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Group ČSOB shows net profit of CZK 10.5bn in nine months

A net profit recorded by the financial group ČSOB decreased by 2% y/y to CZK 10.5bn in a period from January to September 2014. Its loan portfolio increased by 7% to CZK 462bn. The volume of deposits increased by 8% to CZK 573bn. Operating income decreased by 1% to CZK 23.5bn. The Tier 1 indicator in accordance with Basel III reached 17.7%. According to ČSOB CEO John Hollows, the group managed to compensate the negative impact of low interest rate environment by strong growth of business volumes across all segments. On the other hand, operating expenses slightly grew due to investments in ICT and staff.