Ceska Sporitelna promises growing profits
Article Abstract:
Ceska sporitelna (CS) (Prague, Czech Republic), bank, expects 18% recoverability of capital in 2002. CS's net profit should be CEK 2.8 bil under the efficiency in 2002. The financial group CS expects a consolidated profit of CEK 4 bil. CS should decrease the number of its employees to about 10,000 by the end of 2002 compared to 15,000 persons at the end of 1999.
Publication Name: Mlada Fronta Dnes
Subject: Business
ISSN: 1210-1168
Year: 2001
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Ceska Sporitelna increased its profit by about 50% for 1Q 2001
Article Abstract:
Ceska sporitelna (CS) (Prague, Czech Republic), bank, increased its non-audited consolidated net profit by 46% for 1Q 2001 compared to 1Q 2000. According to international accounting standards (IAS), CS saw a profit of CEK 346 mil for 1Q 2001 compared to CEK 237 mil for 1Q 2000. The profit growth was caused mainly by an increase in net interest revenues, which is connected with the growth of the volume of credits and the slight improvement of a net interest margin. CS's operating profit decreased by CEK 120 mil to CEK 1.177 bil for 1Q 2001 compared to 1Q 2000. The reason is the continuation of the bank's restructuring. CS's gross profit rose by 78% to CEK 490 mil for 1Q 2001 compared to 1Q 2000. Its client credit volume was CEK 139.5 bil for 1Q 2001, 3% more compared to CEK 1Q 2000. Its deposit volume was CEK 361.5 bil for 1Q 2001, 1% more compared to 1Q 2000. The bank dismissed 671 employees and lowered their total number to 13,640 for 1Q 2001. CS plans to reduce its staff about 12,000 by the end of 2001.
Publication Name: Mlada Fronta Dnes
Subject: Business
ISSN: 1210-1168
Year: 2001
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Ceska Sporitelna will pay dividends to municipalities only
Article Abstract:
Ceska sporitelna (CS) (Prague, Czech Republic), bank, expects a profit of CEK 1.4 bil for 2001. The sum corresponds to 6% recoverability of the bank's capital. CS saw a net profit of CEK 346 mil for 1Q 2001, 46% more compared to 1Q 2000. CS generated a net profit of CEK 4.86 bil in 2000. The sum corresponds to 2% profitability. CS will reserve CEK 22 mil for the payment of dividends for so-called priority shares held by municipalities. Besides, CS will transfer CEK 100 mil to its social fund and CEK 243 mil to its reserve fund. The rest of the profit will remain retained. CS will gradually decrease the number of its employees to 12,000 in 2001 and 10,000 persons in 2002 compared to 14,131 employees at the end of 2000.
Publication Name: Mlada Fronta Dnes
Subject: Business
ISSN: 1210-1168
Year: 2001
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