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CSOB

CSOB's mortgage loans rose 4.91% yoy to CZK 425,500 mil in 2Q2019

By Helgi Analytics - October 5, 2019

CSOB's mortgage loans reached CZK 425,500 mil in 2019-06-30, up 1.24% compared to the previous year. Czech banking sector provi...

CSOB's customer deposits rose 9.59% yoy to CZK 978,413 mil in 2Q2019

By Helgi Analytics - October 5, 2019

CSOB's customer deposits reached CZK 978,413 mil in 2019-06-30, up 14.8% compared to the previous year. Czech banking sector ac...

CSOB's customer loans rose 20.6% yoy to CZK 813,746 mil in 2Q2019

By Helgi Analytics - October 5, 2019

CSOB's customer loans reached CZK 813,746 mil in 2019-06-30, up 14.8% compared to the previous year. Czech banking sector provi...

Annual Quarterly
Profit Statement 2016 2017 2018
Net Interest Income CZK mil 22,235 22,692 26,016
Fee Income (As % Of Revenues) % 18.3 17.2 21.6
Other Income CZK mil 5,590 8,111 3,064
Total Revenues CZK mil 34,043 37,199 37,102
Staff Cost CZK mil 7,510 7,920 8,709
Operating Profit CZK mil 18,392 20,947 19,333
Provisions CZK mil 708 615 983
Net Profit CZK mil 15,141 17,517 15,757
Balance Sheet 2016 2017 2018
Interbank Loans CZK mil 242,209 485,267 532,823
Customer Loans CZK mil 537,013 674,729 690,610
Debt Securities CZK mil 222,133 70,372 86,122
Total Assets CZK mil 1,085,530 1,314,400 1,378,040
Shareholders' Equity CZK mil 88,735 92,456 92,016
Interbank Borrowing CZK mil 32,598 68,502 54,653
Customer Deposits CZK mil 676,161 744,448 792,625
Issued Debt Securities CZK mil 279,990 350,136 365,311
Ratios 2016 2017 2018
ROE % 16.9 19.3 17.1
ROA % 1.48 1.46 1.17
Costs (As % Of Assets) % 1.53 1.35 1.32
Costs (As % Of Income) % 46.0 43.7 47.9
Capital Adequacy Ratio % 18.5 17.2 18.0
Net Interest Margin % 2.18 1.89 1.93
Loans (As % Of Deposits) % 79.4 90.6 87.1
NPLs (As % Of Loans) % 3.03 2.04 3.06
Provisions (As % Of NPLs) % 54.2 58.3 44.0
Growth Rates 2016 2017 2018
Total Revenue Growth % 4.61 9.27 -0.261
Operating Cost Growth % -0.229 3.84 9.33
Operating Profit Growth % 9.12 13.9 -7.70
Net Profit Growth % 8.07 15.7 -10.0
Customer Loan Growth % 6.47 25.6 2.35
Total Asset Growth % 13.5 21.1 4.84
Customer Deposit Growth % 8.72 10.1 6.47
Shareholders' Equity Growth % -2.19 4.19 -0.476
Employees 8,517 8,615 8,623

