Erste Bank announced better than expected results for 1-3Q 2004

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Investiční bankovnictví KB

      Erste Bank announced results for 1-3Q 2004. Details are in following table:

      

       EURm 1-3Q 2004 1-3Q 2003 Change

       Net interest income 1993.7 1934.7 3%

       Net commission income851.8 727.5 17.1%

       Operating income 3026.3 2853.6 6.1%

       G&A expenses 1950.9 1837 6.2%

       Operating result 1075.4 1016.6 5.8%

       NI after minorities 382.6 255.2 49.9%

       Cost-income ratio 64.5% 64.2%

       ROE 17.3% 13.7%

      

       Erste Bank was able to keep net interest margin almost unchanged in spite of growing competition in CEE region. Positive is relatively fast growth of net commission income. G&A grew faster than operating result, leading to a worsening in cost income ratio in 1-3Q 2004, however development of G&A in Q3 alone is positive, growth from previous quarters slowed down.

      

       In the third quarter, net interest income rose 4.6% from EUR 644.6m in Q3 2003 to EUR 676.6m in Q3 2004. Net profit increased by 58% from EUR 90.1m in Q3 2003 to EUR 142.4m in Q3 2004.

      

       The company said it expected NI of at least EUR 500m in 2004, growing to EUR 720-750m in 2006. CFO of Erste Bank said on Friday dividend for 2004 could be around EUR 0,5 per share after 0,38 for 2003.

      

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