ČSOB, the Czech unit of the KBC financial group, reported a net profit of CZK 7.2bn for the first half of 2014, up 5 percent y-o-y. The growth was boosted by an increase in lending and deposits and lower impairments, writes Reuters.
The bank’s loan portfolio and deposits both grew by 8 percent y-o-y. Operating costs remain flat and impairments dropped to CZK 94m, an 87-percent slide since last year.
KBC reported that its profit fell less than expected in the second quarter of this year thanks to higher net interest income and increased loans and deposits, which partially recovered the loss that followed a new Hungarian law on retail loans.
