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CSOB

Following its takeover in 2000 of IPB, then the fourth-largest bank, ČSOB became the largest Czech bank. It now holds a fifth of the market in assets, loans or deposits and serves more than 3 million retail clients through a network of 316 branches (or 3,200 outlets if the network of the Czech Post Office is included). The bank was privatized in 1999, when Belgium’s KBC became the majority owner (and sole owner in 2007). Since 2003, ČSOB's net profit has increased more than fourfold and the bank's ROE exceeded 17% on average in 2006-2015. The bank is well capitalized and funded and has been lending cautiously. The bank is particularly strong in the area of housing loans. Through its subsidiaries Hypoteční Banka and ČMSS, 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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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

...	...	...	24,807	24,970	22,651	22,872	22,303
...	...	...	33,583	35,015	31,202	31,443	32,542
...	...	...	17,885	18,928	16,394	16,462	16,855
			11,206	15,281	13,658	13,604	14,010

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

...	...	...	23,783	24,461	58,688	38,581	75,088
			441,100	476,100	416,859	468,054	504,360
...	...	...	414,551	399,958	449,195	269,769	238,760
			936,593	937,174	962,954	865,639	956,325
			61,183	74,141	80,657	85,580	90,719
			41,122	35,365	55,090	59,065	23,786
			612,160	629,622	591,126	599,142	621,927
...	...	...	201,188	171,900	227,386	114,685	211,298

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)	%

									17.6%	22.6%	17.6%	16.4%	15.9%
									1.23%	1.63%	1.44%	1.49%	1.54%
...	...	...							1.72%	1.72%	1.56%	1.64%	1.72%
...	...	...							46.7%	45.9%	47.5%	47.6%	48.2%
									15.6%	15.2%	15.6%	17.5%	19.4%
...	...	...							2.72%	2.67%	2.38%	2.50%	2.45%
...	...	...							73.9%	71.3%	72.6%	72.7%	68.5%
...	...	...							18.6%	15.7%	18.0%	19.0%	19.6%
...	...	...							43.2%	44.9%	45.5%	45.9%	44.7%
									6.53%	7.91%	8.38%	9.89%	9.49%
									72.1%	75.6%	70.5%	78.1%	81.1%
									47.1%	50.8%	43.3%	54.1%	52.7%
...	...	...	...	...	...	...	...	...	5.19%	3.57%	4.79%	4.19%	3.73%
...	...	...	...	...	...	...	...	...	53.9%	70.5%	54.3%	57.1%	58.3%

Download Data

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

...	...	...			33,317	32,697	27,102	26,841	25,580
...	...	...			8,510	7,727	4,451	3,969	3,277
...	...	...			24,807	24,970	22,651	22,872	22,303
...	...	...			6,250	5,505	5,608	5,979	6,391
...	...	...			2,526	4,540	2,943	2,592	3,848
...	...	...			33,583	35,015	31,202	31,443	32,542
...	...	...			6,779	7,222	6,731	6,880	7,007
...	...	...			911	856	749	685	617
...	...	...			8,008	8,009	7,328	7,416	8,063
...	...	...			15,698	16,087	14,808	14,981	15,687
...	...	...			17,885	18,928	16,394	16,462	16,855
...	...	...			5,062	1,584	1,294	975	1,081
...	...	...			-147	-195	-800	-691	-687
					12,970	17,539	15,900	16,178	16,461
					1,764	2,258	2,249	2,557	2,472
					33.0	-10.0	-7.00	17.0	-21.0
					11,206	15,281	13,658	13,604	14,010
...	...	...	...	...	6,596	13,320	8,109	13,208	14,781	...

