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Erste Group takes €53.8 million Q1 loss in Hungary

Food

Austria-based Erste Group took a first-quarter loss of €53.8 million at its business in Hungary as it booked the full-year amount of the bank levy during the period, the group’s earnings report published today shows.

Erste Bank Hungary Group booked €47.9 million in Q1, well surpassing the pro-rata payment of €12.2 million. Net interest income of the business fell 7.6% year-on-year to €69.6 million as retail loan margins narrowed. Net revenue from commissions climbed 20.5% y.o.y. to €33.6 million, however.

Net impairment came to €44.8 million compared to €57.7 million in the base period.

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