the continuing insufficient supply on the real estate market,” said Jan Sadil, a member of the ČSOB Board of Directors responsible for retail.
The number of active ČSOB Smart mobile banking users increased by 48 percent year-on-year and the number of transactions increased by 56 percent year-on-year.
Of the other large banks, Komerční banka published its results for 2021, which increased its net profit by 56 percent year-on-year to CZK 12.7 billion last year. Moneta Money Bank increased its net profit by 53 percent year-on-year to 3.98 billion crowns, Raiffeisenbank by 119 percent to 4.69 billion crowns and the Czech and Slovak UniCredit Bank reported an increase in profit by 39.1 percent to 6.62 billion crowns.
The ČSOB 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 is active in Belgium and the countries of Central and Eastern Europe.
Source: ČSOB and CTK
