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Erste Bank Hungary loss widens on taxes, risk costs

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Erste Bank Hungary’s consolidated loss widened to HUF 24.9 billion in 2013 because of high taxes and risk costs, chairman/CEO Radovan Jelasic said at a press conference today.

Erste Bank Hungary reported a HUF 6.1 billion loss in 2012.

The bank group booked operating profit of HUF 79.7 billion last year. Revenue from commissions and fees made a bigger contribution to the profit while operating costs remained flat. Stock of non-performing loans fell sharply.

Jelasic said Erste Bank Hungary had made outlays of HUF 55 billion using zero-interest credit available under the National Bank of Hungary's Funding for Growth Scheme in 2013, adding that the bank doubled its share of the market for new retail loans.

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