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CSOB

Banking > Czech Republic > CSOB
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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

Read more »
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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AnnualQuarterly
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

income statement

... ... ...                             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

... ... ...                             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

                                  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 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

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

... ... ... ...                           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

... ... ...                             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 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

balance sheet

... ... ...                             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

... ... ... ... ... ... ... ... ...                 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

...                                 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

                                  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 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

ratios

                                  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 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

other data

... ... ... ... ... ... ... ... ...                 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

CSOB in Quarterly Numbers

November 16, 2018
CSOB in Quarterly Numbers

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

Read more »

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.

Comparison of 24 Banks in Czech Republic

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

Read more »

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 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.

CSOB in Numbers

September 23, 2018
CSOB in Numbers

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,

Read more »

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, 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

February 26, 2016
CSOB in Numbers

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

Read more »

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 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 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.

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 now

Czech Banking - Analysis of 3Q2014

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

Read more »

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

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

Read more »

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
CMSS at a Glance

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.

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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
CSOB at a Glance

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

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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
CSOB in Numbers

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 if the network of the Czech Post Office is included). The bank was privatised in 1999, when Belgium’s

Read more »

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 if the network of the Czech Post Office is included). 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. 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

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

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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 busines for each bank.

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

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

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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 business for each bank.

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
CSOB at a Glance

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 if the network of the Czech Post Office is included). The bank was privatised in 1999, when Belgium’s

Read more »

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 if the network of the Czech Post Office is included). 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. 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 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

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

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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 player in the mortgage lending business - Hypotecni Banka to find out how market dominance translates into economies of scale and superior profitability.

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.

CSOB made a net profit of CZK 4,007 mil in the third quarter of 2018, down 4.23% when compared to the same period of last year. This implies a return on equity of 18.7%.

Historically, the bank’s net profit reached an all time

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CSOB made a net profit of CZK 4,007 mil in the third quarter of 2018, down 4.23% when compared to the same period of last year. This implies a return on equity of 18.7%.

Historically, the bank’s net profit reached an all time high of CZK 8,180 mil in 4Q2009 and an all time low of CZK -2,740 mil in 3Q2008. The average profit in the last six quarters amounted to CZK 4,060 mil.

The bank generated its shareholders an average return on equity of 17.3% in the last five years with maximum at 22.9% and minimum at 14.0%.

When compared to bank's main peers, Ceska Sporitelna generated a net profit of CZK 3,976 mil with ROE of 13.7% in 3Q2018, Komercni Banka netted CZK 4,204 mil(ROE of 17.3%) and MONETA Money Bank announced a net profit of CZK 1,242 mil implying ROE of 20.9%.

You can see all the bank’s data at CSOB profile, or you can download a report on the bank in the report section.

CSOB made a net profit of CZK 4,007 mil under revenues of CZK 9,333 mil in the third quarter of 2018, down 4.23% and up 7.55% respectively when compared to the same period last year.

Historically, the bank’s net

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CSOB made a net profit of CZK 4,007 mil under revenues of CZK 9,333 mil in the third quarter of 2018, down 4.23% and up 7.55% 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 in 4Q2009 and an all time low of CZK -2,740 mil in 3Q2008. The average profit in the last six quarters amounted to CZK 4,060 mil.

On the other hand, bank’s revenues amounted to an all time high of CZK 14,958 mil in 4Q2009 and an all time low of CZK 841 mil in 3Q2008. The average revenues in the last six quarters reached CZK 9,126 mil.

When compared to bank's main peers, Ceska Sporitelna generated a quarterly net profit of CZK 3,976 mil with revenues of CZK 10,094 mil in 3Q2018, Komercni Banka netted CZK 4,204 mil (revenues of CZK 8,335 mil) and MONETA Money Bank announced a net profit of CZK 1,242 mil (revenues of CZK 2,752 mil).

You can see all the bank’s data at CSOB Profile, or you can download a report on the bank in the report section.

CSOB's capital adequacy ratio reached 17.3% at the end of third quarter of 2018, down from 17.5% 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

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CSOB's capital adequacy ratio reached 17.3% at the end of third quarter of 2018, down from 17.5% 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 Tier 1 ratio amounted to 17.3% at the end of third quarter of 2018, down from 17.4% compared to the same period of last year and down from 17.5% when compared to the the previous quarter.

Bank's loan to deposit ratio reached 75.9% at the end of 3Q2018, up from 72.2% when compared to the same period of last year. Some 10 years ago, loan to deposit ratio of the bank amounted to 67.8%.

When compared to bank's main peers, Ceska Sporitelna ended the third quarter of 2018 with a capital adequacy ratio at 17.6% and loans to deposits of 75.9%, Komercni Banka with 18.4% and 74.0% respectively and MONETA Money Bank some 16.6% in terms of capital adequacy and 90.9% of loans to deposits at the end of the third quarter of 2018.

You can see all the bank’s data at CSOB Profile, or you can download a report on the bank in the report section.

CSOB generated total banking revenues of CZK 9,333 mil in the third quarter of 2018, up 7.55% when compared to the same period of last year and 9.52% when compared to the previous quarter.

Historically, the bank’s revenues

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CSOB generated total banking revenues of CZK 9,333 mil in the third quarter of 2018, up 7.55% when compared to the same period of last year and 9.52% when compared to the previous quarter.

Historically, the bank’s revenues containing of interest, fee and other non-interest income reached an all time high of CZK 14,958 mil in 4Q2009 and an all time low of CZK 841 mil in 3Q2008. The average revenue in the last six quarters amounted to CZK 9,126 mil.

Net interest income represented 70.4% of total revenues, fee income contributed 21.1% and other non-interest income added further 8.44% to the overall revenue generation in 3Q2018.

Bank's total revenues accounted for 2.42% total assets in the third quarter of 2018, down from 2.44% a year earlier.

When compared to bank's main peers, Ceska Sporitelna generated total revenues of 2.89% of assets in 3Q2018 Komercni Banka operated with 2.93% revenue margin and MONETA Money Bank produced total income worth 5.94% of assets.

You can see all the bank’s data at CSOB Profile, or you can download a report on the bank in the report section.

See all charts of the company »
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 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
CSOB's net profit rose 15.7% to CZK 17,517 mil in 2017