ČSOB Group’s net profit rose by nine percent to CZK 17.5 billion last year

Milan Malíček

The net profit of the ČSOB Group increased by nine percent to CZK 17.5 billion last year. The volume of assets under management rose by seven percent to CZK 308 billion. The number of clients increased by 115,000 to 4.34 million. ČSOB is one of the largest domestic banks.

ČSOB Group CEO Aleš Blažek said last year’s results outperformed both 2021 and 2020 and fell short of 2019 only because the former development was affected by the acquisition of Českomoravská stavební spořitelna. “Last year’s good result was driven by a strong troika—growth in deposits, loans, and investments. We also maintained capital and liquidity at an excellent level,” he said.

The bank recorded a five percent increase in total loans of CZK 874 billion. Meanwhile, the deteriorating economic conditions have not significantly impacted borrower morale.

“I have to appreciate that even in this difficult economic situation, our clients behaved very responsibly, and we did not experience any major problems in repaying our liabilities,” Blažek said. The volume of deposits grew by seven percent to CZK 1.232 billion.

Housing loans increased by four percent to CZK 507 billion, with the bank helping to finance the housing of 24,500 clients. ČSOB also offers preferential terms for mortgages for energy-efficient housing, and last year it provided 2,131 mortgages worth around CZK 9 billion. The number of loans to finance home insulation or photovoltaics increased by 650 percent.

The group’s operating income rose by 24 percent to CZK 44.1 billion. Operating expenses, excluding bank taxes, increased by 11 percent to CZK 20.5 billion.

The ČSOB Group includes ČSOB, Hypoteční banka, ČSOB stavební spořitelna, ČSOB Penzijní společnost, ČSOB Leasing and ČSOB Factoring. CSOB is part of the international banking and insurance group KBC, which is active in Belgium and Central and Eastern Europe.