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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

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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 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 2018

income statement

... ... ...                               24,970 22,651 22,872 22,303 22,235    
... ... ...                               35,015 31,202 31,443 32,542 34,043    
... ... ...                               18,928 16,394 16,462 16,855 18,392    
                                    15,281 13,658 13,604 14,010 15,141    

balance sheet

... ... ...                               24,461 58,688 38,581 75,088 242,209    
                                    476,100 416,859 468,054 504,360 537,013    
... ... ...                               399,958 449,195 269,769 238,760 222,133    
                                    937,174 962,954 865,639 956,325 1,085,530    
                                    74,141 80,657 85,580 90,719 88,735    
                                    35,365 55,090 59,065 23,786 32,598    
                                    629,622 591,126 599,142 621,927 676,161    
... ... ...                               171,900 227,386 114,685 211,298 279,990    

ratios

                                    22.6% 17.6% 16.4% 15.9% 16.9%    
                                    1.63% 1.44% 1.49% 1.54% 1.48%    
... ... ...                               1.72% 1.56% 1.64% 1.72% 1.53%    
... ... ...                               45.9% 47.5% 47.6% 48.2% 46.0%    
                                    15.2% 15.6% 17.5% 19.4% 18.5%    
... ... ...                               2.67% 2.38% 2.50% 2.45% 2.18%    
... ... ...                               71.3% 72.6% 72.7% 68.5% 65.3%    
... ... ...                               15.7% 18.0% 19.0% 19.6% 18.3%    
... ... ...                               44.9% 45.5% 45.9% 44.7% 48.0%    
                                    7.91% 8.38% 9.89% 9.49% 8.17%    
                                    75.6% 70.5% 78.1% 81.1% 79.4%    
                                    50.8% 43.3% 54.1% 52.7% 49.5%    
... ... ... ... ... ... ... ... ...                   3.57% 4.79% 4.19% 3.73% 3.03%    
... ... ... ... ... ... ... ... ...                   70.5% 54.3% 57.1% 58.3% 54.2%    

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 2018

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
... ... ...                               32,697 27,102 26,841 25,580 25,043    
... ... ...                               7,727 4,451 3,969 3,277 2,808    
... ... ...                               24,970 22,651 22,872 22,303 22,235    
... ... ...                               5,505 5,608 5,979 6,391 6,218    
... ... ...                               4,540 2,943 2,592 3,848 5,590    
... ... ...                               35,015 31,202 31,443 32,542 34,043    
... ... ...                               7,222 6,731 6,880 7,007 7,510    
... ... ...                               856 749 685 617 1,268    
... ... ...                               8,009 7,328 7,416 8,063 6,873    
... ... ...                               16,087 14,808 14,981 15,687 15,651    
... ... ...                               18,928 16,394 16,462 16,855 18,392    
... ... ...                               1,584 1,294 975 1,081 708    
... ... ...                               -195 -800 -691 -687 -696    
                                    17,539 15,900 16,178 16,461 18,380    
                                    2,258 2,249 2,557 2,472 3,232    
                                    -10.0 -7.00 17.0 -21.0 7.00    
                                    15,281 13,658 13,604 14,010 15,141    
... ... ... ... ...                           13,320 8,109 13,208 14,781 10,147    

growth rates

... ... ... ...                             0.657% -9.29% 0.976% -2.49% -0.305%    
... ... ... ...                             -11.9% 1.87% 6.62% 6.89% -2.71%    
... ... ... ...                             4.26% -10.9% 0.772% 3.50% 4.61%    
... ... ... ...                             2.48% -7.95% 1.17% 4.71% -0.229%    
... ... ... ...                             5.83% -13.4% 0.415% 2.39% 9.12%    
...                                   35.2% -9.34% 1.75% 1.75% 11.7%    
...                                   36.4% -10.6% -0.395% 2.98% 8.07%    

