Erste Bank Hungary first-half profit up 13.4%

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Erste Bank Hungary Rt's operating profit rose 13.4% to €67.8 million in the first half of 2006 from the same period year earlier, the bank's parent, Austria's Erste Bank, said in its H1 report published on Monday.

Operating profit for the whole Erste group rose 16.4% during the period to €925.8 million, and Erste group's net profit rose 33.7% to €448.7 million.
Erste Bank Hungary's cost-to-revenue ratio improved from 59.9% to 58.7% in H1 2006, well under the group’s average of 60.3%.
Erste Bank Hungary employed 2,729 people at the end of June, 7% more than a year earlier. The increase shows Erste's network in Hungary is expanding, the report noted. Staff in Hungary now account for 7.5% of Erste's total staff.

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