Erste Bank Hungary to pay HUF 20 bln dividend
Erste Bank Hungary will pay its owners a HUF 20 billion dividend on last yearʼs earnings, the lender said on Tuesday after a shareholdersʼ meeting, state news agency MTI reported.
Hungaryʼs state-owned Corvinus Zrt. and the European Bank for Reconstruction and Development (EBRD) each hold 15% stakes in Erste Bank Hungary.
Despite lower provisions releases and one-offs, after-tax profit rose 2.1% to HUF 61 bln, according to IFRS.
Total assets stood at HUF 2.564 trillion at the end of 2018, up 15% from 12 months earlier.
The bankʼs net stock of client loans increased 14.8% to HUF 1.29 tln, while client deposits were up 12.3% at HUF 1.73 tln. Shareholdersʼ equity increased 5% to HUF 358 bln. The cost-to-income ratio improved from 54.1% to 48.8%.
Radován Jelasity, who was re-elected chairman-CEO of Erste Bank Hungary for another five years, after already heading the lender for eight years, said that the bankʼs management expects continued growth in 2019, although at a more moderate pace.
Erste Bank Hungary aims to achieve the 10% ROE characteristic for the sector in the mid-term, he added.
ADVERTISEMENT
Drought-hit Farmers Get Compensation
Parliament Negates Mandatory Membership in MOK
Graphisoft Introduces Archicad Collaborate
Service Restarted on Full Length of Metro Line M3
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.