market share

... ... ...                               20.9% 18.6% 18.7% 18.7% 18.9%    
      ... ... ...                         23.8% 22.4% 21.6% 21.1% 20.6%    
... ... ... ...                             19.4% 18.8% 19.3% 18.8% 20.8%    
... ... ... ... ... ... ... ...                     22.0% ... ... ... ... ... ...
... ... ... ... ... ... ... ... ... ... ...               25.0% ... ... ... ... ... ...
... ... ... ... ... ... ... ... ... ... ...               9.15% ... ... ... ... ... ...
... ... ... ... ... ... ... ... ...                   15.3% 14.3% 14.4% 14.6% 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 2018

balance sheet

... ... ...                               28,293 20,728 72,076 117,287 61,075    
... ... ...                               24,461 58,688 38,581 75,088 242,209    
                                    476,100 416,859 468,054 504,360 537,013    
... ... ... ... ... ... ... ...                     272,500 274,100 301,200 317,800 320,558    
... ... ... ... ... ... ... ...                     183,600 199,300 214,800 231,500 256,700    
... ... ... ... ... ... ... ...                     88,900 74,800 86,400 86,300 63,858    
... ... ... ... ... ... ... ...                     177,800 195,200 214,400 226,200 185,300    
... ... ...                               399,958 449,195 269,769 238,760 222,133    
... ... ...               ...               8,045 7,557 6,796 7,662 10,009    
                                    937,174 962,954 865,639 956,325 1,085,530    
                                    74,141 80,657 85,580 90,719 88,735    
... ... ... ... ...                           211 204 208 178 186    
                                    863,033 882,297 780,059 865,606 996,792    
                                    35,365 55,090 59,065 23,786 32,598    
                                    629,622 591,126 599,142 621,927 676,161    
... ... ... ... ... ... ... ...     ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...
... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 310,769 ... ... ... ... ...
... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 11,712 ... ... ... ... ...
... ... ...                               171,900 227,386 114,685 211,298 279,990    
... ... ...                               26,146 8,695 7,167 8,595 8,043    

asset quality

... ... ... ... ... ... ... ... ...                   17,000 20,500 19,600 18,800 16,600    
... ... ... ... ... ... ... ...                     476,100 427,999 468,054 504,360 547,078    
... ... ... ... ... ... ... ...                     11,989 11,140 11,185 10,959 9,000    

growth rates

...                                   7.93% -12.4% 12.3% 7.76% 6.47%    
... ... ... ... ... ... ... ... ...                   8.05% 0.587% 9.89% 5.51% 0.868%    
... ... ... ... ... ... ... ... ...                   12.6% 8.55% 7.78% 7.77% 10.9%    
... ... ... ... ... ... ... ... ...                   -0.224% -15.9% 15.5% -0.116% -26.0%    
... ... ... ... ... ... ... ... ...                   9.82% 9.79% 9.84% 5.50% -18.1%    
...                                   0.062% 2.75% -10.1% 10.5% 13.5%    
...                                   21.2% 8.79% 6.10% 6.00% -2.19%    
...                                   2.85% -6.11% 1.36% 3.80% 8.72%    
... ... ... ... ... ... ... ... ...   ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...

market share

                                    20.2% 16.6% 17.8% 18.1% 18.2%    
... ... ... ... ... ... ... ...                     21.3% 22.5% 24.5% 24.6% 19.0%    
... ... ... ... ... ... ... ...                     27.4% 22.6% 26.1% 24.5% 17.4%    
... ... ... ... ... ... ... ...                     24.0% 23.2% 24.5% 24.0% 22.6%    
... ... ... ... ... ... ... ...                     22.7% 23.4% 23.9% 23.8% 24.4%    
                                    20.2% 18.5% 16.1% 17.2% 18.0%    
                                    20.1% 17.7% 17.4% 17.7% 17.9%    
... ... ... ... ... ... ... ...     ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...

