Ceska Sporitelna returns to profitability
Article Abstract:
Ceska sporitelna (CS) (Prague, Czech Republic), financial institution, saw a gross profit of CEK 295 mil in 2000 compared to a loss of CEK 4.89 bil in 1999. The profit was influenced by the acquisition of the Czech branch of Erste Bank Sparkassen for CEK 1.62 bil. The acquisition increased CS's balance sum to CEK 23.27 bil. The profit was also influenced by the inclusion of a reserve worth CEK 1.74 bil intended for restructuring costs connected with the bank's transformation. CS's operating profit amounted to CEK 6.23 bil in 2000 compared to CEK 4.87 bil in 1999. Its balance sum was CEK 442.4 bil at the end of 2000 compared to CEK 361.5 bil in 1999.
Publication Name: Mlada Fronta Dnes
Subject: Business
ISSN: 1210-1168
Year: 2001
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What kind of bank is Ceska Sporitelna?
Article Abstract:
Ceska sporitelna (CS) (Prague, Czech Republic), bank, saw a profit of CEK 41 mil in 2000 compared to a loss of CEK 6.2 bil in 1999. Its loss was CEK 3.9 bil in 1998. The loss was partly caused by risk transactions on the Russian market. The bank has a classified-credits share of 27.9%. It has 704 branches and owns 924 cash dispensers. Its majority shareholder is the bank Erste Bank (Austria). Having financed small banks, CS had troubles with non-redeemed credits after their bankruptcy. The state had to spend nearly CEK 50 bil on the rescue of CS and has provided guarantees for another CEK 15-20 bil.
Publication Name: Mlada Fronta Dnes
Subject: Business
ISSN: 1210-1168
Year: 2001
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Ceska Sporitelna reports results
Article Abstract:
Ceska sporitelna (Prague, Czech Republic), financial institution, saw an audited non-consolidated profit of CEK 4.86 bil in 2000, according to Czech accounting standards. According to international accounting standards, the bank saw a profit of CEK 41 mil in 2000. The reason for the difference is the so-called postponed tax, which was newly taken into consideration in the procedures of Czech accounting standards.
Publication Name: Mlada Fronta Dnes
Subject: Business
ISSN: 1210-1168
Year: 2001
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