Erste Group losses in Hungary narrow in 2012
Austria's Erste Group booked a €55.1 million loss at its Hungarian business in 2012, a fraction of the €566.6 million loss in the previous year. The loss of the business narrowed as risk provisions plunged to €215.0 million from €812.0 million, Erste Group's consolidated report for the period published Thursday shows. Net interest income fell 16.8% to €335.2 million. Net revenue from fees and commissions dropped 6.0% to €91.9 million. Operating costs were down 15.5% at €169.5 million. The business's cost-to-income ratio rose to 41.2% in 2012 from 38.6% in 2011. Erste Group's business paid €47.3 million on the bank levy last year.
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