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 2018

ratios

                                    22.6% 17.6% 16.4% 15.9% 16.9%    
                                    1.63% 1.44% 1.49% 1.54% 1.48%    
... ... ...                               1.72% 1.56% 1.64% 1.72% 1.53%    
... ... ...                               45.9% 47.5% 47.6% 48.2% 46.0%    
                                    15.2% 15.6% 17.5% 19.4% 18.5%    
... ... ... ... ... ... ... ... ... ... ... ... ... ...         13.0% 15.8% 17.2% 19.1% 18.2%    
... ... ...                               2.67% 2.38% 2.50% 2.45% 2.18%    
... ... ...                               2.60% 2.34% 2.46% 2.41% 2.15%    
... ... ...                               3.49% 2.85% 2.94% 2.81% 2.45%    
... ... ...                               0.889% 0.510% 0.478% 0.398% 0.302%    
... ... ... ... ...                           87.2% 59.4% 97.1% 106% 67.0%    
... ... ...                               71.3% 72.6% 72.7% 68.5% 65.3%    
... ... ...                               15.7% 18.0% 19.0% 19.6% 18.3%    
... ... ...                               13.0% 9.43% 8.24% 11.8% 16.4%    
... ... ... ...                             3,944 3,796 3,450 3,155 2,912    
... ... ... ...                             77,148 74,264 73,741 75,305 73,481    
... ... ...                               44.9% 45.5% 45.9% 44.7% 48.0%    
                                    7.91% 8.38% 9.89% 9.49% 8.17%    
                                    75.6% 70.5% 78.1% 81.1% 79.4%    
                                    50.8% 43.3% 54.1% 52.7% 49.5%    
... ... ... ... ... ... ... ... ...                   3.57% 4.79% 4.19% 3.73% 3.03%    
... ... ... ... ... ... ... ... ...                   70.5% 54.3% 57.1% 58.3% 54.2%    
... ... ... ... ... ... ... ...                     2.52% 2.67% 2.39% 2.17% 1.68%    
... ... ...                               0.345% 0.290% 0.220% 0.222% 0.136%    

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 2018

other data

... ... ... ... ... ... ... ... ...                   322 319 319 316 298    
... ... ... ...                             7,801 7,553 7,775 7,754 8,517    
... ... ... ... ... ... ... ...                     914 1,006 1,047 1,062 1,062    
... ... ... ... ... ... ... ... ...                   3.05 2.95 2.86 2.83 2.83    
... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 1.51 1.54 1.54   ...
... ... ... ... ... ... ... ...                     2,240 ... ... ... ... ... ...
... ... ... ... ... ... ... ... ... ... ...               2,067 ... ... ... ... ... ...
... ... ... ... ... ... ... ... ... ... ...               172 ... ... ... ... ... ...
... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 52.6% ... ... ... ... ...

Download Data
CSOB in Quarterly Numbers

This Quarterly statistical dossier offers a summary of CSOB's performance between Mar 03 and Jun 19 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 Jun 19 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

October 5, 2019
CSOB in Numbers

This Annual statistical dossier offers a summary of CSOB's performance between 1994 and 2018 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 2018 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.

Comparison of 22 Banks in Czech Republic

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

Read more »

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

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

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

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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

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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.

Based on a comparison of 23 banks in the Czech Republic in 2017, Ceska Sporitelna was the largest bank by assets, followed by CSOB and Komercni Banka.

Ceska Sporitelna assets reached CZK 1,329,220 mil, up 24.6% when compared to the

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Based on a comparison of 23 banks in the Czech Republic in 2017, Ceska Sporitelna was the largest bank by assets, followed by CSOB and Komercni Banka.

Ceska Sporitelna assets reached CZK 1,329,220 mil, up 24.6% when compared to the last year. Historically, the bank’s assets reached an all time high of CZK 1,329,220 mil in 2017 and an all time low of CZK 438,055 mil in 2000.

Comparing Ceska Sporitelna with its closest peers, CSOB assets amounted to CZK 1,314,400 mil, Komercni Banka operated with CZK 1,004,040 mil assets and UniCredit Czech Republic had total assets of CZK 672,078 mil.

Total assets of the Czech banking sector amounted to CZK 6,724 bil in 2017, up 17.8% when compared to the last year. As a result, the top ranked company - Ceska Sporitelna accounted for 19.8% of the sector’s assets in 2017. The top 3 companies held a 54.2% share while the five largest firms some 69.3% in 2017.

