Banks should avoid worst impacts of financial crisis and make record profits this year, says CNB deputy governor

Banks in the Czech Republic should be able to avoid the most dramatic problems caused by the global financial crisis due to the fact they were in a healthy state beforehand, the deputy governor of the Czech National Bank, Miroslav Singer, said on Sunday. Mr Singer also said the banking sector’s record profits of CZK 47 billion in 2007 should be bettered this year. In the first three quarters of 2008 the banks’ profits increased by 12 percent.

Author: Ian Willoughby