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Erste Bank H1 net profits hardly changed at Ft 7.89 bln

MNB

Erste Bank Hungary Nyrt had after-tax profit of Ft 7.89 billion in the first half of 2006, 0.3% more than in the same period a year earlier, the bank's unaudited unconsolidated H1 report, prepared with Hungarian Accounting Standards (HAS) and published on Tuesday shows.

The bank had total assets of Ft 1.649 billion at the end of June, 45.3% more than twelve months earlier. According to consolidated International Financial Reporting Standards (IFRS) figures recently announced by Erste Bank Hungary, first-half after-tax profit rose 26.3% to Ft 10.7 billion, and total assets rose 37.2% to Ft 1.687 billion at the end of June.
Under the unconsolidated HAS figures released on Tuesday, first-half pre-tax profits were Ft 10.38 billion, up 2.8% from the same period a year earlier. Operating profits rose 4.4% to Ft 10.54 billion. First-half net interest revenue rose 19.7% year-on-year to Ft 29.97 billion, with interest received rising 5.9% to Ft 52.1 billion and interest paid falling 5.7% to Ft 25.13 billion. Revenue from commissions and fees increased 13.1% to Ft 11.2 billion and commissions and fees paid rose 87.3% to Ft 3.78 billion. Overhead costs at the bank rose 14.9% to Ft 20.71 billion. Erste's stock of loans to clients increased 49.5% to Ft 1,216 billion in the twelve months to June 30. The stock of clients' deposits rose 20% to Ft 744.98 billion.
Erste Bank Hungary is the country's second-biggest player on the retail market in terms of client numbers.

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