Česká spořitelna’s profits fell 2.2 percent to CZK 11.23bn between January and September. The Czech bank is part of Austria’s Erste Group, which posted a €554.2m loss, down from a €128m profit in the same period last year. Erste estimates its overall loss for 2014 could hit €1.6bn and blames low interest rates for the weak performance.
Česká spořitelna’s operational profit remained flat, dropping to CZK 16.9bn in the first nine months of 2014 from CZK 17bn in the same period last year. Its loan volume grew by 2.4 percent to CZK 510bn thanks to the Czech Republic’s economic recovery. However, the bank lost 4.3 percent of its clients between January and September.
