Česká spořitelna reported an unaudited consolidated net profit of CZK 11.79bn (€468.97m) for the first three quarters of 2012, a y-o-y increase of 23.4 percent from CZK 9.56bn (€392.45m). The operating result was up by 1.1 percent y-o-y to CZK 19.49bn (€775.26m). The total volume of the bank’s loan portfolio increased by 3.5 percent y-o-y to CZK 488.71bn, thanks to an increase in mortgage loans and corporate loans.
The volume of consumer loans was down by 7.0 percent to CZK 68.53 bn, due to low demand. The overall volume of the portfolio of mortgage loans to private individuals grew significantly by 9.3 percent to CZK 135.54 bn, in particular due to low interest rates and a drop in real estate prices. Building savings loans decreased by 7.2 percent to CZK 39.74 bn. Loans to corporations and municipalities grew by 10.8 percent to CZK 185.71 bn. Pavel Kysilka, Chairman of the Board of Directors and CEO of Česká spořitelna, says the results reflect the situation in the Czech economy, which has a healthy and competitive corporate sector. “On the other hand, the temporary decline in household consumer demand can still be felt. It is due to psychological factors, as the financial and economic situation is far better than the present mood would indicate,” he said.
