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Ceska Sporitelna

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Ceska Sporitelna

Česká Spořitelna is the largest retail bank in the Czech Republic. Through a network of 621 branches and 1,589 ATMs, it serviced nearly 5 million retail clients at the end of 2015. Following hefty loan losses and a government-orchestrated bailout at the end of the 1990s, the bank was sold to Austria's Erste Bank in 2000. Since the takeover, Česká Spořitelna's net profit has increased dramatically and the average ROE reached nearly 19% in between 2006-2015. The bank is well capitalised (with a capital adequacy ratio exceeding 21%) and very well funded (with loans to deposits at only 75%) and has been lending cautiously since its privatisation (non-performing loans accounted for only 4.1% of total at the end of 2015)

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Annual Quarterly

summary

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income statement

Net Interest Income	CZK mil
Total Revenues	CZK mil
Operating Profit	CZK mil
Net Profit	CZK mil

...	...	31,235	29,653	27,910	26,672	25,864
...	...	44,064	43,571	41,886	41,138	39,743
...	...	25,640	25,312	24,292	22,904	21,157
...	...	13,638	16,612	15,588	15,070	14,293

balance sheet

Interbank Loans	CZK mil
Customer Loans	CZK mil
Debt Securities	CZK mil
Total Assets	CZK mil
Shareholders' Equity	CZK mil
Interbank Borrowing	CZK mil
Customer Deposits	CZK mil
Issued Debt Securities	CZK mil

...	...	...	...	77,433	65,320	75,393	38,533	34,717
...	...			465,565	470,859	489,194	500,039	532,524
...	...	...	...	275,458	323,598	289,947	276,183	255,335
...	...			892,598	920,403	968,723	902,589	959,584
...	...			79,862	93,312	100,978	107,783	119,963
...	...	...	...	52,862	44,344	73,036	54,570	83,915
...	...			672,280	704,532	726,592	680,439	713,836
...	...			48,122	38,413	30,464	23,833	15,493

ratios

ROE	%
ROA	%
Costs (As % Of Assets)	%
Costs (As % Of Income)	%
Capital Adequacy Ratio	%
Net Interest Margin	%
Interest Income (As % Of Revenues)	%
Fee Income (As % Of Revenues)	%
Staff Cost (As % Of Total Cost)	%
Equity (As % Of Assets)	%
Loans (As % Of Deposits)	%
Loans (As % Assets)	%
NPLs (As % Of Loans)	%
Provisions (As % Of NPLs)	%

...	...	18.1%	19.2%	16.0%	14.4%	12.6%
...	...	1.54%	1.83%	1.65%	1.61%	1.54%
...	...	2.08%	2.01%	1.86%	1.95%	2.00%
...	...	41.8%	41.9%	42.0%	44.3%	46.8%
...	...	13.6%	16.1%	18.6%	18.5%	21.3%
...	...	3.52%	3.27%	2.95%	2.85%	2.78%
...	...	70.9%	68.1%	66.6%	64.8%	65.1%
...	...	28.1%	27.0%	27.0%	27.5%	25.8%
...	...	48.0%	48.1%	51.2%	47.3%	47.4%
...	...	8.95%	10.1%	10.4%	11.9%	12.5%
...	...	69.3%	66.8%	67.3%	73.5%	74.6%
...	...	52.2%	51.2%	50.5%	55.4%	55.5%
...	...	5.70%	5.45%	4.87%	4.43%	3.82%
...	...	60.0%	63.1%	67.6%	70.7%	73.0%

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income statement

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income statement

Interest Income	CZK mil
Interest Cost	CZK mil
Net Interest Income	CZK mil
Net Fee Income	CZK mil
Other Income	CZK mil
Total Revenues	CZK mil
Staff Cost	CZK mil
Depreciation	CZK mil
Other Cost	CZK mil
Operating Cost	CZK mil
Operating Profit	CZK mil
Provisions	CZK mil
Extra and Other Cost	CZK mil
Pre-Tax Profit	CZK mil
Tax	CZK mil
Minorities	CZK mil
Net Profit	CZK mil
Dividends	CZK mil

