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Provisions release lifts Erste Bank Hungaryʼs profit to EUR 110 mln

MNB

Austriaʼs Erste Group booked net income of EUR 109.6 million at its business in Hungary in Q1-Q3, improving from a EUR 46.1 mln loss in the base period as provisions were released, an earnings report published today shows, according to Hungarian news agency MTI.

Erste Bank Hungary released EUR 71.0 mln of risk provisions in Q1-Q3 after making provisions of EUR 93.1 mln in the base period. 

Net interest income fell 19% to EUR 129.7 mln. Net income from commissions and fees was practically flat at EUR 103.9 mln.

Erste Bank Hungaryʼs cost-to-income ratio rose a little more than six percentage points to 55.6% on higher payroll costs and the booking of the EUR 7.2 mln contribution to the deposit insurance fund for the full year.

Erste Bank Hungary paid EUR 19.6 mln on the reduced bank levy, down from EUR 46.2 mln in the base period.

The sale of Erste Groupʼs shares in VISA Europe generated EUR 12.8 mln, the parent bank said in its earnings report.

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