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summary Unit 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                                  
Net Interest Income CZK mil ... ... ...                               24,970 22,651 22,872 22,303 22,235    
Total Revenues CZK mil ... ... ...                               35,015 31,202 31,443 32,542 34,043    
Operating Profit CZK mil ... ... ...                               18,928 16,394 16,462 16,855 18,392    
Net Profit CZK mil                                     15,281 13,658 13,604 14,010 15,141    
balance sheet                                                  
Interbank Loans CZK mil ... ... ...                               24,461 58,688 38,581 75,088 242,209    
Customer Loans CZK mil                                     476,100 416,859 468,054 504,360 537,013    
Debt Securities CZK mil ... ... ...                               399,958 449,195 269,769 238,760 222,133    
Total Assets CZK mil                                     937,174 962,954 865,639 956,325 1,085,530    
Shareholders' Equity CZK mil                                     74,141 80,657 85,580 90,719 88,735    
Interbank Borrowing CZK mil                                     35,365 55,090 59,065 23,786 32,598    
Customer Deposits CZK mil                                     629,622 591,126 599,142 621,927 676,161    
Issued Debt Securities CZK mil ... ... ...                               171,900 227,386 114,685 211,298 279,990    
ratios                                                  
ROE %                                     22.6 17.6 16.4 15.9 16.9    
ROA %                                     1.63 1.44 1.49 1.54 1.48    
Costs (As % Of Assets) % ... ... ...                               1.72 1.56 1.64 1.72 1.53    
Costs (As % Of Income) % ... ... ...                               45.9 47.5 47.6 48.2 46.0    
Capital Adequacy Ratio %                                     15.2 15.6 17.5 19.4 18.5    
Net Interest Margin % ... ... ...                               2.67 2.38 2.50 2.45 2.18    
Interest Income (As % Of Revenues) % ... ... ...                               71.3 72.6 72.7 68.5 65.3    
Fee Income (As % Of Revenues) % ... ... ...                               15.7 18.0 19.0 19.6 18.3    
Staff Cost (As % Of Total Cost) % ... ... ...                               44.9 45.5 45.9 44.7 48.0    
Equity (As % Of Assets) %                                     7.91 8.38 9.89 9.49 8.17    
Loans (As % Of Deposits) %                                     75.6 70.5 78.1 81.1 79.4    
Loans (As % Assets) %                                     50.8 43.3 54.1 52.7 49.5    
NPLs (As % Of Loans) % ... ... ... ... ... ... ... ... ...                   3.57 4.79 4.19 3.73 3.03    
Provisions (As % Of NPLs) % ... ... ... ... ... ... ... ... ...                   70.5 54.3 57.1 58.3 54.2    
income statement Unit 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                                  
Interest Income CZK mil ... ... ...                               32,697 27,102 26,841 25,580 25,043    
Interest Cost CZK mil ... ... ...                               7,727 4,451 3,969 3,277 2,808    
Net Interest Income CZK mil ... ... ...                               24,970 22,651 22,872 22,303 22,235    
Net Fee Income CZK mil ... ... ...                               5,505 5,608 5,979 6,391 6,218    
Other Income CZK mil ... ... ...                               4,540 2,943 2,592 3,848 5,590    
Total Revenues CZK mil ... ... ...                               35,015 31,202 31,443 32,542 34,043    
Staff Cost CZK mil ... ... ...                               7,222 6,731 6,880 7,007 7,510    
Depreciation CZK mil ... ... ...                               856 749 685 617 1,268    
Other Cost CZK mil ... ... ...                               8,009 7,328 7,416 8,063 6,873    
Operating Cost CZK mil ... ... ...                               16,087 14,808 14,981 15,687 15,651    
Operating Profit CZK mil ... ... ...                               18,928 16,394 16,462 16,855 18,392    
Provisions CZK mil ... ... ...                               1,584 1,294 975 1,081 708    
Extra and Other Cost CZK mil ... ... ...                               -195 -800 -691 -687 -696    
Pre-Tax Profit CZK mil                                     17,539 15,900 16,178 16,461 18,380    
Tax CZK mil                                     2,258 2,249 2,557 2,472 3,232    
Minorities CZK mil                                     -10.0 -7.00 17.0 -21.0 7.00    
Net Profit CZK mil                                     15,281 13,658 13,604 14,010 15,141    
Dividends CZK mil ... ... ... ... ...                           13,320 8,109 13,208 14,781 10,147    
growth rates                                                  