You can see all the banks assets on the Total Assets indicator page or you can download a report on the Czech banks in the report section.

Based on a comparison of 23 banks in the Czech Republic in 2016, CSOB was the largest bank by assets, followed by Ceska Sporitelna and Komercni Banka.

CSOB assets reached CZK 1,085,530 mil, up 13.5% when compared to the last year.

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Based on a comparison of 23 banks in the Czech Republic in 2016, CSOB was the largest bank by assets, followed by Ceska Sporitelna and Komercni Banka.

CSOB assets reached CZK 1,085,530 mil, up 13.5% when compared to the last year. Historically, the bank’s assets reached an all time high of CZK 1,085,530 mil in 2016 and an all time low of CZK 164,399 mil in 1994.

Comparing CSOB with its closest peers, Ceska Sporitelna assets amounted to CZK 1,066,530 mil, Komercni Banka operated with CZK 922,737 mil assets and UniCredit Czech Republic had total assets of CZK 635,042 mil.

Total assets of the Czech banking sector amounted to CZK 5,706 bil in 2016, up 9.67% when compared to the last year. As a result, the top ranked company - CSOB accounted for 19.0% of the sector’s assets in 2016. The top 3 companies held a 53.9% share while the five largest firms some 70.6% in 2016.

You can see all the banks assets on the Total Assets indicator page or you can download a report on the Czech banks in the report section.

Based on a comparison of 23 banks in the Czech Republic in 2018, Ceska Sporitelna was the largest bank by assets, followed by CSOB and Komercni Banka.

Ceska Sporitelna assets reached CZK 1,426,460 mil, up 7.32% when compared to the

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Based on a comparison of 23 banks in the Czech Republic in 2018, Ceska Sporitelna was the largest bank by assets, followed by CSOB and Komercni Banka.

Ceska Sporitelna assets reached CZK 1,426,460 mil, up 7.32% when compared to the last year. Historically, the bank’s assets reached an all time high of CZK 1,426,460 mil in 2018 and an all time low of CZK 438,055 mil in 2000.

Comparing Ceska Sporitelna with its closest peers, CSOB assets amounted to CZK 1,378,040 mil, Komercni Banka operated with CZK 1,059,930 mil assets and UniCredit Czech Republic had total assets of CZK 671,615 mil.

Total assets of the Czech banking sector amounted to CZK 7,332 bil in 2018, up 9.04% when compared to the last year. As a result, the top ranked company - Ceska Sporitelna accounted for 19.5% of the sector’s assets in 2018. The top 3 companies held a 52.7% share while the five largest firms some 66.9% in 2018.

You can see all the banks assets on the Total Assets indicator page or you can download a report on the Czech banks in the report section.

Based on a comparison of 22 banks in the Czech Republic in 2017, Ceska Sporitelna had the most employees, followed by CSOB and Komercni Banka.

Ceska Sporitelna employed 10,171 persons in 2017, down 1.24% when compared to the previous

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Based on a comparison of 22 banks in the Czech Republic in 2017, Ceska Sporitelna had the most employees, followed by CSOB and Komercni Banka.

Ceska Sporitelna employed 10,171 persons in 2017, down 1.24% when compared to the previous year. Historically, the bank's workforce hit an all time high of 14,131 persons in 2000 and an all time low of 10,171 in 2017.

Average cost reached CZK 75,574 per month per month per employee, 1.87% more than a year ago. This figure was CZK 64,917 per month some 10 years ago.

Comparing Ceska Sporitelna with its closest peers, CSOB had 8,615 employees with average cost of CZK 76,610 per month per person, Komercni Banka operated with 8,492 people (and CZK 71,845 per month per employee) and MONETA Money Bank had 3,312 employees in 2017 with cost CZK 3,312 per month per head.

Czech banking sector employed 41,566 people in 2017.

You can see all the banks employees data on the Employees indicator page or you can download a report on the Czech banks in the report section.