...	...		39,555	36,777	33,348	30,832	28,974
...	...		8,320	7,124	5,438	4,160	3,110
...	...		31,235	29,653	27,910	26,672	25,864
...	...		12,381	11,769	11,294	11,306	10,254
...	...		448	2,150	2,682	3,160	3,625
...	...		44,064	43,571	41,886	41,138	39,743
...	...		8,852	8,783	9,013	8,632	8,804
...	...		2,405	2,201	2,061	2,271	2,154
...	...		7,167	7,275	6,520	7,331	7,628
...	...		18,424	18,259	17,594	18,234	18,586
...	...		25,640	25,312	24,292	22,904	21,157
...	...		5,501	3,707	3,332	3,728	2,648
...	...		3,069	1,027	1,480	456	569
...	...		17,070	20,578	19,481	18,720	17,940
...	...		3,565	4,175	3,904	3,650	3,645
...	...		133	209	11.5	-1.00	2.00
...	...		13,638	16,612	15,588	15,070	14,293
...	...	...	4,560	7,600	9,120	11,400	13,423

growth rates

Net Interest Income Growth	%
Net Fee Income Growth	%
Total Revenue Growth	%
Operating Cost Growth	%
Operating Profit Growth	%
Pre-Tax Profit Growth	%
Net Profit Growth	%

...	...	...	2.88%	-5.07%	-5.88%	-4.44%	-3.03%
...	...	...	1.76%	-4.95%	-4.03%	0.107%	-9.30%
...	...	...	-2.97%	-1.12%	-3.87%	-1.79%	-3.39%
...	...	...	-1.35%	-0.897%	-3.64%	3.64%	1.93%
...	...	...	-4.11%	-1.28%	-4.03%	-5.71%	-7.63%
...	...	...	16.4%	20.6%	-5.33%	-3.91%	-4.17%
...	...	...	13.2%	21.8%	-6.16%	-3.32%	-5.16%

market share

Market Share in Revenues	%
Market Share in Net Profit	%
Market Share in Employees	%
Market Share in Bank Cards	%
Market Share in Debit Cards	%
Market Share in Credit Cards	%
Market Share in Branches	%

...	...	27.2%	26.1%	24.9%	24.5%	22.8%
...	...	25.6%	25.8%	25.5%	23.9%	21.5%
		26.8%	26.8%	26.8%	26.0%	25.5%
		32.3%	31.3%	31.5%	28.5%	27.3%
...	...	34.8%	34.2%	36.7%	32.7%	31.2%
...	...	21.5%	18.5%	15.4%	14.3%	13.3%
		31.9%	31.4%	30.6%	30.3%	28.7%

Download Data

balance sheet

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balance sheet

Cash	CZK mil
Interbank Loans	CZK mil
Customer Loans	CZK mil
Retail Loans	CZK mil
Mortgage Loans	CZK mil
Consumer Loans	CZK mil
Corporate Loans	CZK mil
Debt Securities	CZK mil
Fixed Assets	CZK mil
Total Assets	CZK mil
Shareholders' Equity	CZK mil
Of Which Minority Interest	CZK mil
Liabilities	CZK mil
Interbank Borrowing	CZK mil
Customer Deposits	CZK mil
Retail Deposits	CZK mil
Corporate Deposits	CZK mil
Issued Debt Securities	CZK mil
Other Liabilities	CZK mil

...	...	...	...										31,936	22,501	77,581	54,489	111,027
...	...	...	...										77,433	65,320	75,393	38,533	34,717
...	...												465,565	470,859	489,194	500,039	532,524
...	...												261,144	263,714	275,900	284,029	302,306
...	...												127,569	139,158	155,099	167,160	186,813
...	...	...	...	...	...								77,380	72,490	69,740	67,356	64,716
...	...												179,493	185,425	196,839	198,044	207,572
...	...	...	...										275,458	323,598	289,947	276,183	255,335
...	...	...	...	...									13,427	12,686	13,732	13,431	12,318
...	...												892,598	920,403	968,723	902,589	959,584
...	...												79,862	93,312	100,978	107,783	119,963
...	...												26.0	122	316	-26.0	-23.0
...	...												812,736	827,092	867,745	794,806	839,621
...	...	...	...										52,862	44,344	73,036	54,570	83,915
...	...												672,280	704,532	726,592	680,439	713,836
...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...
...	...	...	...	...	...	...	...	...		...	...	...	...	...	...	...	...
...	...												48,122	38,413	30,464	23,833	15,493
...	...	...	...										39,472	39,802	37,653	35,964	26,377

asset quality

Non-Performing Loans	CZK mil
Gross Loans	CZK mil
Total Provisions	CZK mil

...	...	27,474	26,598	24,657	22,894	20,905
...	...	482,041	487,654	505,872	516,228	547,785
...	...	16,476	16,795	16,679	16,189	15,261

growth rates

Customer Loan Growth	%
Retail Loan Growth	%
Mortgage Loan Growth	%
Consumer Loan Growth	%
Corporate Loan Growth	%
Total Asset Growth	%
Shareholders' Equity Growth	%
Customer Deposit Growth	%
Retail Deposit Growth	%
Corporate Deposit Growth	%

