Erste Bank Hungary Profit Close to HUF 90 bln in Q1-Q3
Austrian-owned Erste Bank Hungary's after-tax profit climbed to HUF 89.9 billion in Q1-Q3 from HUF 18.4bn in the base period, boosted by one-offs, the lender said on Wednesday, according to a report by state news wire MTI.
Erste said that it had paid a HUF 7.9 bln contribution National Deposit Insurance Fund (OBA) to cover the former clients of failed Russian-owned Sberbank Magyarorszag in the base period, then booked a rebate for that contribution in 2023.
Stock of client loans, including bond subscriptions, rose 5.8% in the 12 months to the end of September. The NPL ratio edged down to 2.8% from 3%.
Retail lending stock increased 5pc and the corporate loan book grew 6%. Excluding the impact of the acquisition of Commerzbank last year, corporate lending stock fell 7%, Erste noted.
The stock of retail deposits and investments rose 10% to HUF 5.156 tln.
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.