November 20, 2017

Erste Group profit at EUR 597 mln on lower risk cost

According to Andreas Treichl, CEO of Erste Group Bank, the net profit of Austrian Erste Group amounted to EUR 597.3 million on nine months from a loss of EUR 973 million in the same period of last year, sustained by a stable operating result and lower risk costs. Erste’s operating result fell slightly by 0.5 % to EUR 2.6 billion due to lower operating income and a reduction of operating expenses. The operating income lost 1.4 % to EUR 5.4 billion by September due to lower interest margins.  The net interest income decreased by 4 % to EUR 3.9 billion on reduced credit demand. The weak securities business in Austria and the Czech Republic sent the net fee and commission income down 5 % to EUR 1.2 billion. In the same time, the trading income soared four fold to EUR 191.4 million.

Source: Business-Review (read more)

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