...	...	...											5.61%	1.14%	3.89%	2.22%	6.50%
...	...	...											0.929%	0.984%	4.62%	2.95%	6.43%
...	...	...											8.57%	9.08%	11.5%	7.78%	11.8%
...	...	...	...	...	...	...							0.444%	-6.32%	-3.79%	-3.42%	-3.92%
...	...	...											13.8%	3.30%	6.16%	0.612%	4.81%
...	...	...											1.24%	3.12%	5.25%	-6.83%	6.31%
...	...	...											12.6%	16.8%	8.22%	6.74%	11.3%
...	...	...											0.232%	4.80%	3.13%	-6.35%	4.91%
...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...
...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...

market share

Market Share in Customer Loans	%
Market Share in Corporate Loans	%
Market Share in Retail Loans	%
Market Share in Consumer Loans	%
Market Share in Mortgage Loans	%
Market Share in Total Assets	%
Market Share in Customer Deposits	%
Market Share in Retail Deposits	%
Market Share in Corporate Deposits	%

...	...												21.2%	20.9%	19.7%	19.2%	19.1%
...	...												21.7%	22.2%	22.7%	22.6%	22.5%
...	...	...	...	...	...								24.0%	22.5%	21.2%	20.5%	18.5%
...	...												23.8%	23.3%	23.4%	23.1%	22.9%
...	...												16.5%	17.2%	18.2%	18.6%	19.2%
...	...												19.9%	19.9%	18.8%	17.0%	17.3%
...	...												25.0%	25.0%	23.8%	19.8%	20.3%
...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...
...	...	...	...	...	...	...	...	...		...	...	...	...	...	...	...	...

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ratios

Unit

1998

1999

2000

2001

2002

2003

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ratios

ROE	%
ROA	%
Costs (As % Of Assets)	%
Costs (As % Of Income)	%
Capital Adequacy Ratio	%
Tier 1 Ratio	%
Net Interest Margin	%
Interest Spread	%
Asset Yield	%
Cost Of Liabilities	%
Payout Ratio	%
Interest Income (As % Of Revenues)	%
Fee Income (As % Of Revenues)	%
Other Income (As % Of Revenues)	%
Cost Per Employee	USD per month
Cost Per Employee (Local Currency)	CZK per month
Staff Cost (As % Of Total Cost)	%
Equity (As % Of Assets)	%
Loans (As % Of Deposits)	%
Loans (As % Assets)	%
NPLs (As % Of Loans)	%
Provisions (As % Of NPLs)	%
Provisions (As % Of Loans)	%
Cost of Provisions (As % Of Loans)	%

...	...		18.1%	19.2%	16.0%	14.4%	12.6%
...	...		1.54%	1.83%	1.65%	1.61%	1.54%
...	...		2.08%	2.01%	1.86%	1.95%	2.00%
...	...		41.8%	41.9%	42.0%	44.3%	46.8%
...	...		13.6%	16.1%	18.6%	18.5%	21.3%
...	...		13.6%	15.5%	17.3%	18.4%	21.2%
...	...		3.52%	3.27%	2.95%	2.85%	2.78%
...	...	...	3.43%	3.19%	2.89%	2.79%	2.73%
...	...		4.46%	4.06%	3.53%	3.30%	3.11%
...	...	...	1.03%	0.869%	0.642%	0.500%	0.381%
...	...	...	33.4%	45.7%	58.5%	75.6%	93.9%
...	...		70.9%	68.1%	66.6%	64.8%	65.1%
...	...		28.1%	27.0%	27.0%	27.5%	25.8%
...	...		1.02%	4.93%	6.40%	7.68%	9.12%
...	...		3,951	3,478	3,604	3,214	2,927
...	...		69,881	68,024	70,520	68,698	69,866
...	...		48.0%	48.1%	51.2%	47.3%	47.4%
...	...		8.95%	10.1%	10.4%	11.9%	12.5%
...	...		69.3%	66.8%	67.3%	73.5%	74.6%
...	...		52.2%	51.2%	50.5%	55.4%	55.5%
...	...		5.70%	5.45%	4.87%	4.43%	3.82%
...	...		60.0%	63.1%	67.6%	70.7%	73.0%
...	...		3.54%	3.57%	3.41%	3.24%	2.87%
...	...		1.21%	0.792%	0.694%	0.754%	0.513%

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other data

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other data

Branches
Employees
ATMs
Clients	mil
E-Clients	mil
Payment Cards	'000
Debit Cards	'000
Credit Cards	'000
Risk-Weighted Assets	CZK mil

													654	658	653	644	621
													10,556	10,760	10,651	10,471	10,501
...	...	...	...										1,413	1,466	1,530	1,561	1,589
...	...	...											5.20	5.30	5.26	4.92	4.79
...	...	...	...	...	...	...							1.41	1.48	1.59	1.76	1.66	...	...
													3,174	3,178	3,234	3,145	3,119
...	...												2,782	2,830	2,914	2,855	2,850
...	...												392	348	319	290	269
...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...

