Erste earnings fall more than 2/3 on impairment
Austrian banking group Erste booked net income of EUR 56.1 million at its business in Hungary last year, down 68% as impairment weighed, an earnings report released this week, Hungarian news agency MTI says.
Net interest income edged up 2% to EUR 217.9 mln, but net revenue from commissions and fees slipped 4% to EUR 181.1 mln.
Impairment came to EUR 78 mln. In the base period, Erste Group released provisions of EUR 18.2 mln.
Erste Group said the Hungarian business paid EUR 14.5 mln on the bank levy and EUR 44 mln for the transaction duty.
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.