Ceska Sporitelna Bank Boosts Profit

31. Oktober 2006, 00:00

Czech bank Ceska sporitelna, a unit of Austrian group Erste Bank, increased unaudited consolidated net earnings to CZK...

Czech bank Ceska sporitelna, a unit of Austrian group Erste Bank, increased unaudited consolidated net earnings to CZK 7.35 billion in the first three quarters of the year from CZK 7.21 billion a year earlier.

Ceska sporitelna therefore accounted for 37 per cent of its parent companys profit.

Operating profit of the Ceska sporitelna group rose by 19 per cent on the year to nearly CZK 11 billion in January-September.

Fees and commission income grew 3.3 per cent to CZK 6.7 billion. The biggest growth was recorded with commissions from investing in mutual funds, asset management and broker fees.

"Revenues from asset management increased by 26.6 per cent and revenues from brokerage activities by 217.7 per cent," Ceska deputy board chairman Dusan Baran said.

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