Czech banking sector in the black for 2011
Czech banks have done well last year, despite the economic uncertainty. Statistics from the Czech National Bank indicate the net profit of the sector was CZK 53.7bn, only three percent lower year-on-year. Greek bonds have taken a bite out of the profit, which would otherwise increase by a few billion crowns. The economic server E15 write that CSOB’s net profit dropped by 17 percent in 2011 to CZK 11.2bn due to its Greek investments, while Komercni banka net profit of CZK 9.5bn was down one-third. Česka sporitelna and Raiffeisenbank are the only banks on the Czech market with no Greek banks in their portfolio.
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