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Ceska Sporitelna in Numbers

September 23, 2018

This Annual statistical dossier offers a summary of Ceska Sporitelna's performance between 1998 and 2017 on an annual basis. The report can be downloaded as an excel file.

You will find here the key numbers from the bank's balance sheet and income statement and the main ratios related to the bank's business such as asset quality, capital

This Annual statistical dossier offers a summary of Ceska Sporitelna's performance between 1998 and 2017 on an annual basis. The report can be downloaded as an excel file.

You will find here the key numbers from the bank's balance sheet and income statement and the main ratios related to the bank's business such as asset quality, capital ratios, number and cost of employees or a detailed breakdown of some of the bank's business such as its loan portfolio.

In addition, the excel file provides a detailed overview of the bank's market position in comparison with the overall banking sector. You can, for example, track CS's market position in mortgage or consumer lending.

If you are only interested in particular areas of the bank's business, you can find and download specific indicators from the bank's corporate profile, or specific charts from the bank's charts section, where you can find a comparison of the bank with its peers.

If you are interested in the bank’s quarterly figures, please refer to the bank’s quarterly statistical dossier.

Ceska Sporitelna in Numbers

February 26, 2016

This Statistical Dossier offers a summary of Ceska Sporitelna's performance between 2000 and 2015, both on a quarterly as well as an annual basis. The report can be downloaded in Excel file format.

You will find here all the key numbers from the bank's balance sheet, income statement and the main ratios related to the bank's business such as asset quality, capital

This Statistical Dossier offers a summary of Ceska Sporitelna's performance between 2000 and 2015, both on a quarterly as well as an annual basis. The report can be downloaded in Excel file format.

You will find here all the key numbers from the bank's balance sheet, income statement and the main ratios related to the bank's business such as asset quality, capital ratios, number and cost of employees or a detailed breakdown of some of the Bank's businesses such as its loan portfolio. In addition, the Excel file provides a detailed overview of the bank's market position in comparison with the overall banking sector. You can, for example, track CS's market position in mortgage or consumer lending.

If you are only interested in specific areas of the Bank's business, you find and download them at the Bank's Corporate Profile.

If you want to see more reports about the Bank, please, go to the Bank's Reports Page.

Czech Banking - Analysis of 3Q2014

January 11, 2015

This report analyses the main trends in the Czech banking with a special focus on the 3Q2014's performance. In the 108-page report, you will find all the necessary details regarding profitability of the sector, breakdown and trends of the volume growth, market share, margin and asset quality development in the sector and within the particular segments of the market.

In addition, you will find here financials and market share of the 20 banks we cover in the Czech Republic including all key ratios describing their business. The report includes 446 charts and 40 tables.

The key points are:

Czech commercial banks announced a net profit of CZK 14,387 mil in the third quarter of the year, up 3.5% compared to the same period last year. In the first nine months of the year, however, the banks' profit dropped 0.8% yoy to CZK 50,258 mil. This implies an annualised ROE of 11.6% for the last 12 months.
Loans grew 0.6% qoq (or 5.2% yoy) in the third quarter. Mortgages still drive the volume growth (creating 90% of the loan growth in the 3rd quarter and 57% ytd) while corporate loans and consumer lending stagnate.
The weak momentum is especially disappointing as the economy picks up. Banks are overcapitalized (CAR at 18%) and have plenty of cheap deposits to play with (with loans accounting for 76% of deposits only).
In addition, asset quality remains of little concern. Non-performing loans account for 6.2% of total loans while half of them are covered by loan provisions.
The trio of the largest banks (Sporitelna, CSOB and Komercni Banka) created 70% of the quarterly profit and 66% of loan growth in the third quarter of the year. Despite losing market share in revenue or overall assets, their market dominance continues. On the other hand, small players finally seem to be challenging the "boring" status quo.

You might also find all banks' financials in the Company section at www.helgilibrary.com/companies, and key charts for each bank at www.helgilibrary.com/charts.

The report is free to download, just register at our webpage.

Česká spořitelna - Analysis of 3Q2014 Performance

January 10, 2015

This report analyses the performance of the Bank for the 3Q2014. You will find all the necessary details regarding volume growth, market share, margin and asset quality development in the Bank.

The key highlights are:

Spořitelna's 3Q14 profit grows nearly 4% yoy..

