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CSOB

CSOB's mortgage loans rose 4.79% yoy to CZK 458,162 mil in 4Q2020

By Helgi Analytics - March 25, 2021

CSOB's mortgage loans reached CZK 458,162 mil in 2020-12-31, up 1.16% compared to the previous year. Czech banking sector provi...

CSOB's net interest margin fell 40.2% yoy to 1.22% in 4Q2020

By Helgi Analytics - March 25, 2021

CSOB's net interest margin amounted to 1.22% in the fourth quarter of 2020, down from 1.28% when compared to the previous quarte...

CSOB's customer deposits rose 12.0% yoy to CZK 1,075,140 mil in 4Q2020

By Helgi Analytics - February 15, 2021

CSOB's customer deposits reached CZK 1,075,140 mil in 2020-12-31, down 0.503% compared to the previous year. Czech banking sect...

Profit Statement 2018 2019 2020
Net Interest Income CZK mil 26,016 32,004 26,102
Fee Income (As % Of Revenues) % 21.6 20.1 21.5
Other Income CZK mil 3,064 1,882 1,558
Total Revenues CZK mil 37,102 42,404 35,251
Staff Cost CZK mil 8,709 9,333 9,254
Operating Profit CZK mil 19,333 23,370 15,999
Provisions CZK mil 983 403 5,926
Net Profit CZK mil 15,757 19,691 8,488
Balance Sheet 2018 2019 2020
Interbank Loans CZK mil 532,823 621,193 645,747
Customer Loans CZK mil 690,610 838,018 934,195
Investments CZK mil 85,564 88,519 99,420
Total Assets CZK mil 1,377,570 1,630,600 1,756,440
Shareholders' Equity CZK mil 91,546 98,208 106,992
Interbank Borrowing CZK mil 54,653 47,346 57,422
Customer Deposits CZK mil 792,625 959,951 1,075,140
Issued Debt Securities CZK mil 365,311 415,818 425,293
Ratios 2018 2019 2020
ROE % 17.1 20.8 8.27
ROA % 1.17 1.31 0.501
Costs (As % Of Assets) % 1.32 1.27 1.14
Costs (As % Of Income) % 47.9 44.9 54.6
Capital Adequacy Ratio % 18.0 19.2 24.2
Net Interest Margin % 1.93 2.13 1.54
Loans (As % Of Deposits) % 87.1 87.3 86.9
NPLs (As % Of Loans) % 3.06 2.18 2.00
Provisions (As % Of NPLs) % 45.7 47.3 48.7
Growth Rates 2018 2019 2020
Total Revenue Growth % -0.261 14.3 -16.9
Operating Cost Growth % 9.33 7.12 1.15
Operating Profit Growth % -7.70 20.9 -31.5
Net Profit Growth % -10.0 25.0 -56.9
Customer Loan Growth % 2.35 21.3 11.5
Total Asset Growth % 4.81 18.4 7.72
Customer Deposit Growth % 6.47 21.1 12.0
Shareholders' Equity Growth % -0.984 7.28 8.94
Employees 8,623 8,626 8,349

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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 2019 2020
income statement                                                      
Net Interest Income CZK mil ... ... ...                                   22,872 22,303 22,235 22,692 26,016    
Total Revenues CZK mil ... ... ...                                   31,443 32,542 34,043 37,199 37,102    
Operating Profit CZK mil ... ... ...                                   16,462 16,855 18,392 20,947 19,333    
Net Profit CZK mil                                         13,604 14,010 15,141 17,517 15,757    
balance sheet                                                      
Interbank Loans CZK mil ... ... ...                                   38,581 75,088 242,209 485,267 532,823    
Customer Loans CZK mil                                         468,054 504,360 537,013 674,729 690,610    
Investments CZK mil ... ... ...                                   269,769 238,760 222,133 70,372 85,564    
Total Assets CZK mil                                         865,639 956,325 1,085,530 1,314,400 1,377,570    
                                                         