Net Interest Income Growth % ... ... ... ...                             0.657 -9.29 0.976 -2.49 -0.305    
Net Fee Income Growth % ... ... ... ...                             -11.9 1.87 6.62 6.89 -2.71    
Total Revenue Growth % ... ... ... ...                             4.26 -10.9 0.772 3.50 4.61    
Operating Cost Growth % ... ... ... ...                             2.48 -7.95 1.17 4.71 -0.229    
Operating Profit Growth % ... ... ... ...                             5.83 -13.4 0.415 2.39 9.12    
Pre-Tax Profit Growth % ...                                   35.2 -9.34 1.75 1.75 11.7    
Net Profit Growth % ...                                   36.4 -10.6 -0.395 2.98 8.07    
market share                                                  
Market Share in Revenues % ... ... ...                               20.9 18.6 18.7 18.7 18.9    
Market Share in Net Profit %       ... ... ...                         23.8 22.4 21.6 21.1 20.6    
Market Share in Employees % ... ... ... ...                             19.4 18.8 19.3 18.8 20.8    
Market Share in Bank Cards % ... ... ... ... ... ... ... ...                     22.0 ... ... ... ... ... ...
Market Share in Debit Cards % ... ... ... ... ... ... ... ... ... ... ...               25.0 ... ... ... ... ... ...
Market Share in Credit Cards % ... ... ... ... ... ... ... ... ... ... ...               9.15 ... ... ... ... ... ...
Market Share in Branches % ... ... ... ... ... ... ... ... ...                   15.3 14.3 14.4 14.6 14.6    
balance sheet Unit 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                                  
Cash CZK mil ... ... ...                               28,293 20,728 72,076 117,287 61,075    
Interbank Loans CZK mil ... ... ...                               24,461 58,688 38,581 75,088 242,209    
Customer Loans CZK mil                                     476,100 416,859 468,054 504,360 537,013    
Retail Loans CZK mil ... ... ... ... ... ... ... ...                     272,500 274,100 301,200 317,800 320,558    
Mortgage Loans CZK mil ... ... ... ... ... ... ... ...                     183,600 199,300 214,800 231,500 256,700    
Consumer Loans CZK mil ... ... ... ... ... ... ... ...                     88,900 74,800 86,400 86,300 63,858    
Corporate Loans CZK mil ... ... ... ... ... ... ... ...                     177,800 195,200 214,400 226,200 185,300    
Debt Securities CZK mil ... ... ...                               399,958 449,195 269,769 238,760 222,133    
Fixed Assets CZK mil ... ... ...               ...               8,045 7,557 6,796 7,662 10,009    
Total Assets CZK mil                                     937,174 962,954 865,639 956,325 1,085,530    
Shareholders' Equity CZK mil                                     74,141 80,657 85,580 90,719 88,735    
Of Which Minority Interest CZK mil ... ... ... ... ...                           211 204 208 178 186    
Liabilities CZK mil                                     863,033 882,297 780,059 865,606 996,792    
Interbank Borrowing CZK mil                                     35,365 55,090 59,065 23,786 32,598    
Customer Deposits CZK mil                                     629,622 591,126 599,142 621,927 676,161    
Retail Deposits CZK mil ... ... ... ... ... ... ... ...     ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
Sight Deposits CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 310,769 ... ... ... ... ...
Term Deposits CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 11,712 ... ... ... ... ...
Issued Debt Securities CZK mil ... ... ...                               171,900 227,386 114,685 211,298 279,990    
Other Liabilities CZK mil ... ... ...                               26,146 8,695 7,167 8,595 8,043    
asset quality                                                  
Non-Performing Loans CZK mil ... ... ... ... ... ... ... ... ...                   17,000 20,500 19,600 18,800 16,600    
Gross Loans CZK mil ... ... ... ... ... ... ... ...                     476,100 427,999 468,054 504,360 547,078    
Total Provisions CZK mil ... ... ... ... ... ... ... ...                     11,989 11,140 11,185 10,959 9,000    
growth rates                                                  
Customer Loan Growth % ...                                   7.93 -12.4 12.3 7.76 6.47    
Retail Loan Growth % ... ... ... ... ... ... ... ... ...                   8.05 0.587 9.89 5.51 0.868    
Mortgage Loan Growth % ... ... ... ... ... ... ... ... ...                   12.6 8.55 7.78 7.77 10.9    
Consumer Loan Growth % ... ... ... ... ... ... ... ... ...                   -0.224 -15.9 15.5 -0.116 -26.0    
Corporate Loan Growth % ... ... ... ... ... ... ... ... ...                   9.82 9.79 9.84 5.50 -18.1    