Česká spořitelna reported

This report analyses the performance of the Bank for the 3Q2014. You will find all the necessary details regarding volume growth, market share, margin and asset quality development in the Bank.

The key highlights are:

Spořitelna's 3Q14 profit grows nearly 4% yoy..

Česká spořitelna reported a net profit of CZK 3,447 mil. in 3Q14, the highest among the large Czech banks this quarter. This is up 3.8% yoy when compared to last year. Since revenue and operating profit were down 2.6% and 6.5% yoy respectively, the net profit growth was driven only by the development in the area of other operating income such as revaluation of securities, or other income

The overall profitability and efficiency of the bank remain impressive. ROE reached 15% at the end of September while cost to income ratio remains at below 44%, an impressive figure for a retail bank

...but balance sheet momentum is a worry

Weak momentum remains the biggest worry for Česká spořitelna in our view. The bank's loan book grows more slowly than the market while deposits have been falling in absolute terms this year.

While deposit growth is partly a result of accounting changes (reclassification of pension fund deposits), the weak lending growth is truly disappointing. That is especially the case as most of the market growth comes from retail, the area in which Spořitelna has been historically strong.

In the last two quarters, for example, Spořitelna sold fewer mortgages than the more corporate-oriented Komerční banka (both in volume of loans as well as number of mortgages).

As a result, Česká spořitelna's market position continues to deteriorate:

Not that the bank suffers from a lack of capital or funding. With capital adequacy exceeding 18% and loans accounting for 73% of deposits only, the bank is well positioned to grow faster.

Asset quality slightly deteriorates

The conservative approach of the bank is partly reflected in asset quality developement. The volume of non-performing loans dropped by more than CZK 3.5 bil. in the last twelve months - the highest among Czech banks.

In addition, Česká spořitelna's provision coverage of 80% (of NPLs) is the second highest on the market (just behind Air Bank).

You will find more details about the bank at www.helgilibrary.com/companies

Stavebni Sporitelna Ceske Sporitelny at a Glance

January 31, 2014

Stavební Spořitelna České Spořitelny is the third largest building savings bank in the Czech Republic in terms of assets. Once the second largest building savings bank on the market (with a share of nearly 19% of lending in 2008), the subsidiary of Česká Spořitelna has been losing its position in housing lending as part of the overall strategy of Česká Spořitelna to retreat from the area of housing finance. At the end of 2012, the bank held only 13.4% of the lending market compared to impressive 22% of he market on the deposit side. Until 2011, Stavební Spořitelna České Spořitelny had been the most profitable (measured by ROE) and the best capitalised (by capital adequacy ratio) building savings bank on the market.

This report offers a summary of the company's performance in 2000-2012. You will find here all the key numbers from the bank's balance sheet, income statement and main ratios related to the bank's business.

In addition, the report provides a detailed overview of the bank's market position in the comparison with the overall banking sector and within the business of building savings.

Ceska Sporitelna at a Glance

January 24, 2014

Česká Spořitelna is the largest retail bank in the Czech Republic. Through a network of 658 branches and 1,466 ATMs, it serviced more than 5 million retail clients at the end of 2012. Following hefty loan losses and a government-orchestrated bailout at the end of the 1990s, the bank was sold to Austria's Erste Bank in 2000.

Since the

Since the takeover, Česká Spořitelna's net profit has increased dramatically and the average ROE exceeded 20% until 2012. The bank is well capitalised (with a capital adequacy ratio exceeding 16%) and very well funded (with loans to deposits at only 67%) and has been lending cautiously since its privatisation (non-performing loans accounted for only 5.8% of total at the end of 2012). Česká Spořitelna remains a flagship of Erste Bank Group contributing more than a third the group's total profit.

This report offers a summary of the bank's performance in 2000-2012. You will find here all the key numbers from the bank's balance sheet, income statement and main ratios related to the bank's business.

In addition, the report provides a detailed overview of the bank's market position in the comparison with the overall banking sector and the key statistics of the whole banking system in the Czech Republic.

Ceska Sporitelna in Numbers

July 21, 2013

This excel file offers a summary of the company's performance in between 1Q2000-1Q2013, both on the quarterly as well as the annual basis. You will find here all the key numbers from the bank's balance sheet, income statement and main ratios related to the bank's business. In addition, the file provides a detailed overview of the bank's market position in the comparison with the overall banking sector.

