Erste Group: €100 million-plus loss thus far in Hungary in 2013

Food

Austria-based Erste Group on Wednesday reported that losses at its Hungarian business widened to €100.9 million in quarters one through three in 2013, as compared to €64.1 million in the same period a year earlier.

Net interest income fell 22% to €201.9 million on higher refinancing costs for the foreign-currency business, a declining loan portfolio and falling market interest rates, Erste Group said.

Net income from commissions and fees rose 29% to €87.2 million. Increased risk provisioning requirements for the retail segment raised costs by 9% to €160.1 million.

Erste Group said it paid €36.8 million on a financial transactions duty, introduced at the start of 2013, in the first nine months of the year. The amount included €16.3 million for a top-up after revenue from the duty fell short of the government's target early in 2013.

Erste Group booked the full-year payment of the bank levy, €49.0 billion, already in June.

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