Total Asset Growth % ...                                   0.062 2.75 -10.1 10.5 13.5    
Shareholders' Equity Growth % ...                                   21.2 8.79 6.10 6.00 -2.19    
Customer Deposit Growth % ...                                   2.85 -6.11 1.36 3.80 8.72    
Retail Deposit Growth % ... ... ... ... ... ... ... ... ...   ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
market share                                                  
Market Share in Customer Loans %                                     20.2 16.6 17.8 18.1 18.2    
Market Share in Corporate Loans % ... ... ... ... ... ... ... ...                     21.3 22.5 24.5 24.6 19.0    
Market Share in Retail Loans % ... ... ... ... ... ... ... ...                     27.4 22.6 26.1 24.5 17.4    
Market Share in Consumer Loans % ... ... ... ... ... ... ... ...                     24.0 23.2 24.5 24.0 22.6    
Market Share in Mortgage Loans % ... ... ... ... ... ... ... ...                     22.7 23.4 23.9 23.8 24.4    
Market Share in Total Assets %                                     20.2 18.5 16.1 17.2 18.0    
Market Share in Customer Deposits %                                     20.1 17.7 17.4 17.7 17.9    
Market Share in Retail Deposits % ... ... ... ... ... ... ... ...     ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
ratios Unit 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                                                  
ROE %                                     22.6 17.6 16.4 15.9 16.9    
ROA %                                     1.63 1.44 1.49 1.54 1.48    
Costs (As % Of Assets) % ... ... ...                               1.72 1.56 1.64 1.72 1.53    
Costs (As % Of Income) % ... ... ...                               45.9 47.5 47.6 48.2 46.0    
Capital Adequacy Ratio %                                     15.2 15.6 17.5 19.4 18.5    
Tier 1 Ratio % ... ... ... ... ... ... ... ... ... ... ... ... ... ...         13.0 15.8 17.2 19.1 18.2    
Net Interest Margin % ... ... ...                               2.67 2.38 2.50 2.45 2.18    
Interest Spread % ... ... ...                               2.60 2.34 2.46 2.41 2.15    
Asset Yield % ... ... ...                               3.49 2.85 2.94 2.81 2.45    
Cost Of Liabilities % ... ... ...                               0.889 0.510 0.478 0.398 0.302    
Payout Ratio % ... ... ... ... ...                           87.2 59.4 97.1 106 67.0    
Interest Income (As % Of Revenues) % ... ... ...                               71.3 72.6 72.7 68.5 65.3    
Fee Income (As % Of Revenues) % ... ... ...                               15.7 18.0 19.0 19.6 18.3    
Other Income (As % Of Revenues) % ... ... ...                               13.0 9.43 8.24 11.8 16.4    
Cost Per Employee USD per month ... ... ... ...                             3,944 3,796 3,450 3,155 2,912    
Cost Per Employee (Local Currency) CZK per month ... ... ... ...                             77,148 74,264 73,741 75,305 73,481    
Staff Cost (As % Of Total Cost) % ... ... ...                               44.9 45.5 45.9 44.7 48.0    
Equity (As % Of Assets) %                                     7.91 8.38 9.89 9.49 8.17    
Loans (As % Of Deposits) %                                     75.6 70.5 78.1 81.1 79.4    
Loans (As % Assets) %                                     50.8 43.3 54.1 52.7 49.5    
NPLs (As % Of Loans) % ... ... ... ... ... ... ... ... ...                   3.57 4.79 4.19 3.73 3.03    
Provisions (As % Of NPLs) % ... ... ... ... ... ... ... ... ...                   70.5 54.3 57.1 58.3 54.2    
Provisions (As % Of Loans) % ... ... ... ... ... ... ... ...                     2.52 2.67 2.39 2.17 1.68    
Cost of Provisions (As % Of Loans) % ... ... ...                               0.345 0.290 0.220 0.222 0.136    
other data Unit 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                                                  
Branches ... ... ... ... ... ... ... ... ...                   322 319 319 316 298    
Employees ... ... ... ...                             7,801 7,553 7,775 7,754 8,517    
ATMs ... ... ... ... ... ... ... ...                     914 1,006 1,047 1,062 1,062    
Clients mil ... ... ... ... ... ... ... ... ...                   3.05 2.95 2.86 2.83 2.83    
E-Clients mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 1.51 1.54 1.54   ...
Payment Cards '000 ... ... ... ... ... ... ... ...                     2,240 ... ... ... ... ... ...
Debit Cards '000 ... ... ... ... ... ... ... ... ... ... ...               2,067 ... ... ... ... ... ...
Credit Cards '000 ... ... ... ... ... ... ... ... ... ... ...               172 ... ... ... ... ... ...
Sight (As % Of Customer Deposits) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 52.6 ... ... ... ... ...