Ceska Sporitelna - Analysis of Mortgage Lending in 1Q13

June 15, 2013

This report analyses the housing lending in the Czech Republic for the 1Q2013. You will find all the necessary details regarding volume growth (for both, the mortgage as well as Building Society lending), market share, margin and asset quality development in the mortgage segment. Also, based on the example of Hypotecni Banka, we calculate profitability of the mortgage

This report focuses specifically on development in Ceska Sporitelna in the 1Q2013. The key highlights are:

Housing lending momentum deteriorates...

Česká Spořitelna’s mortgage loans increased 1.9% qoq and 8.4% yoy in 1Q13, slightly more than the overall market. On the other hand, the loans provided by Spořitelna’s building society dropped further 1.7% qoq and 4.5% yoy.

...but Spořitelna gains market share

Following the relatively weak years 2008-2010, Česká Spořitelna started gaining market share in 2011. In 2012, the bank grabbed nearly 28% of the annual increase in the mortgage loan book. The positive trend continued in 1Q13 and Spořitelna crossed 20% threshold in March in terms of market share, according to our calculations.

The bank is clearly benefiting from its superior funding and capital position when compared to the smaller players. In terms of new production, Spořitelna was nearly as aggressive as ČSOB in the last two quarters, selling 28% of all new loans.

In addition, Spořitelna has been beating ČSOB for the second quarter in a row in terms of new mortgage contracts signed. The bank sold 15% more loans in the last six months than ČSOB, what demonstrates the appetite Spořitelna has been getting in the mortgage lending:

Mortgage lending – 12% of Spořitelna’s profit?

Mortgage loans represented 30.1% of Spořitelna’s total loans at the end of March 2013. That is up from the figure of 9% seen a decade ago and at a very similar level compared to Komerční Banka, for example.

The massive growth in volumes made a difference to the bottom line of the bank. When Hypoteční banka’s financials are taken as a benchmark (for more details see page 9), we believe the mortgage lending business generates around 12-13% of Česká Spořitelna’s overall profitability now.

This is less than the 24% of Raiffeisenbank and 20% of ČSOB and also less than the 14% we estimate for Komerční Banka.

Apart from the relatively stronger position of ČSOB in mortgage lending (with a 26% share of the market versus the 20% share of Spořitelna), Česká Spořitelna is benefiting from stronger profitability elsewhere (such as on its cheaper deposit base).

Analysis of Mortgage Lending in 1Q13

June 14, 2013

This report provides a summary of the development in the 1Q2013. The key highlights are:

Mortgage loans increased by less than 1% qoq in the seasonally weakest quarter of the year, but the overall momentum stabilized. The annual increase remained unchanged at 6.3% yoy and sales of new loans of CZK 27.8 bil were nearly as high as in the same quarter last year:

Mortgage loans reached 18.2% of GDP at the end of March 2013, or more than a third of bank loans when other housing loans are included. Nearly 15% of Czech households have a mortgage loan now, while more than 14% of residential dwellings were financed through a mortgage loan, according to our calculations.

The average interest rate on mortgage loans continues to decline in line with the overall market trends. It reached 3.17% in 1Q13 while the average interest rate on the total mortgage loan stock dropped below 4.5%. This would imply that new loans were sold still with a decent 220 bp margin over a 5-year swap in 1Q13.

The share of non-performing loans increased slightly in the 1Q13, from 3.16% to 3.30% of total mortgage loans at the end of March. This is a result of the overall low indebtedness of Czech households, strict lending procedures and only a mild fall in real estate prices. Czech housing affordability remains one of the best in Europe.

As mortgage loans have grown to a sizable amount, the business has become much more cost-efficient and profitable. We estimate mortgage business generates ROE of over 20% and contributes around 15% to the banking sector’s bottom line. LBBW and Raiffeisen seem to generate over 20% of their profits from mortgages when Hypoteční Banka’s results are taken as a guide.

The three largest banks (ČSOB, Česká Spořitelna and Komerční banka) further cemented their market position in 1Q13 taking their share to 65.4%. ČSOB remains the leader closely followed by Spořitelna. In 1Q13, Raiffeisen confirmed its turnaround while GE Money Bank continued losing its market position the most.

Ceska Sporitelna at a Glance

June 6, 2013

Since the

This report offers a summary of the company's performance in 2008-2012. You will find here all the key numbers from the bank's balance sheet, income statement and main ratios related to the bank's business. In addition, the report provides a detailed overview of the bank's market position in the comparison with the overall banking sector.

