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EBS - Erste Bank AG News Story

€18.52 0.1  0.7%

Last Trade - 4:35pm

Sector
Financials
Size
Large Cap
Market Cap £6.85bn
Enterprise Value £3.86bn
Revenue £7.71bn
Position in Universe 125th / 1041

UPDATE 1-Erste Group Q2 net profit beats expectations helped by Eastern Europe

Tue 31st July, 2018 7:32am
(Adds further financial details, CEO comment)
    July 31 (Reuters) - Austrian lender Erste Group  ERST.VI  on
Tuesday reported a 21 percent increase in second quarter net
profit, helped by stronger income from payment services, asset
management and lending.
    For the first time in four years, the company was able to
increase its operating result at half year level, which stood at
1.30 billion euros, owing to strong performance in Eastern
Europe.
    Net profit in the three months to June 30 rose to 438.2
million euros ($513.18 million) from 362.5 million euros a year
earlier, topping the 393 million euros expected by analysts in a
Reuters poll.  urn:newsml:reuters.com:*:nL5N1UQ547
    "We expect this positive trend in our operating performance
to continue in the second half of 2018, based on the persisting
outperformance of CEE economies, with low unemployment rates,
rising real wages and increasing economic competitiveness,"
Chief Executive Andreas Treichl said.
    The company reiterated its full-year outlook of a return on
tangible equity (ROTE) of above 10 percent, based on growing
revenue, falling expenses due to lower project-related costs and
risk costs remaining at historically low levels.
    ($1 = 0.8539 euros)

 (Reporting by Bartosz Dabrowski; editing by Nick Macfie and
Jason Neely)
 ((gdynia.newsroom@thomsonreuters.com; +48 58 772 0920;))
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