Shareholders' Equity CZK mil                                         85,580 90,719 88,735 92,456 91,546    
Interbank Borrowing CZK mil ... ... ...                                   59,065 23,786 32,598 68,502 54,653    
Customer Deposits CZK mil                                         599,142 621,927 676,161 744,448 792,625    
Issued Debt Securities CZK mil ... ... ...                                   114,685 211,298 279,990 350,136 365,311    
ratios                                                      
ROE % ...                                       16.4 15.9 16.9 19.3 17.1    
ROA % ...                                       1.49 1.54 1.48 1.46 1.17    
Costs (As % Of Assets) % ... ... ...                                   1.64 1.72 1.53 1.35 1.32    
Costs (As % Of Income) % ... ... ...                                   47.6 48.2 46.0 43.7 47.9    
Capital Adequacy Ratio %                                         17.5 19.4 18.5 17.2 18.0    
Net Interest Margin % ... ... ...                                   2.50 2.45 2.18 1.89 1.93    
Interest Income (As % Of Revenues) % ... ... ...                                   72.7 68.5 65.3 61.0 70.1    
Fee Income (As % Of Revenues) % ... ... ...                                   19.0 19.6 18.3 17.2 21.6    
Staff Cost (As % Of Total Cost) % ... ... ...                                   45.9 44.7 48.0 48.7 49.0    
Equity (As % Of Assets) %                                         9.89 9.49 8.17 7.03 6.65    
Loans (As % Of Deposits) %                                         78.1 81.1 79.4 90.6 87.1    
Loans (As % Assets) %                                         54.1 52.7 49.5 51.3 50.1    
NPLs (As % Of Loans) % ... ... ... ... ... ... ... ... ...                       4.19 3.73 3.03 2.04 3.06    
Provisions (As % Of NPLs) % ... ... ... ... ... ... ... ... ...                       57.1 58.3 54.2 58.3 45.7    
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 2019 2020
income statement                                                      
Interest Income CZK mil ... ... ...                                   26,841 25,580 25,043 25,979 33,764    
Interest Cost CZK mil ... ... ...                                   3,969 3,277 2,808 3,287 7,748    
Net Interest Income CZK mil ... ... ...                                   22,872 22,303 22,235 22,692 26,016    
Net Fee Income CZK mil ... ... ...                                   5,979 6,391 6,218 6,396 8,022    
Other Income CZK mil ... ... ...                                   2,592 3,848 5,590 8,111 3,064    
Total Revenues CZK mil ... ... ...                                   31,443 32,542 34,043 37,199 37,102    
Staff Cost CZK mil ... ... ...                                   6,880 7,007 7,510 7,920 8,709    
Depreciation CZK mil ... ... ...                                   685 617 1,268 1,380 1,455    
Other Cost CZK mil ... ... ...                                   7,416 8,063 6,873 6,952 7,605    
Operating Cost CZK mil ... ... ...                                   14,981 15,687 15,651 16,252 17,769    
Operating Profit CZK mil ... ... ...                                   16,462 16,855 18,392 20,947 19,333    
Provisions CZK mil ... ... ...                                   975 1,081 708 615 983    
Extra and Other Cost CZK mil ... ... ...                                   -691 -687 -696 -637 -581    
Pre-Tax Profit CZK mil                                         16,178 16,461 18,380 20,969 18,931    
Tax CZK mil                                         2,557 2,472 3,232 3,453 3,174    
Minorities CZK mil                                         17.0 -21.0 7.00 -1.00 0    
Net Profit CZK mil                                         13,604 14,010 15,141 17,517 15,757    
Net Profit Avail. to Common CZK mil                                         13,604 14,010 15,141 17,517 15,757    
growth rates                                                      
Net Interest Income Growth % ... ... ... ...                                 0.976 -2.49 -0.305 2.06 14.6    
Net Fee Income Growth % ... ... ... ...                                 6.62 6.89 -2.71 2.86 25.4    
Total Revenue Growth % ... ... ... ...                                 0.772 3.50 4.61 9.27 -0.261    
Operating Cost Growth % ... ... ... ...                                 1.17 4.71 -0.229 3.84 9.33    
Operating Profit Growth % ... ... ... ...                                 0.415 2.39 9.12 13.9 -7.70    
Pre-Tax Profit Growth % ...                                       1.75 1.75 11.7 14.1 -9.72    
Net Profit Growth % ...                                       -0.395 2.98 8.07 15.7 -10.0    
market share                                                      
Market Share in Revenues % ... ... ...                                   18.7 18.7 18.9 20.8 19.5 ... ...
Market Share in Net Profit %       ... ... ...                             21.6 21.1 20.6 23.3 19.3 ... ...
Market Share in Employees % ... ... ... ...                                 19.3 18.8 20.8 20.6 20.6 ... ...
Market Share in Branches % ... ... ... ... ... ... ... ... ...                       14.4 14.6 14.6 13.9 12.0 ... ...
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 2019 2020
balance sheet                                                      
Cash & Cash Equivalents CZK mil ... ... ...                                   72,076 117,287 61,075 54,499 38,610    
Interbank Loans CZK mil ... ... ...                                   38,581 75,088 242,209 485,267 532,823    
Customer Loans CZK mil                                         468,054 504,360 537,013 674,729 690,610    
Retail Loans CZK mil ... ... ... ... ... ... ... ...                         301,200 317,800 320,558 310,500 449,100    
Mortgage Loans CZK mil ... ... ... ... ... ... ... ...                         214,800 231,500 256,700 282,400 417,700    
Consumer Loans CZK mil ... ... ... ... ... ... ... ...                         86,400 86,300 63,858 28,100 31,400    
Corporate Loans CZK mil ... ... ... ... ... ... ... ...                         214,400 226,200 185,300 191,000 292,100    
Investments CZK mil ... ... ...                                   269,769 238,760 222,133 70,372 85,564    
Property and Equipment CZK mil ... ... ...               ...                   6,796 7,662 10,009 11,024 16,125    
Total Assets CZK mil                                         865,639 956,325 1,085,530 1,314,400 1,377,570    
                                                         