Stavebni Sporitelna Ceske Sporitelny - Analysis of Building Savings in 4Q12

May 30, 2013

This report analyses the building savings business in the Czech Republic for the 4Q2012. You will find all the necessary details regarding volume growth, market share, margin and asset quality development in the building savings (as well as mortgage lending segment). Also, the report compares profitability and efficiency ratio of the largest player CMSS with the main

The key highlights from 4Q2012 we discuss in this report are:

• The business remains under pressure in spite of its impressive profitability. ROE fell to 15.2% in 2012 and net profit dropped 6% yoy in 4Q

• Lending continues to fall and is losing to mortgages. In 4Q12, the annual decline deepened to 3.3% yoy

• 4Q12 confirmed a recovery in terms of the number of new contracts sold, while deposits grew by a seasonally strong 3.2% qoq

• ČMSS remains the leader, but Raiffeisen grabs most of the growth

This report focuses specifically on development in Burinka in 4Q2012, the building savings bank of Ceska Sporitelna. The main conclusions are:

Market position

Stavební Spořitelna České Spořitelny (also called Buřinka, a bowler) is the third largest building savings bank in terms of assets. Once the second largest building savings bank on the market (with a share of nearly 19% of lending in 2008), the subsidiary of Česká Spořitelna has been losing its position in housing lending as part of the overall strategy of Česká Spořitelna to retreat from the area of housing finance.

At the end of 2012, the bank held only 13.4% of the lending market. The bank therefore gave up a further 32 bp of its market share during the year; however, 4Q suggests a stabilisation of the bank’s position (flat qoq). On the deposit market, the bank still maintains an impressive 22% share, up 22 bp qoq but down 6 bp in 2012.

Because of the market’s slowdown and its weakening market position, the bank’s overall balance sheet momentum remains negative. Loans declined by a further 0.8% qoq in the last quarter and the full-year decline reached 5.6% yoy, while overall deposits increased 2.6% in 4Q, but dropped 0.3% in 2012.

Profitability

Until 2011, Stavební Spořitelna České Spořitelny had been the most profitable (measured by ROE) and the best capitalised (by capital adequacy ratio) building savings bank on the market.

However, despite the negative momentum the bank is facing and the fact that the bank’s net profit dropped 23% yoy in 2012, the bank still achieved an impressive ROE of 15.7% in 2012! This is a remarkable achievement given the fact that the bank’s capital adequacy has been exceeding 17%.

When adjusted for a surplus of capital (when ROE is adjusted to the building savings market average for each bank), Stavební Spořitelna České Spořitelny is still the third most profitable one on the market.

Buřinka’s numbers are especially impressive on the cost side, which we describe on the right. This might be a result of accounting, rather than of real efficiency.

Asset quality

Asset quality remains one of the weakest links of the bank. Non-performing loans rose CZK 79 mil, or 4.8%, in 4Q, the most on the market, and reached 4.13% of total loans (up from 3.72% at the end of 2011), which is the worst result within building savings banks. Provision coverage remains relatively weak at nearly 52%, compared to the 53% of the market.

Cost-efficiency

Stavební Spořitelna České Spořitelny has been running its business 40-50% more efficiently than the rest of the market when measured by its costs-to-assets ratio in recent years. In 2012, the bank‘s operating costs amounted to 0.45% of average assets. compared to the 0.73% achieved by the market.

However good and efficient the bank is, we believe it has more to do with internal cost allocation within the Česká Spořitelna group, rather than with Buřinka’s underlying efficiency. Anyway, this, together with loan book development, are the main things to watch for here.

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What Banks in Czechia Generated the Most Fees in 2017?

September 27, 2018

Based on a comparison of 23 banks in the Czech Republic in 2017, Ceska Sporitelna generated the largest fee income, followed by Komercni Banka and CSOB.

Ceska Sporitelna reported total fee income of CZK 8,803 mil, down 5.43% when

Based on a comparison of 23 banks in the Czech Republic in 2017, Ceska Sporitelna generated the largest fee income, followed by Komercni Banka and CSOB.

Ceska Sporitelna reported total fee income of CZK 8,803 mil, down 5.43% when compared to the last year. Historically, the bank’s fee income reached an all time high of CZK 12,381 mil in 2011 and an all time low of CZK 5,120 mil in 2000.

When compared to the nearest peers, Komercni Banka generated total fee income of CZK 6,465 mil, CSOB operated with CZK 6,396 mil fee income and UniCredit Czech Republic produced total fees worth CZK 3,465 mil.

You can see all the banks fee income data at Fee Income indicator page or you can download a report on the Czech banks in the report section.

What Banks in Czechia Were the Largest Lenders in 2017?

September 27, 2018

Based on a comparison of 24 banks in the Czech Republic in 2017, Ceska Sporitelna was the largest lender, followed by Komercni Banka and CSOB.

Ceska Sporitelna loans reached CZK 638,694 mil, up 10.6% when compared to the last year.

Based on a comparison of 24 banks in the Czech Republic in 2017, Ceska Sporitelna was the largest lender, followed by Komercni Banka and CSOB.

