TNBiz (TNBiz)
Markets  |  July 31, 2012 09:20:05

Czech Savings Bank has increased in the first half-year profit by 14 percent


PRAGUE (MEDIAFAX) - Czech Savings Bank in late June showed a profit of 8.22 billion crowns, which thus grew by 14 percent. The Bank published its unaudited results on Tuesday.

"The excellent results of the Czech Savings Bank is the increase in investment, export financing and operation of our corporate clients, support for major infrastructure projects of municipalities and regions and a strong and growing housing development lending of households," said CEO Paul Kysilka Czech Savings Bank.

The bank thus increased its consolidated annual net profit by more than 7.21 billion from 8.22 billion crowns on.

Operating profit of the bank, however, decreased by 3.2 percent to 13.09 billion. Declined and net income from commissions and fees by 1.9 percent to 5.95 billion crowns. This was caused mainly by a reduction in income
of brokerage and investment activities. The third indicator is also decreasing net profit from trading operations, which fell by almost a quarter (24.9 percent) to 0.99 billion. The reason was that significantly reduced revenues from foreign exchange transactions and derivative transactions, on the other hand, increased income from securities transactions.

General administrative expenses rose by one percent to 9.42 billion. Net risk provisions for loans and advances declined by 38.3 percent to -2.25 billion and net other operating results in the first half amounted to -1.06 billion, an increase of 8.5 percent. The improvement is mainly due to higher distribution of profits from the pension fund clients for 2011. The other operating result was also involved, inter alia, contributions to the Deposit Insurance Fund, which as of the end of the 1st half of 0.46 billion crowns.

Also result from financial assets rose to 0.58 billion, of which have merit in particular profits from the sale of bonds.

Total assets reached 914.99 billion CZK, which is an increase of 0.8 percent. In comparison with the increased volume of for-sale financial assets, financial assets held to maturity and client loans, on the contrary, decreased the volume of interbank claims particularly repoobchodů.

Equity Czech Savings Bank reached a level of 84.12 billion crowns and thus increased by 14.5 percent. The volume of equity increased primarily due to higher retained earnings for 2011.

Miroslav Kyncl, kyncl@mediafax.cz

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