Česká spořitelna’s consolidated net profit for the first three quarters of 2016 jumped 7.1 percent to CZK 11.9bn. In the same period last year, net profit amounted to CZK 11.1bn. The gross loan volume rose to an all-time high, with new mortgages exceeding CZK 44.3bn, up 8.2 percent y-o-y. Profit growth was also supported by one-off items, particularly the sale of the bank’s equity stake in Visa Europe, amounting to CZK 1.4bn before tax. Operating revenue, meanwhile, fell by 6.1 percent to CZK 15.2bn due to various factors including a decrease in rental income related to a drop in real estate investments. Interest margins also decreased to 3.15 percent from 3.33 percent the previous year, while net interest income was down 1.3 percent y-o-y, totaling CZK 19.2bn.