Ceska Sporitelna loans reached CZK 638,694 mil, up 10.6% when compared to the last year. Historically, the bank’s loans reached an all time high of CZK 638,694 mil in 2017 and an all time low of CZK 134,900 mil in 2000.

When compared to the nearest peers, Komercni Banka customer loans amounted to CZK 598,102 mil, CSOB operated with CZK 578,350 mil loans and UniCredit Czech Republic had a loan portfolio of CZK 386,672 mil.

Czech banking sector provided total customer loans of CZK 3,085 bil in 2017, up 4.58% when compared to the last year. As a result, the top ranked company - Ceska Sporitelna accounted for 20.7% of the sector’s loans in 2017. The top 3 companies held a 58.8% share while the five largest firms some 80.4% in 2017.

You can see all the banks loans at Customer Loans indicator page or you can download a report on the Czech banks in the report section.

What Banks in Czechia Were the Largest Mortgage Lenders in 2017?

September 27, 2018

Based on a comparison of 17 banks in the Czech Republic in 2017, CSOB was the largest mortgage lender, followed by Ceska Sporitelna and Komercni Banka.

CSOB's mortgage loans reached CZK 282,400 mil, up from CZK 256,700 mil

Based on a comparison of 17 banks in the Czech Republic in 2017, CSOB was the largest mortgage lender, followed by Ceska Sporitelna and Komercni Banka.

CSOB's mortgage loans reached CZK 282,400 mil, up from CZK 256,700 mil when compared to the last year. Historically, the bank’s mortgage loans reached an all time high of CZK 282,400 mil in 2017 and an all time low of CZK 14,400 mil in 2002.

At the end of 2017, mortgage loans represented 48.8% of CSOB's loan book.

When compared to the nearest peers, Ceska Sporitelna's mortgage loans amounted to CZK 233,400 mil at the end of 2017, Komercni Banka operated with CZK 218,900 mil mortgage loans and Ceskomoravska Stavebni Sporitelna had a mortgage loan book of CZK 115,310 mil at the end of 2017.

Czech banking sector provided mortgage loans of CZK 1,148 mil in 2017, up 9.00% when compared to the last year. As a result, the top ranked company - CSOB accounted for 24.6% of the sector’s mortgage loans in 2017. The top 3 companies hold a 64.0% share while the five largest firms some 82.3% in 2017.

You can see all the banks mortgage loans data at Mortgage Loans indicator page or you can download a report on the Czech banks in the report section.

What Banks in Czechia Were the Largest Deposit Takers in 2017?

September 27, 2018

Based on a comparison of 24 banks in the Czech Republic in 2017, Ceska Sporitelna was the largest deposit taker, followed by Komercni Banka and CSOB.

Ceska Sporitelna's customer deposits reached CZK 883,237 mil, up from CZK 788,873

Based on a comparison of 24 banks in the Czech Republic in 2017, Ceska Sporitelna was the largest deposit taker, followed by Komercni Banka and CSOB.

Ceska Sporitelna's customer deposits reached CZK 883,237 mil, up from CZK 788,873 mil, when compared to the last year. Historically, the bank’s net profit reached an all time high of CZK 883,237 mil in 2017 and an all time low of CZK 352,622 mil in 2000.

When compared to the nearest peers, Komercni Banka's deposits amounted to CZK 762,043 mil at the end of 2017, CSOB operated with CZK 744,449 mil of customer deposits and UniCredit Czech Republic had clients' deposits of CZK 360,473 mil at the end of 2017.

Czech banks had customer deposits of CZK 4,169 bil in 2017, up 10.7% when compared to the last year. As a result, the top ranked company - Ceska Sporitelna accounted for 21.2% of the sector’s deposits in 2017. The top 3 companies held a 57.3% share while the five largest firms some 72.0% in 2017.

You can see all the banks customers deposits data at Customer Deposits indicator page or you can download a report on the Czech banks in the report section.

See all charts of the company »

CS's net interest margin rose 4.36% to 2.04% in 4Q2017

CS's capital adequacy ratio fell 2.81% to 18.7% in 4Q2017

CS's costs (as % of assets) rose 5.46% to 1.45% in 4Q2017

CS's net profit fell 27.9% to CZK 2,906 mil in 4Q2017

CS's net interest income rose 7.68% to CZK 6,743 mil in 4Q2017

CS's branches fell 7.84% to 517 in 2017

CS's mortgage loans rose 11.4% to CZK 233,400 mil in 2017

CS's customer deposits rose 12.0% to CZK 883,237 mil in 2017

CS's net interest margin fell 16.0% to 2.12% in 2017