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	%

...	...	...	...	2.19%	0.657%	-9.29%	0.976%	-2.49%
...	...	...	...	14.9%	-11.9%	1.87%	6.62%	6.89%
...	...	...	...	1.72%	4.26%	-10.9%	0.772%	3.50%
...	...	...	...	8.14%	2.48%	-7.95%	1.17%	4.71%
...	...	...	...	-3.31%	5.83%	-13.4%	0.415%	2.39%
...				-15.4%	35.2%	-9.34%	1.75%	1.75%
...				-16.8%	36.4%	-10.6%	-0.395%	2.98%

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	%

...	...	...									20.7%	20.9%	18.6%	18.7%	18.7%
			...	...	...						21.0%	23.8%	22.4%	21.6%	21.1%
...	...	...	...								19.7%	19.4%	19.0%	19.3%	18.8%
...	...	...	...	...	...	...	...				21.6%	22.0%	...	...	...	...	...
...	...	...	...	...	...	...	...	...	...	...	24.6%	25.0%	...	...	...	...	...
...	...	...	...	...	...	...	...	...	...	...	8.81%	9.15%	...	...	...	...	...
...	...	...	...	...	...	...	...	...			15.3%	15.3%	14.9%	15.0%	14.6%

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
Sight Deposits	CZK mil
Term Deposits	CZK mil
Issued Debt Securities	CZK mil
Other Liabilities	CZK mil

...	...	...															46,691	28,293	20,728	72,076	117,287
...	...	...															23,783	24,461	58,688	38,581	75,088
																	441,100	476,100	416,859	468,054	504,360
...	...	...	...	...	...	...	...										252,200	272,500	274,100	301,200	317,800
...	...	...	...	...	...	...	...										163,100	183,600	199,300	214,800	231,500
...	...	...	...	...	...	...	...										89,100	88,900	74,800	86,400	86,300
...	...	...	...	...	...	...	...										161,900	177,800	195,200	214,400	226,200
...	...	...															414,551	399,958	449,195	269,769	238,760
...	...	...								...							8,114	8,045	7,557	6,796	7,662
																	936,593	937,174	962,954	865,639	956,325
																	61,183	74,141	80,657	85,580	90,719
...	...	...	...	...													880	211	204	208	178
																	875,410	863,033	882,297	780,059	865,606
																	41,122	35,365	55,090	59,065	23,786
																	612,160	629,622	591,126	599,142	621,927
...	...	...	...	...	...	...	...			...	...	...	...	...	...	...	...	...	...	...	...	...	...
...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	310,769	...	...	...	...
...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	11,712	...	...	...	...
...	...	...															201,188	171,900	227,386	114,685	211,298
...	...	...															20,940	26,146	8,695	7,167	8,595

asset quality

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

...	...	...	...	...	...	...	...	...	22,893	17,000	20,500	19,600	18,800
...	...	...	...	...	...	...	...		441,100	476,100	427,999	468,054	504,360
...	...	...	...	...	...	...	...		12,348	11,989	11,140	11,185	10,959

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	%

...																9.75%	7.93%	-12.4%	12.3%	7.76%
...	...	...	...	...	...	...	...	...								7.32%	8.05%	0.587%	9.89%	5.51%
...	...	...	...	...	...	...	...	...								12.6%	12.6%	8.55%	7.78%	7.77%
...	...	...	...	...	...	...	...	...								-1.11%	-0.224%	-15.9%	15.5%	-0.116%
...	...	...	...	...	...	...	...	...								15.7%	9.82%	9.79%	9.84%	5.50%
...																5.82%	0.062%	2.75%	-10.1%	10.5%
...																-7.07%	21.2%	8.79%	6.10%	6.00%
...																2.70%	2.85%	-6.11%	1.36%	3.80%
...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...

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	%

															20.1%	21.2%	16.7%	18.0%	18.1%
...	...	...	...	...	...	...	...								19.6%	21.3%	22.5%	24.5%	24.6%
...	...	...	...	...	...	...	...								27.6%	27.6%	22.8%	26.3%	24.7%
...	...	...	...	...	...	...	...								23.0%	24.1%	23.2%	24.5%	24.1%
...	...	...	...	...	...	...	...								21.1%	22.7%	23.4%	23.9%	23.8%
															20.9%	20.2%	18.7%	16.3%	17.2%
															22.7%	22.3%	19.3%	17.4%	17.7%
...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...

