Half-year results beat market expectations

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Investiční bankovnictví KB

      Austrian Erste Bank announced its half-year results according to IAS. Net profit rose by 49% to EUR 165.1m from EUR 110.9m. Operating profit was up by 16.7% to EUR 676.9m from EUR 579.8m. Total assets grew by 6.5% to EUR 121.2bn.

       Overall, the results are better than the market expectations. Similar to the previous quarters, the results were positively influenced by acquisitions in Central and Eastern Europe – Ceska Sporitelna, Slovenska Sporitelna and Erste Bank Hungary. The Austrian part also had positive impact particularly due to tight cost control.

       Erste Bank targets for 2005 net income of EUR 500m, ROE of at least 15% and cost/income ratio in range 60-62%.

      

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