Erste Earnings Fall 10% in 2022

Banking

After-tax profit of Austrian-owned Erste Bank Hungary fell 10% to HUF 53.5 billion last year, the lender's chairman-CEO, Radovan Jelasity, said at a press conference on Wednesday, according to a report by state news wire MTI.

Net interest revenue rose 67% to HUF 160 bln and net revenue from commissions and fees increased 17% to HUF 87 bln.

Jelasity noted that Erste Bank Hungary closed the acquisitions of Commerzbank Zrt and brokerage Random Capital last year, boosting revenue.

Erste Bank Hungary booked a HUF 32.5 bln decline on its "other operating result" line as a windfall profit tax, rate freezes, the increased transactions duty, and a bigger contribution to the National Deposit Insurance Fund (OBA) because of the failure of Sberbank Magyarország all weighed.

Erste Bank Hungary's stock of client loans stood at HUF 2.426 trillion at the end of December, up 21% from 12 months earlier. Outlays climbed 41% to HUF 610 bln.

The retail loan book grew 2% to HUF 1.153 tln and the corporate lending stock climbed 45% to HUF 1.23 tln.

The stock of deposits and managed investments rose 11% to HUF 4.704 tln.

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