Download Data

ratios

Unit

1994

1995

1996

1997

1998

1999

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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)	%

														17.6%	22.6%	17.6%	16.4%	15.9%
														1.23%	1.63%	1.44%	1.49%	1.54%
...	...	...												1.72%	1.72%	1.56%	1.64%	1.72%
...	...	...												46.7%	45.9%	47.5%	47.6%	48.2%
														15.6%	15.2%	15.6%	17.5%	19.4%
...	...	...	...	...	...	...	...	...	...	...	...	...	...	11.7%	13.0%	15.8%	17.2%	19.1%
...	...	...												2.72%	2.67%	2.38%	2.50%	2.45%
...	...	...												2.65%	2.60%	2.34%	2.46%	2.41%
...	...	...												3.66%	3.49%	2.85%	2.94%	2.81%
...	...	...												1.00%	0.889%	0.510%	0.478%	0.398%
...	...	...	...	...										58.9%	87.2%	59.4%	97.1%	106%	...
...	...	...												73.9%	71.3%	72.6%	72.7%	68.5%
...	...	...												18.6%	15.7%	18.0%	19.0%	19.6%
...	...	...												7.52%	13.0%	9.43%	8.24%	11.8%
...	...	...	...											4,111	3,944	3,796	3,450	3,155
...	...	...	...											72,705	77,148	74,264	73,741	75,305
...	...	...												43.2%	44.9%	45.5%	45.9%	44.7%
														6.53%	7.91%	8.38%	9.89%	9.49%
														72.1%	75.6%	70.5%	78.1%	81.1%
														47.1%	50.8%	43.3%	54.1%	52.7%
...	...	...	...	...	...	...	...	...						5.19%	3.57%	4.79%	4.19%	3.73%
...	...	...	...	...	...	...	...	...						53.9%	70.5%	54.3%	57.1%	58.3%
...	...	...	...	...	...	...	...							2.80%	2.52%	2.67%	2.39%	2.17%
...	...	...												1.20%	0.345%	0.290%	0.220%	0.222%

Download Data

other data

Unit

1994

1995

1996

1997

1998

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other data

Branches
Employees
ATMs
Clients	mil
E-Clients	mil
Payment Cards	'000
Debit Cards	'000
Credit Cards	'000
Sight (As % Of Customer Deposits)	%

...	...	...	...	...	...	...	...	...									314	322	319	319	316
...	...	...	...														7,770	7,801	7,553	7,775	7,754
...	...	...	...	...	...	...	...										831	914	1,006	1,047	1,062
...	...	...	...	...	...	...	...	...									3.10	3.05	2.95	2.86	2.83
...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	1.51	1.54
...	...	...	...	...	...	...	...										2,124	2,240	...	...	...	...	...
...	...	...	...	...	...	...	...	...	...	...							1,963	2,067	...	...	...	...	...
...	...	...	...	...	...	...	...	...	...	...							161	172	...	...	...	...	...
...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	...	52.6%	...	...	...	...

Download Data

Comparison of 22 Banks in Czech Republic

January 24, 2019

This Quarterly Statistical Dossier offers a comparison of 22 Czech banks from Dec 96 to Sep 18 on an quarterly basis. The report can be downloaded as an Excel file.

You will find here the key numbers from the banks' balance sheets such as loan and deposit breakdown, or capitalization, income statements for the sector and the main ratios related to the

This Quarterly Statistical Dossier offers a comparison of 22 Czech banks from Dec 96 to Sep 18 on an quarterly basis. The report can be downloaded as an Excel file.

You will find here the key numbers from the banks' balance sheets such as loan and deposit breakdown, or capitalization, income statements for the sector and the main ratios related to the banking business such as asset quality, number and cost of employees or details on banking infrastructure.

The file contains data of following banks:

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

Alternatively, you can find similar data for the Czech banking sector in the banking Sector Profile.

If you are interested in the banking quarterly figures, please refer to the banking Quarterly Statistical Dossier. Download a sample excel file attached to see more details. On purchase, the hidden cells will be unlocked and all available data wll be visible.

Comparison of 24 Banks in Czech Republic

January 24, 2019

This Annual Statistical Dossier offers a comparison of 24 Czech banks from 1990 to 2017 on an annual basis. The report can be downloaded as an Excel file.

