Erste Group takes €53.8 million Q1 loss in Hungary
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.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.