CSOB produced strong net profits growth of 9.9% to Kcs8.9bn ($488.7m) in 2006 (excluding one-off items) and a strong RoE of 17.2%.
CSOB Group confirmed its leading position in housing finance with a 31.4% share in the Czech market (1Q2007) stemming from powerful distribution and product innovations. Different mortgage products through different mediums, such as the Postal Savings Bank (PSB) and Hypotecni banka outlets, have proved successful. In 2006, 12 PSB financial centres were opened and seven in the first half of 2007, bringing the total to 27, all capable of offering a wider range of services than post offices.
CSOB also made acquisitions and rebranded in the factoring and pension fund industries, where respective market shares grew from 16.7% to 21.8% and from 11.2% to 12.1% in the 1Q2006 to 1Q2007 period.
“CSOB greatly appreciates winning The Banker award again this year,” says CEO Pavel Kavanek. “CSOB is a rapidly growing bank with the highest total profit among Czech banks. This is possible especially thanks to our service-oriented staff, innovation leadership on the market, efficient multibranding distribution, and bancassurance business model combining banking and asset management with advice and insurance.”