You will find here the key numbers from the banks' balance sheets such as loan and deposit breakdown, or capitalization, income statements for the sector and the main ratios related to the banking

This Annual Statistical Dossier offers a comparison of 24 Czech banks from 1990 to 2017 on an annual basis. The report can be downloaded as an Excel file.

The file contains data of following banks:

Alternatively, you can find similar data for the Czech banking sector in the banking Sector Profile.

CSOB in Quarterly Numbers

November 16, 2018

This Quarterly statistical dossier offers a summary of CSOB's performance between Mar 03 and Sep 18 on an quarterly 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 Quarterly statistical dossier offers a summary of CSOB's performance between Mar 03 and Sep 18 on an quarterly 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 CSOB'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.

CSOB in Numbers

September 23, 2018

This Annual statistical dossier offers a summary of CSOB's performance between 1994 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,

This Annual statistical dossier offers a summary of CSOB's performance between 1994 and 2017 on an annual basis. The report can be downloaded as an excel file.

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

CSOB in Numbers

February 26, 2016

This Statistical Dossier offers a summary of CSOB's performance between 1997 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

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 CSOB'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.

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.

ČSOB - 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:

ČSOB's 3Q14 profit falls 14%...

ČSOB reported a net profit of CZK 3,301 mil. in 3Q14, down

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:

ČSOB's 3Q14 profit falls 14%...

ČSOB reported a net profit of CZK 3,301 mil. in 3Q14, down 14.1% yoy when compared to last year. Weaker revenue (interest and other income), higher personnel costs and increased cost of provisioning stand behind the profit deterioration.

Still, the bank remains impressively profitable (ROE of 16.4%) and cost efficient (Cost to income at 48.2%).

...but the balance sheet remains strong...

Also, the balance sheet momentum remains good. The bank shows pretty solid numbers on the lending side growing its market share in all key categories (mortgage, consumer as well as corporate loans). The deposit growth jumped to 25% yoy due to a reclassification of repo operations).

With capital adequacy exceeding 18% and loans accounting for 63% of deposits only, the bank is well positioned for further growth.

...and market position improving

As a result, the bank gained a further 13 bp in market share in total loans in the third quarter (as the only one among the three largest banks) extending the 12-month market share gain of 29 bp to 17.1% (with Komerční falling 22 bp and Spořitelna 51 bp):

Asset quality slightly deteriorates

The volume of non-performing loans increased by CZK 600 mil, the first increase since 2Q13, so the share of non-performing loans increased to 4.5% of total loans.

Although lower when compared to its peers Komerční banka (5.5%) and Spořitelna (4.6%), the biggest difference remains in the level of provisioning. While ČSOB covered less than half of its NPLs by provisions at the end of September (which is in line with the overall market), Komerční's provision coverage exceeded 71% while Spořitelna was at 80%.

A higher share of better-quality and better collateral housing loans in the portfolio of ČSOB might be the answer for relatively lower provision coverage. Mortgage loans represent nearly 48% of the bank's loans, which is a third more when compared to its peers Komerční and Spořitelna (at around 33%).

In addition, ČSOB is also heavily exposed to building savings loans (an early alternative to mortgage lending) through its subsidiary ČMSS. When adjusted for its 55% stake in the bank, we estimate total residential housing loans form over 62% of ČSOB's loan portfolio.

Since loan to value ratio on mortgage loans remains well below 70% in the Czech banking system and real estate prices do not seem overheated, ČSOB's asset quality and provision coverage looks pretty safe to us.

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

CMSS at a Glance

January 30, 2014

Českomoravská Stavební Spořitelna (ČMSS) is the dominant leader of the building savings market in the Czech Republic. At the end of 2012, the Bank had a 43.6% share on the market of building loans and 35.1% of total building savings deposits. Despite seasonally strong deposit growth in 4Q12, the overall balance sheet momentum remains negative. Loans declined by 2.6% and deposits dropped 1.8% in 2012. This is due mainly to the overall saturation of the market, ongoing reduction of the government subsidy and migration to mortgage lending. Having said that, ČMSS remains impressively profitable. In 2012, the bank achieved ROE of 18.2%, well above the market (15.2%) or the whole banking system (14.4%). 55% of the bank is owned by the largest Czech bank, ČSOB, while the remaining 45% is held by BSH, the largest building savings society in Germany.

