KBC's Czech unit CSOB posts higher H1 profit, lower impairments

PRAGUE Thu Aug 7, 2014 8:10am EDT

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PRAGUE Aug 7 (Reuters) - Net profit at Czech bank CSOB, a unit of Belgian financial group KBC, rose by 5 percent to 7.2 billion crowns ($346.30 million) in the first half of the year, boosted by increased lending and deposits and much lower impairments.

The bank said on Thursday its loan portfolio expanded by 8 percent in the period and deposits also grew by 8 percent year-on-year while operating costs were flat and impairments fell by 87 percent to 94 million crowns.

KBC earlier on Thursday reported that its profit fell by less than expected in the second quarter as higher net interest income and increased loans and deposits partly made up for a hit from a new law on retail loans in Hungary.

KBC had said that the results of its main Belgium and Czech Republic business units were in line with the average of the preceding four quarters. (1 US dollar = 20.7910 Czech crown) (Reporting by Jason Hovet)

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