Erste Group reports net income down 77%

Banking

BalkansCat/Shutterstock.com

Austriaʼs Erste Group booked net income of EUR 27.3 million at its business in Hungary in Q1-Q3, down 77% from the same period a year earlier as impairment due to the pandemic weighed, according to an earnings report released on the website of the Budapest Stock Exchange. 

Image by BalkansCat/Shutterstock.com

Net interest income of the business edged up 2% to EUR 160.9 mln, while net revenue from commissions and fees fell almost 5% to EUR 131.5 mln. Erste Group booked EUR 59.2 mln of impairment because of the COVID-19 crisis during the period, after freeing up EUR 18.3 mln in provisions in the base period.

Erste Group noted that the business paid EUR 14.4 mln for the bank levy and EUR 33.1 mln for the transaction duty in Q1-Q3. It contributed EUR 3.5 mln to the resolution fund. It said the data is calculated on a constant currency basis, adding that the forint weakened 7.8% against the euro during the period.

ADVERTISEMENT

Almost half of Hungarians get fringe benefits, survey shows Analysis

Almost half of Hungarians get fringe benefits, survey shows

19,000 young jobseekers hired in expanded subsidy program Government

19,000 young jobseekers hired in expanded subsidy program

Manager screenings - not just for managers Interview

Manager screenings - not just for managers

Zsa Zsa Gabor's ashes buried in Budapest City

Zsa Zsa Gabor's ashes buried in Budapest

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.