Vladimír Urbánek (Kurzy.cz)
Czech markets  |  February 28, 2013 09:17:14

Erste results after growing by 5%, the results above estimates due taxes, the dividend of 40 cents


Erste Bank at the very beginning of today's trading in reaction to positive earnings surprise, grow by almost 5% and significantly away from the boundary 600 CZK.

According to the report brokerage company J & T Bank net loss Austrian banking group was -114 million. Profit for the year then 483.5 million, more than the preliminary results disclosed by the company in January (about 450 million) and other than market expectations (EUR 460 million). The structure of the results yielded no major surprises and the only difference is in the estimates of the amount of tax, where Erste had in 4Q refund of EUR 80 million compared to our estimates of 55 million euros.
Bank's operating profit in Q4 decreased by 14% to EUR 854 million, mainly due to the decline in interest income that burden decrease in loans (-2% y / y) and a significant decline in net interest margin (2.8% in 2012 compared to 2 , 97% in 2011).

Capitalization of banks (Core Tier 1) was significantly increased to 11.2% (10.4% at the end of 3Q). Management proposes a dividend of 40 cents per share (1.7% gross dividend yield, our eyes. 30 cents). Regarding the outlook, the company expects a stable operating performance in the year when the expected slight decrease in operating income will be offset by savings on the cost side. Performance in Q1 2013 would then be weaker than in the rest of the year.

Overall, the results neutral. Positive higher net profit growth and dividend capitalization. On the other hand, we see a negative significant drop in interest income and even warning of weaker performance in Q1 does not favorably due to the fact that Erste already seeing results in the first two months.

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Akcie Erste po výsledcích rostou o 5%, výsledky nad odhady díky daním, dividenda 40 centů

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