Shareholders' Equity CZK mil                                         85,580 90,719 88,735 92,456 91,546    
Of Which Minority Interest CZK mil ... ... ... ... ...                               208 178 186 0 0   ...
Liabilities CZK mil                                         780,059 865,606 996,792 1,221,940 1,286,020    
Interbank Borrowing CZK mil ... ... ...                                   59,065 23,786 32,598 68,502 54,653    
Customer Deposits CZK mil                                         599,142 621,927 676,161 744,448 792,625    
Issued Debt Securities CZK mil ... ... ...                                   114,685 211,298 279,990 350,136 365,311    
Other Liabilities CZK mil ... ... ...                                   7,167 8,595 8,043 58,857 73,433    
asset quality                                                      
Non-Performing Loans CZK mil ... ... ... ... ... ... ... ... ...                       19,600 18,800 16,600 13,900 21,400    
Gross Loans CZK mil ... ... ... ... ... ... ... ...                         468,054 504,360 547,078 682,829 700,390    
Total Provisions CZK mil ... ... ... ... ... ... ... ...                         11,185 10,959 9,000 8,100 9,780    
growth rates                                                      
Customer Loan Growth % ...                                       12.3 7.76 6.47 25.6 2.35    
Retail Loan Growth % ... ... ... ... ... ... ... ... ...                       9.89 5.51 0.868 -3.14 44.6    
Mortgage Loan Growth % ... ... ... ... ... ... ... ... ...                       7.78 7.77 10.9 10.0 47.9    
Consumer Loan Growth % ... ... ... ... ... ... ... ... ...                       15.5 -0.116 -26.0 -56.0 11.7    
Corporate Loan Growth % ... ... ... ... ... ... ... ... ...                       9.84 5.50 -18.1 3.08 52.9    
Total Asset Growth % ...                                       -10.1 10.5 13.5 21.1 4.81    
Shareholders' Equity Growth % ...                                       6.10 6.00 -2.19 4.19 -0.984    
Customer Deposit Growth % ...                                       1.36 3.80 8.72 10.1 6.47    
market share                                                      
Market Share in Customer Loans %                                         17.8 18.1 18.2 21.9 20.9    
Market Share in Corporate Loans % ... ... ... ... ... ... ... ...                         24.5 24.6 19.0 18.7 27.0    
Market Share in Retail Loans % ... ... ... ... ... ... ... ...                         26.1 24.5 17.4 7.36 7.85    
Market Share in Consumer Loans % ... ... ... ... ... ... ... ...                         24.5 24.0 22.6 20.3 27.3    
Market Share in Mortgage Loans % ... ... ... ... ... ... ... ...                         23.9 23.8 24.4 24.6 33.5    
Market Share in Total Assets %                                         16.1 17.2 18.0 18.6 18.8    
Market Share in Customer Deposits %                                         17.4 17.7 17.9 17.9 17.8    
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 2019 2020
                                                       
