Erste Group earnings in Hungary fall as windfall profit tax weighs
Austria's Erste Group booked a first-half net income EUR 6.6 million at its business in Hungary, dropping 92% from the base period on the impact of a tax on windfall profit, news agency MTI writes, citing an earnings report released on Monday.
Net interest income at the business climbed 52% to EUR 183 mln and net revenue from commissions and fees increased 8pc to EUR 106.7 mln, but a EUR 49.9 mln, full-year payment for the windfall profit tax weighed on the bottom line.
Erste Group also noted an increase in operating expenses, driven in part by an extraordinary contribution Erste Bank Hungary paid to the National Deposit Insurance Fund (OBA) in Q1 after Russian-owned Sberbank went bust.
Erste Group Hungary had total assets of EUR 12.266 billion at the end of June, up 5% from 12 months earlier. Client deposits rose 10% to EUR 8.735 bln.
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