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CSOB's net profit rose 74.3% yoy to CZK 6,099 mil in 2Q2019

By Helgi Analytics - October 5, 2019

CSOB made a net profit of CZK 6,099 mil in the second quarter of 2019, up 74.3% when compared to the same period of last year. This implies a return on equity of 26.1%. Historically, the bank’s net profit reached an all time high of CZK 8,180 mil in 4Q2009 and an...

CSOB's branches fell 14.7% yoy to 227 in 2Q2019

By Helgi Analytics - October 5, 2019

CSOB employed 8,562 persons in 2019-06-30, up 1.72% compared to the previous year. Historically, the bank's workforce hit an all time high of 8,779 persons in 2018-06-30 and an all time low of 6,750 in 2006-12-31. The bank operated a network of 227 branche...

CSOB's retail loans rose 5.12% yoy to CZK 458,200 mil in 2Q2019

By Helgi Analytics - October 5, 2019

CSOB's retail loans reached CZK 458,200 mil in the second quarter of 2019, up 1.35% compared to the previous year. Czech banking sector provided retail loans of CZK 1,691 bil in 2Q2019, up 1.70% when compared to the last year. CSOB accounted for 27.1% of ...

CSOB's net interest margin rose 16.7% yoy to 1.89% in 2Q2019

By Helgi Analytics - October 5, 2019

CSOB's net interest margin amounted to 1.89% in the second quarter of 2019, down from 2.05% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 2.86% in 2Q2010 and an all time low of 1.57% in 3...

CSOB's total revenues rose 33.9% yoy to CZK 11,410 mil in 2Q2019

By Helgi Analytics - October 5, 2019

CSOB generated total banking revenues of CZK 11,410 mil in 2019-06-30, up 8.40% compared to the previous year. Czech banking sector banking sector generated total revenues of CZK 52,687 mil in 2019-06-30, up 11.9% when compared to the last year. ...

CSOB's employees fell 2.47% yoy to 8,562 in 2Q2019

By Helgi Analytics - October 5, 2019

CSOB employed 8,562 persons in 2019-06-30, up 1.72% when compared to the previous year. Historically, the bank's workforce hit an all time high of 8,779 persons in 2018-06-30 and an all time low of 6,750 in 2006-12-31. Average cost reached USD 3,884 per month per...

CSOB's corporate loans fell 0.645% yoy to CZK 246,400 mil in 2Q2019

By Helgi Analytics - October 5, 2019

CSOB's loans reached CZK 825,532 mil in the second quarter of 2019, up from CZK 717,962 mil when compared to the previous quarter and up from CZK 683,987 mil when compared to the same period of last year. Historically, the bank’s loans reached an al...

CSOB's consumer loans rose 7.92% yoy to CZK 32,700 mil in 2Q2019

By Helgi Analytics - October 5, 2019

CSOB's consumer loans reached CZK 32,700 mil in 2019-06-30, up 2.83% compared to the previous year. Czech banking sector provided consumer loans of CZK 409 bil in 2019-06-30, up 1.70% when compared to the last year. CSOB accounted for 8.00% of all consume...

CSOB's capital adequacy ratio rose 6.86% yoy to 18.7% in 2Q2019

By Helgi Analytics - October 5, 2019

CSOB's capital adequacy ratio reached 18.7% at the end of second quarter of 2019, down from 19.0% when compared to the previous quarter. Historically, the bank’s capital ratio hit an all time high of 19.4% in 4Q2015 and an all time low of 9.43% in 2Q2008. The...

CSOB's net interest income rose 28.2% yoy to CZK 7,718 mil in 2Q2019

By Helgi Analytics - October 5, 2019

CSOB generated total banking revenues of CZK 11,410 mil in the second quarter of 2019, up 33.9% when compared to the same period of last year and 8.4% when compared to the previous quarter. Historically, the bank’s revenues containing of interest, fee and...

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CSOB is the largest financial Group in the Czech Republic with approximately a fifth of the market in assets, loans or deposits. Following its takeover of bankrupt IPB in 2000, the Bank serves now more than 3.6 million retail clients through a network of 200 branches, over 1,000 ATMs or 2,600 outlets if the network of the Czech Post Office is included. At the end of 2018, the Group employed over 8,000 people in the Czech Republic and Slovakia. The bank was privatized in 1999, when Belgium’s KBC became the majority owner (and sole owner in 2007). . The bank is particularly strong in the area of housing loans. Through its subsidiaries Hypoteční Banka and CMSS, ČSOB now controls a quarter of mortgage and building society loans. We estimate that mortgage lending generate over 20% of ČSOB's profit.

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Finance

CSOB has been growing its revenues and asset by 6.89% and 5.27% a year on average in the last 10 years. Its loans and deposits have grown by 5.50% and 3.52% a year during that time and loans to deposits ratio reached 87.1% at the end of 2018. The company achieved an average return on equity of 19.1% in the last decade with net profit growing 31.3% a year on average. In terms of operating efficiency, its cost to income ratio reached 47.9% in 2018, compared to 45.2% average in the last decade.

Equity represented 6.68% of total assets or 13.3% of loans at the end of 2018. CSOB's non-performing loans were 3.06% of total loans while provisions covered some 44.0% of NPLs at the end of 2018.

Risks

Slowdown onto the real estate market, on-going low interest rate environment and rising competition pressure from fintech and small market players seem to be the biggest risks to watch for.

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