ROE % ...                                       16.4 15.9 16.9 19.3 17.1    
ROA % ...                                       1.49 1.54 1.48 1.46 1.17    
Return on Loans % ...                                       3.07 2.88 2.91 2.89 2.31    
operating profit (as % of rwa)                                                      
Costs (As % Of Assets) % ... ... ...                                   1.64 1.72 1.53 1.35 1.32    
Costs (As % Of Income) % ... ... ...                                   47.6 48.2 46.0 43.7 47.9    
Costs (As % Of Loans) % ... ... ...                                   3.39 3.23 3.01 2.68 2.60    
Costs (As % Of Loans & Deposits) % ... ... ...                                   1.44 1.43 1.34 1.23 1.22    
Capital Adequacy Ratio %                                         17.5 19.4 18.5 17.2 18.0    
Tier 1 Ratio % ... ... ... ... ... ... ... ... ... ... ... ... ... ...             17.2 19.1 18.2 17.2 18.0    
Net Interest Margin % ... ... ...                                   2.50 2.45 2.18 1.89 1.93    
Interest Spread % ... ... ...                                   2.46 2.41 2.15 1.87 1.89    
Asset Yield % ... ... ...                                   2.94 2.81 2.45 2.16 2.51    
revenues (as % of rwa)                                                      
Cost Of Liabilities % ... ... ...                                   0.478 0.398 0.302 0.296 0.618    
Interest Income (As % Of Revenues) % ... ... ...                                   72.7 68.5 65.3 61.0 70.1    
Fee Income (As % Of Revenues) % ... ... ...                                   19.0 19.6 18.3 17.2 21.6    
Other Income (As % Of Revenues) % ... ... ...                                   8.24 11.8 16.4 21.8 8.26    
Staff Cost (As % Of Total Cost) % ... ... ...                                   45.9 44.7 48.0 48.7 49.0    
Equity (As % Of Assets) %                                         9.89 9.49 8.17 7.03 6.65    
Equity (As % Of Loans) %                                         18.3 18.0 16.5 13.7 13.3    
Loans (As % Of Deposits) %                                         78.1 81.1 79.4 90.6 87.1    
Loans (As % Assets) %                                         54.1 52.7 49.5 51.3 50.1    
NPLs (As % Of Loans) % ... ... ... ... ... ... ... ... ...                       4.19 3.73 3.03 2.04 3.06    
Provisions (As % Of NPLs) % ... ... ... ... ... ... ... ... ...                       57.1 58.3 54.2 58.3 45.7    
Provisions (As % Of Loans) % ... ... ... ... ... ... ... ...                         2.39 2.17 1.68 1.20 1.42    
Cost of Provisions (As % Of Loans) % ... ... ...                                   0.220 0.222 0.136 0.101 0.144    
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 2019 2020
                                                       
Branches ... ... ... ... ... ... ... ... ...                       319 316 298 270 235    
ATMs ... ... ... ... ... ... ... ...                         1,047 1,062 1,062 1,070 1,063    
ATMs (As % of Bank Branches) % ... ... ... ... ... ... ... ... ...                       328 336 356 396 452    
Employees ... ... ... ...                                 7,775 7,754 8,517 8,615 8,623    
Employees Per Bank Branch ... ... ... ... ... ... ... ... ...                       24.4 24.5 28.6 31.9 36.7    
Cost Per Employee USD per month ... ... ... ...                                 3,450 3,155 2,912 3,265 3,847    
Cost Per Employee (Local Currency) CZK per month ... ... ... ...                                 73,741 75,305 73,481 76,610 84,164    
customer breakdown 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 2019 2020
                                                       
Customers mil ... ... ... ... ... ... ... ... ...                       2.86 2.83 2.83 2.77 4.30    
Number of Mortgages mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...   0.170 0.181 0.190 0.203 0.288    
Average Size of Mortgage Loan CZK ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...   1,266,000 1,282,000 1,352,000 1,393,000 1,451,000    
Mortgages (As % of Total Clients) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...   5.94 6.38 6.71 7.32 6.69    
Revenue per Customer (Local Currency) CZK ... ... ... ... ... ... ... ... ...                       11,013 11,495 12,025 13,429 8,628    
Net Profit per Customer (Local Currency) CZK ... ... ... ... ... ... ... ... ...                       4,765 4,949 5,348 6,324 3,664    
Loan per Customer (Local Currency) CZK ... ... ... ... ... ... ... ... ...                       163,942 178,156 189,690 243,584 160,607    
Deposit per Customer (Local Currency) CZK ... ... ... ... ... ... ... ... ...                       209,857 219,685 238,842 268,754 184,331    
Revenue per Customer USD ... ... ... ... ... ... ... ... ...                       515 482 477 572 394    
Net Profit per Customer USD ... ... ... ... ... ... ... ... ...                       223 207 212 269 167    
Loan per Customer USD ... ... ... ... ... ... ... ... ...                       7,155 7,177 7,399 11,441 7,149    
Deposit per Customer USD ... ... ... ... ... ... ... ... ...                       9,158 8,850 9,316 12,623 8,205    

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CSOB's customer loans rose 11.5% yoy to CZK 934,195 mil in 4Q2020

By Helgi Analytics - February 15, 2021

CSOB's customer loans reached CZK 934,195 mil in 2020-12-31, up 1.50% compared to the previous year. Czech banking sector provided customer loans of CZK 3,596 bil in 2020-12-31, down 0.651% when compared to the last year. CSOB accounted for 26.0% of all c...