See all charts of the company »
CSOB's mortgage loans rose 1.24% to CZK 425,500 mil in 2Q2019
CSOB's customer deposits rose 14.8% to CZK 978,413 mil in 2Q2019
CSOB's customer deposits rose 14.8% to CZK 978,413 mil in 2Q2019
CSOB's customer loans rose 14.8% to CZK 813,746 mil in 2Q2019
CSOB's net profit rose 26.2% to CZK 6,099 mil in 2Q2019
CSOB's branches fell 2.99% to 227 in 2Q2019
CSOB's branches fell 2.99% to 227 in 2Q2019
CSOB's retail loans rose 1.35% to CZK 458,200 mil in 2Q2019
CSOB's net interest margin fell 7.64% to 1.89% in 2Q2019
CSOB's total revenues rose 8.40% to CZK 11,410 mil in 2Q2019
CSOB's employees rose 1.72% to 8,562 in 2Q2019
CSOB's employees rose 1.72% to 8,562 in 2Q2019
CSOB's corporate loans fell 2.84% to CZK 246,400 mil in 2Q2019
CSOB's consumer loans rose 2.83% to CZK 32,700 mil in 2Q2019
CSOB's consumer loans rose 2.83% to CZK 32,700 mil in 2Q2019
CSOB's capital adequacy ratio fell 1.58% to 18.7% in 2Q2019
CSOB's capital adequacy ratio fell 1.58% to 18.7% in 2Q2019
CSOB's net interest income rose 1.87% to CZK 7,718 mil in 2Q2019
CSOB's costs (as % of assets) fell 20.1% to 1.08% in 2Q2019
CSOB's npls (as % of loans) fell 18.4% to 2.39% in 2Q2019
CSOB's equity (as % of assets) fell 12.6% to 5.35% in 2Q2019
CSOB's customer loan growth rose 168% to 20.6% in 2Q2019
CSOB's retail loan growth fell 88.3% to 5.12% in 2Q2019
CSOB's Cost of Risk rose 570% to 0.037% in 2Q2019
CSOB's mortgage loans rose 47.9% to CZK 417,700 mil in 2018
CSOB's mortgage loans rose 47.9% to CZK 417,700 mil in 2018
CSOB's customer loans rose 2.35% to CZK 690,610 mil in 2018
CSOB's net profit fell 10.0% to CZK 15,757 mil in 2018
CSOB's net interest margin rose 2.19% to 1.93% in 2018
CSOB's total revenues fell 0.261% to CZK 37,102 mil in 2018
CSOB's total revenues fell 0.261% to CZK 37,102 mil in 2018
CSOB's customer deposits rose 6.47% to CZK 792,625 mil in 2018
CSOB's corporate loans rose 28.4% to CZK 245,300 mil in 2018
CSOB's capital adequacy ratio rose 4.65% to 18.0% in 2018
CSOB's costs (as % of assets) fell 2.55% to 1.32% in 2018
CSOB's npls (as % of loans) rose 50.2% to 3.06% in 2018
CSOB's consumer loans rose 11.7% to CZK 31,400 mil in 2018
CSOB's employees rose 0.093% to 8,623 in 2018
CSOB's branches fell 13.0% to 235 in 2018
CSOB's net interest income rose 14.6% to CZK 26,016 mil in 2018
CSOB's retail loan growth rose 1,523% to 44.6% in 2018
CSOB's retail loan growth rose 1,523% to 44.6% in 2018
CSOB's customer loan growth fell 90.8% to 2.35% in 2018
CSOB's customer loan growth fell 90.8% to 2.35% in 2018
CSOB's provisions (as % of loans) fell 1.02% to 1.11% in 3Q2018
CSOB's payment cards fell 7.16% to 2,240 '000 in 4Q2012
CSOB's payment cards fell 7.16% to 2,240 '000 in 4Q2012
CSOB's payment cards rose 5.47% to 2,240 '000 in 2012
CSOB's payment cards rose 5.47% to 2,240 '000 in 2012