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.

CSOB at a Glance

January 25, 2014

Following its takeover in 2000 of IPB, then the fourth-largest bank, ČSOB became the largest Czech bank. It now holds a fifth of the market in assets, loans or deposits and serves more than 3 million retail clients through a network of 249 branches (or 3,200 outlets including the Czech Post Office's network). The bank was privatised in 1999, when Belgium’s KBC became the majority owner (and sole owner in 2007). Since 2003, ČSOB's net profit has increased more than fourfold and the bank's ROE exceeded 18% on average in 2004-2012. The bank is well capitalised (with a capital adequacy ratio of over 15%) and funded (with loans to deposits at only 76%) and has been lending cautiously (non-performing loans accounted for only 3.6% of the total at the end of 2012). The bank is particularly strong in the area of housing loans, where it controls a quarter of the market.

This report offers a summary of the bank's performance in 1994-2012. 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.

CSOB in Numbers

July 21, 2013

Since 2003, ČSOB's net profit has increased more than fourfold and the bank's ROE exceeded 18% on average in 2004-2012. The bank is well capitalised (with a capital adequacy ratio of over 15%) and funded (with loans to deposits at only 76%) and has been lending cautiously (non-performing loans accounted for only 3.6% of the total at the end of 2012).

The bank is particularly strong in the area of housing loans. Through its subsidiaries Hypoteční Banka and ČMSS, ČSOB now controls a quarter of mortgage and building society loans. We estimate that mortgage lending generated over 20% of ČSOB's profit in 2012.

This excel file offers a summary of the company's performance in between 1Q2005-1Q2013, 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.

CSOB - 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 CSOB in the 1Q2013. The key highlights are:

The bank is still growing faster than the market...

ČSOB’s mortgage loans increased 1.5% qoq in 4Q (and 10.8% yoy), a third more than the overall market. On the other hand, the loans provided by ČMSS (ČSOB’s building society) dropped a further 1.5% qoq or 4.1% yoy.

...but the market is slowing down and the competition is biting.

The bank has been gaining market share in mortgage loans since the middle of 2006, when it held only a 18.4% share. Thanks partly to the conservative approach of Komerční and the resignation of Spořitelna from mortgage lending in 2008-2010, ČSOB increased its market share to 26.3% as of the end of March 2013!

In 2012, the bank grabbed nearly half of the market’s net mortgage loan book increase and sold nearly 30% of the new mortgage loans provided that year.

However great the year 2012 was, there are a few clouds gathering on the horizon, in our view. First, the number of new mortgage loans and the number of mortgage contracts sold by ČSOB in 4Q12 and 1Q13 was lower than a year ago. Second, Česká Spořitelna outperformed ČSOB in number of mortgage contracts sold in both, 4Q12 as well as 1Q13, so competitive pressure from ČSOB’s largest enemy is clearly rising after a few years of hibernation:

Mortgage lending – 20% of ČSOB’s profit?

Mortgage loans represented over 39% of ČSOB’s total loans at the end of March 2013. That is three times more than a decade ago. Together with ČMSS, housing loans represented nearly 54% of ČSOB’s total loans.

The massive growth in mortgage volumes made a difference to the bottom line of the bank. When Hypoteční banka’s financials are compared with the consolidated ones for ČSOB, the mortgage lending business seems to generate more than 20% of ČSOB’s overall profitability now.

This is less than we calculated for LBBW Bank, or Raiffeisen, but much more than the 14% of Komerční Banka and the 12% we estimate for Česká Spořitelna:

ČSOB’s strategic focus on housing lending, Hypoteční Banka’s impressive performance and the good prospects of Czech housing lending make ČSOB’s housing lending business the crown jewel of KBC’s CEE operations.

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.

CSOB at a Glance

June 5, 2013

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.

