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Erste Bank Hungary H1 profit slips 69% as provisions grow

First-half net profit of Erste Bank Hungary fell 69.4% to €12.6m from the same period a year earlier as risk provisions jumped, the bank's Austrian parent said in a report published on the website of the Budapest Stock Exchange.

Risk provisions climbed 75.9% to €114.5 million during the period.

Erste Bank Hungary's cost-to-income ratio improved to 40.5% in H1 2010 from 48.7% in H1 2009. Operating costs were down 6.1% at €98.8 million.

Net interest revenue in the retail and SME segment increased 12.8% to €185.9 million. Net revenue from commissions and fees climbed 25.2% to €48.6 million.

ROE was 6.5% during the period. (MTI – Econews)