Erste Group Books Q1 Earnings of EUR 10 mln in Hungary

Banking

Austria's Erste Group booked a first-quarter net income of EUR 10 million at its business in Hungary, an earnings report released on Friday shows, according to a report by state news wire MTI.

Erste Group had booked a EUR 5.3 mln loss at the business in the base period when Erste Bank Hungary paid an extraordinary contribution to the National Deposit Insurance Fund (OBA) to cover the clients of failed Russian-owned Sberbank Magyarország.

First-quarter net interest income jumped 60% year-on-year to EUR 147.6 mln and net revenue from commissions and fees edged up 4% to EUR 56.8 mln.

Erste Group booked a EUR 96.5 mln loss on the "other result" line, well over the EUR 40.6 mln loss in the base period. The lender noted that it booked the full-year regular banking tax and EUR 53 mln windfall profit tax in Q1. Together, the regulatory charges added up to EUR 72 mln.

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