Czech building society lending grows 4.2% y/y in Q1 2010.

By bne IntelliNews April 9, 2010
The countrys five building societies provided 27,170 housing loans worth CZK 14bn (EUR 541.4mn, 0.4% of projected full-year GDP) in Q1 2010, up by 4.2% y/y in terms of value. Local mortgage banks provided 5,385 mortgage loans to individuals in the total value of CZK 8.9bn in Jan-Feb, down by 8.5% y/y in volume and 12.8% y/y in value, respectively. Ceskomoravska Stavebni Sporitelna (CMSS) lent the largest amount, nearly CZK 7bn, up by 7.4% y/y, followed by Raiffeisen Stavebni Sporitelna with loans worth CZK 2.8bn, up by 50% y/y and Modra Pyramida with CZK 1.7bn, down by 22% y/y. It was mainly Raiffeisen that drove the lending up amid still falling interest in building loans. Stavebni Sporitelna Ceske Sporitelna, which ranked second a year ago and third half a year ago, reported a 35% y/y drop in the value of housing loans extended in Q1 and was thus outperformed by Wuestenrot, which provided loans worth CZK 1.3bn, up by 33% y/y. Building societies signed 224,645 new contracts on home-building savings, down by 3.7% y/y, reflecting expectations for continued fall of housing prices and rising unemployment, which made households delay investments. CMSS signed the largest number of new contracts (84,136, down by 2% y/y) among the five companies.

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