CMSS - Analysis of Bulding Savings in 4Q12

May 29, 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 CMSS in the 4Q2012. The main conclusions are:

Market position

ČMSS is the dominant leader of the building savings market, with a 43.6% share of building loans and 35.1% of building savings deposits as of the end of 2012. 55% of the bank is owned by the largest Czech bank, ČSOB, while the remaining 45% is held by BSH, the largest building savings society in Germany.

While the bank gained market share in lending in both 2012 (added 30 bp) and 4Q12 (23 bp), the bank has been losing its market share on the savings deposit market since the end of 2011. In 2012 the bank lost a further 64 bp, of which 12 bp was given away in 4Q.

Despite seasonally strong deposit growth in 4Q (up 1.2% qoq), the overall balance sheet momentum remains negative. Loans declined by a further 0.2% qoq and the full-year decline reached 2.6% yoy, while deposits dropped 1.8% in 2012.

Profitability

ČMSS remains impressively profitable in spite of the market slowdown. In 2012, the bank achieved ROE of 18.2%, well above the market (15.2%) or the whole banking system (14.4%).

Thanks partly to its dominant market position (and subsequent economies of scale), most of ČMSS’s ratios are superior to those of the market. These include ROE, costs to income, asset quality and so on.

When adjusted for surplus of capital, only Modrá Pyramida is more profitable than ČMSS, which is due partly to the low tax burden of Pyramida.

Asset quality

Non-performing loans dropped CZK 52 mil, or 1.6%, in 4Q and reached 2.51% of total loans (up from 2.38% at the end of 2011). Provision coverage remains relatively low at 42.5%, compared to the 53% of the market.

Cost-efficiency

As already described on page 12, ČMSS lacks the economies of scale Hypoteční Banka has achieved in the mortgage lending business. Operating costs accounted for 0.76% of average assets at ČMSS, more than the 0.73% seen on the market:

The comparison shown above suggests that ČMSS might be lacking synergies with its strategic partner ČSOB, something chart 48 implies – Modrá Pyramida has been improving its profitability since being completely taken over by Komerční Banka in 2006.

Apart from a different business model, ČMSS seems to be paying more for its employees than the market. On the basis of quarterly reports, we calculate that ČMSS paid its staff nearly CZK 58,000 gross a month, a quarter more than the competition.

The cost side will therefore be the single main factor to watch for ČMSS in the quarters to come, from our point of view.

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What Banks in Czechia Were the Most Profitable in 3Q2018?

January 29, 2019

Based on a comparison of 15 banks in the Czech Republic, Komercni Banka produced the highest net profit in the 3Q2018, followed by CSOB and Ceska Sporitelna.

Komercni Banka made a net profit of CZK 4,204 mil, up 12.0% when compared

Based on a comparison of 15 banks in the Czech Republic, Komercni Banka produced the highest net profit in the 3Q2018, followed by CSOB and Ceska Sporitelna.

Komercni Banka made a net profit of CZK 4,204 mil, up 12.0% when compared to the previous quarter and up 19.2% when compared to the same period of last year. Historically, the bank’s net profit reached an all time high of CZK 4,204 mil in 3Q2018 and an all time low of CZK -1,274 mil in 3Q2000. The average profit in the last five years amounted to CZK 3,434 mil.

The bank generated its shareholders an average return on equity of 13.4% in the last five years with maximum at 17.3% and minimum at 10.6%.

When compared to the nearest peers, CSOB generated a net profit of CZK 4,007 mil with ROE of 18.7% in 3Q2018, Ceska Sporitelna netted CZK 3,976 mil (ROE of 13.7%) and UniCredit Czech Republic announced a net profit of CZK 2,367 mil implying ROE of 13.8%.

You can see all the banks net profit data at Net Profit indicator page or you can download a report on the Czech banks in the report section.

What Banks in Czechia Generated the Most Revenues in 3Q2018?

January 29, 2019

Based on a comparison of 15 banks in the Czech Republic in 3Q2018, Ceska Sporitelna generated the largest revenues, followed by CSOB and Komercni Banka.

