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Press release of Ceska sporitelna: Consolidated Net Profit Jumps to CZK 943 million

21.5.2002 8:53
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below you can find the press release of CS
Česká spořitelna significantly increased its first quarter unaudited Consolidated Net Profit after minority interests to CZK 943 million. These results represent a 173 % year-on-year increase from CZK 346 million.

„2002 is the first year of Česka spořitelna’s new post-transformation era. The bank sees growing client interest in its improved services and quality products, represented by the steady increase in Net Interest Income -- despite the general decline in interest rates -- and by the growth of Net Fee and Commission Income,“ said Jack Stack, Chairman of the Managing Board and Chief Executive Officer.

HIGHLIGHTS OF THE FIRST QUARTER 2002 RESULTS

Consolidated unaudited figures for the period ending March 31st, 2002, calculated according to IAS in comparison with the period ending March 31st, 2001, unless otherwise stated.
- Profit before Tax grew by 202% to CZK 1.48 billion
- Operating Profit increased by 77% to CZK 2.09 billion
- Return on Equity (ROE) grew to 15.1% from 6.05%
- Return on Assets (ROA) improved to 0.8% from 0.31%
- Earning per Share rose to CZK 24.8 from CZK 9.1
- Cost/Income Ratio (C/I ratio) declined to 63.5% from 76.16%
- Net Fee and Commission Income grew by 10% to CZK 1,529 million from CZK 1,384 million
- Net Interest Income improved by 18% to CZK 4,046 million from CZK 3,425 million
- Operating Expenses declined by 3.0% to CZK 3,640 million from CZK 3,760 million
- Loans to Customers -- excluding the impact of loans to Czech Consolidation Agency -- grew by 2.0% to CZK 141.6 billion
- Total Assets increased by 10% to CZK 491 billion from CZK 444 billion
- Customer Deposits grew by 11% to over CZK 400 billion from CZK 362 billion

MAIN FACTORS INFLUENCING THE RESULTS

The Total Operating Income grew by 16% to CZK 5,728 million. The main driver of this growth was Net Interest Income, which grew by 18 % or CZK 621 million to CZK 4,046 million. This result reflects the bank’s success in offering new, attractive loan products to clients as well as its abilities to place the deposits profitably in financial markets. Loans to households grew by 35%, bank-to-bank loans – excluding the impact of loans to Czech Consolidation Agency -- increased by 28 %, while the Investment Securities grew by 17 %. Included in Operating Income is Net Fee and Commission Income, which grew by 10% to CZK 1,529 million, and Net Profit from Financial Operations, which increased by 20% to CZK 153 million.

In addition to the impact of 16% growth in Operating Income, Operating Profit was also influenced by a year-on-year 3% decline in Operating Expenses. The decreased headcount and lower depreciation charges were the key factors in the reduction of Operating Expenses.

The Profit before Tax grew to CZK 1.481 billion, with the Tax at CZK 508 million.

The inflow of Customer Deposits continued during the first quarter, increasing by 11% or CZK 39 billion. The volume of Customer Deposits surpassed CZK 400 billion. Giro Accounts contributed significantly to this success, with Giro Deposits growing by 15% to 63.7 billion. Construction Savings Deposits also showed strong development, increasing by 26 % to CZK 30.3 billion. Savings Book six-month term deposits grew by 15 % to CZK 22.8 billion, Pension Insurance Deposits grew by 32 % to CZK 5.4 billion, and business Current Account Deposits and Fixed-Term Deposits grew by 30 % to CZK 63.5 billion.

Loans to Customers maintained dynamic growth, fueled by mortgage loans, and increased by 35% to more than CZK 45 billion. The loan growth is driven by client interest in the broad array of product offerings along with the bank’ s new professional advisory service.

The mortgage loans, mainly thanks to the TOP Housing program, reported a loan volume of CZK 10 billion at the end of the first quarter of 2002, which is a year-on-year growth of 83 %. The volume of Bridging Loans and Construction Loans grew by 49 % to CZK 5.8 billion, while Cash and Consumer Loans increased by 33% to CZK 13.3 billion. The Over-draft Loan volume grew by 84% to more than CZK 4.4 billion.

Positive development also occurred in loans to legal entities, with the mortgage loans increasing by 135% to more than CZK 4.9 billion. Public sector loans, i.e. loans to municipalities, increased by 22% to CZK 7.7 billion. Loans to medium size companies through the new program, TOP Company, which was launched one year ago, achieved a volume of CZK 1 billion.

The successful loan policy generates the Interest Income and also is responsible for the Fee and Commission

BUSINESS POLICY IN 2002

Česká spořitelna’s activities in 2002 will be focused on achieving a consolidated ROE of 18% by year-end. Business priorities are as follows:

- In Retail Banking: Build a first-class sales system, including the new Client Care Concept and a broader offer of Česká spořitelna Group products. Allow clients to enjoy the benefits of financial group products cross-selling and continue development of alternative banking channels.
- In Corporate Banking: Implement the internal Symbols system and achieve a larger market share.
- In Financial Markets: Accelerate efforts in the field of asset management and treasury product sales to businesses and improve the financial operations and investment portfolio income.

Klára Gajdušková
Česká spořitelna
External Communications

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