“Low inflation, low unemployment, low interest rates in 2016 in contrast with high client expectations, high competition, high regulatory requirements. These are just few challenges we have tackled and on this backdrop we managed to deliver on our promises to further enhance client experience. 2017 won’t be any easier but we are full of energy and ideas. We see more opportunities for developing the distinctive bank-insurance model. Through innovation and simplification, we make client
experience the reference in the Czech market." said John Hollows, CEO of ČSOB.
“Despite the ongoing low interest environment, ČSOB delivered exceptional financial performance in 2016. During the year, we worked hard to serve our clients and grow business volumes while preserving outstanding loan quality. We contained our costs in order to invest into enhancement of client experience. We increased our net profit by 8%, partially thanks to sale of our stake in VISA Europe,” added Jiří Vévoda, CFO of ČSOB.
Solid growth in business volumes, excellent loan quality and stable costs were offset by declining margin and lower fees. Supported by one-off gain from VISA Europe sale, the net profit increased year on year. The loan portfolio expanded, driven by growth of mortgages and supported by accelerated consumer finance lending. Despite the growth in business volumes ČSOB managed to keep excellent loan portfolio quality and the non-performing loan ratio remains below 3%.
A detailed presentation concerning the financial results for the FY/4Q 2016 is available at: https://www.csob.cz/portal/web/csob/about-csob/investor-relations#hospodarske-vysledky