Erste Bank Hungary Profit Close to HUF 90 bln in Q1-Q3

Banking

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.

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