Ceska Sporitelna reported total revenues of CZK 10,094 mil, up 10.2%

Based on a comparison of 15 banks in the Czech Republic in 3Q2018, Ceska Sporitelna generated the largest revenues, followed by CSOB and Komercni Banka.

Ceska Sporitelna reported total revenues of CZK 10,094 mil, up 10.2% when compared to the previous quarter and up 8.79% when compared to the same period of last year. Historically, the bank’s revenues containing of interest, fee and other non-interest income reached an all time high of CZK 12,013 mil in 2Q2009 and an all time low of CZK 4,937 mil in 1Q2001. The average revenue in the last five years amounted to CZK 9,773 mil.

Bank's total revenues accounted for 2.89% of total assets in 3Q2018, up from 2.81% a year earlier.

When compared to the nearest peers, CSOB generated total revenues of CZK 9,333 mil, or 2.42% of assets in 3Q2018, Komercni Banka operated with CZK 8,335 mil total income, or 2.93% revenue margin and UniCredit Czech Republic produced total income worth CZK 4,855 mil, or 2.31% of assets.

You can see all the banks revenues data at Total Revenues indicator page or you can download a report on the Czech banks in the report section.

What Banks in Czechia Generated the Most Fees in 3Q2018?

January 29, 2019

Based on a comparison of 15 banks in the Czech Republic in 3Q2018, Ceska Sporitelna generated the largest fee income, followed by CSOB and Komercni Banka.

Ceska Sporitelna reported total fee income of CZK 2,075 mil, down 3.60%

Based on a comparison of 15 banks in the Czech Republic in 3Q2018, Ceska Sporitelna generated the largest fee income, followed by CSOB and Komercni Banka.

Ceska Sporitelna reported total fee income of CZK 2,075 mil, down 3.60% when compared to the previous quarter and down 4.32% when compared to the same period of last year. Historically, the bank’s fee income reached an all time high of CZK 3,220 mil in 4Q2011 and an all time low of CZK 1,384 mil in 1Q2001.

When compared to the nearest peers, CSOB generated total fee income of CZK 1,970 mil, Komercni Banka operated with CZK 1,514 mil fee income and UniCredit Czech Republic produced total fees worth CZK 849 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 Most Cost Efficient in 3Q2018?

January 29, 2019

Based on a comparison of 15 banks in the Czech Republic in 3Q2018, Hypotecni Banka was the most cost efficient bank, followed by Stavebni Sporitelna Ceske Sporitelny and Fio banka.

Hypotecni Banka's cost to income ratio reached 23.1% in 3Q2018,

Based on a comparison of 15 banks in the Czech Republic in 3Q2018, Hypotecni Banka was the most cost efficient bank, followed by Stavebni Sporitelna Ceske Sporitelny and Fio banka.

Hypotecni Banka's cost to income ratio reached 23.1% in 3Q2018, down from 23.8% when compared to the previous quarter and up from 19.6% when compared to the same period of last year. Historically, the bank’s costs reached an all time high of 77.0% in 4Q2002 and an all time low of -93.3% in 4Q2000.

When compared to total assets, bank's cost amounted to 1.39% in 3Q2018, down from 0.311% a year earlier.

When compared to the nearest peers, Stavebni Sporitelna Ceske Sporitelny operated in 3Q2018 with a cost to income ratio of 24.7%, Fio banka reached 28.5% and UniCredit Czech Republic some 33.6%.

You can see all the banks cost efficiency data at Costs (As % Of Income) indicator page or you can download a report on the Czech banks in the report section.

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CSOB's net interest margin rose 8.52% to 1.76% in 3Q2018

CSOB's corporate loans rose 1.15% to CZK 202,400 mil in 3Q2018

CSOB's costs (as % of assets) fell 8.54% to 1.17% in 3Q2018

CSOB's net profit rose 14.5% to CZK 4,007 mil in 3Q2018

CSOB's capital adequacy ratio fell 1.14% to 17.3% in 3Q2018

CSOB's net interest income rose 9.20% to CZK 6,575 mil in 3Q2018

CSOB's mortgage loans rose 10.0% to CZK 282,400 mil in 2017

CSOB's net profit rose 15.7% to CZK 17,517 mil in 2017