Erste Bank Hungary Earnings Near EUR 108 mln in H1

Banking

Erste Bank Hungary's first-half net income reached EUR 107.9 million, climbing from EUR 6.6 mln in the base period, news agency MTI writes, citing an earnings report published by Austria's Erste Group on Monday.

Net interest income at the Hungarian business fell 13% to EUR 158.6 mln, but net revenue from commissions and fees climbed 14% to EUR 121.5 mln.

Total operating income increased 39% to EUR 356.2 mln, while operating costs dropped 10% to EUR 130.2 mln, supported in part by the base effect of a contribution to the National Deposit Insurance Fund (OBA) to cover clients of failed Russian-owned Sberbank Magyarország.

Erste Group noted that its local unit booked EUR 47.9 mln for a windfall profit tax, for the full business year, during the period.

Erste Bank Hungary had total assets of EUR 13.31 bln at the end of the first half, up 9% from 12 months earlier. The stock of client loans increased by 18% to EUR 4.888 bln during the period. Client deposits stood at EUR 8.741 bln, little changed from 12 months earlier.

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