CSOB's npls (as % of loans) fell 8.25% yoy to 2.00% in 4Q2020

By Helgi Analytics - March 25, 2021

CSOB's non-performing loans reached 2.00% of total loans at the end of 2020-12-31, down from 2.18% compared to the previous year. Historically, the NPL ratio hit an all time high of 5.13% in 2013-06-30 and an all time low of 1.58% in 2006-06-30. Provision c...

CSOB's capital adequacy ratio rose 25.8% yoy to 24.2% in 4Q2020

By Helgi Analytics - February 15, 2021

CSOB's capital adequacy ratio reached 24.2% at the end of fourth quarter of 2020, up from 23.2% when compared to the previous quarter. Historically, the bank’s capital ratio hit an all time high of 24.2% in 4Q2020 and an all time low of 9.43% in 2Q2008. The T...

CSOB's branches fell 5.78% yoy to 212 in 4Q2020

By Helgi Analytics - February 15, 2021

CSOB employed 8,349 persons in 2020-12-31, down 0.714% 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 212 bran...

CSOB's retail loans rose 4.52% yoy to CZK 492,279 mil in 4Q2020

By Helgi Analytics - February 15, 2021

CSOB's retail loans reached CZK 492,279 mil in the fourth quarter of 2020, up 0.994% compared to the previous year. Czech banking sector provided retail loans of CZK 1,859 bil in 4Q2020, up 1.85% when compared to the last year. CSOB accounted for 26.5% of...

CSOB's net profit fell 56.3% yoy to CZK 2,169 mil in 4Q2020

By Helgi Analytics - March 25, 2021

CSOB made a net profit of CZK 2,169 mil in the fourth quarter of 2020, down 56.3% when compared to the same period of last year. This implies a return on equity of 8.18%. Historically, the bank’s net profit reached an all time high of CZK 8,180 mil in 4Q2009 and ...

CSOB's corporate loans fell 3.09% yoy to CZK 300,125 mil in 4Q2020

By Helgi Analytics - March 25, 2021

CSOB's loans reached CZK 943,410 mil in the fourth quarter of 2020, up from CZK 929,105 mil when compared to the previous quarter and up from CZK 846,768 mil when compared to the same period of last year. Historically, the bank’s loans reached an al...

CSOB's net profit fell 56.3% yoy to CZK 2,169 mil in 4Q2020

By Helgi Analytics - February 15, 2021

CSOB made a net profit of CZK 2,169 mil under revenues of CZK 8,152 mil in the fourth quarter of 2020, down 56.3% and 26.2% respectively when compared to the same period last year. Historically, the bank’s net profit reached an all time high of CZK 8,180 mil ...

CSOB's costs (as % of assets) fell 6.46% yoy to 1.12% in 4Q2020

By Helgi Analytics - February 15, 2021

CSOB's cost to income ratio reached 60.6% in the fourth quarter of 2020, up from 54.2% when compared to the previous quarter. Historically, the bank’s costs reached an all time high of 433% of income in 3Q2008 and an all time low of 24.9% in 4Q2009. Wh...

CSOB's consumer loans rose 0.938% yoy to CZK 34,117 mil in 4Q2020

By Helgi Analytics - February 15, 2021

CSOB's consumer loans reached CZK 34,117 mil in 2020-12-31, down 1.22% compared to the previous year. Czech banking sector provided consumer loans of CZK 423 bil in 2020-12-31, up 0.348% when compared to the last year. CSOB accounted for 8.07% of all cons...

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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 0.658% and 7.09% a year on average in the last 10 years. Its loans and deposits have grown by 8.80% and 6.08% a year during that time and loans to deposits ratio reached 86.9% at the end of 2020. The company achieved an average return on equity of 17.2% in the last decade with net profit growing -4.51% a year on average. In terms of operating efficiency, its cost to income ratio reached 54.6% in 2020, compared to 47.3% average in the last decade.

Equity represented 6.09% of total assets or 11.5% of loans at the end of 2020. CSOB's non-performing loans were 2.00% of total loans while provisions covered some 48.7% of NPLs at the end of 2020.

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.