Erste Group net income in Hungary drops 27% in H1

Telco

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.

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