Erste Group net income in Hungary drops 27% in H1
Consolidated net income of the Hungarian business of Austriaʼs Erste Group dropped 27% to HUF 22.91 billion in the first half of 2018, compared to H1 2017, an earnings report released Friday shows. Net interest income was basically stable at HUF 32.58 bln.
Net income from commissions and fees increased 9% to HUF 26.1 bln, while net trading income was up 15% at HUF 4.97 bln, Hungarian news agency MTI reported.
Personnel expenses were down 5% at HUF 14.14 bln, but general administrative costs rose 5% to HUF 14.59 bln. Depreciation costs were up 14% at HUF 5.07 bln.
The release of provisions lifted the bottom line, but other operating results represented a HUF 13.52 bln burden, compared to a HUF 7.1 bln loss earlier. Pre-tax income was down 31% at HUF 23.13 bln.
Erste Bank Hungaryʼs consolidated total assets stood at HUF 2.643 trillion at the end of June, up 19% from the end of last year.
Policymakers Cut Central Bank Base Rate by 50 bp to 7.75%
Bulgaria's Household Income, Spending Rise 20% in 2023
Special Effects Expands Portfolio With Acquisition of Creati...
Hungary Launches HUF 15 bln Tourism Sector Support Program
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.
