ČSOB has reported profits of just CZK 2.1bn for the first quarter of 2020, a decline of 56 percent even though the bank’s volume of loans and deposits rose during the period. Banks across Europe have been reporting poor Q1 numbers because of the high levels of provisions they’ve been forced to make to cover the expected rise in loan defaults. ČSOB strengthened its capital position by withholding dividend payments to investors. It’s been forced by the government to allow borrowers to defer payments on various loans, including mortgages. The volume of loans was CZK 798 bn (up by 6% year-on-year), while deposits are at an all-time high of CZK 1.023bn. The figures released by the bank in a press release include its total volume of assets under management (up 4 percent y-o-y to CZK 233m), a 23 percent fall in operating income of to CZK 8.1bn and a 32 percent increase in mobile banking.
