Vladimír Urbánek (Kurzy.cz)
Czech markets  |  April 27, 2012 09:18:17

Erste Monday, the results - net profit is expected to slightly above 320 million euros


Erste Group notified on Monday (April 30) before the market opens Q1 results for the 2012th At the level we expect net profit growth year on year by 1% to 326 million euros. Interest income should reach 1 332 million (+2% y / y). We expect a significant drop in trading income (-61% to 92 million), largely due to the reduction of risk-weighted assets. Reduced activity of clients and lending slowdown is the decrease of revenues from fees and commissions (exp: 435 million; -4% y / y).In 1Q results should also show a one-time proceeds from redemption of securities, carried out between February and March (195 million impact on net profit). Adjustments should reach EUR 592 million (+29%), negative should again occur mainly developments in Hungary, where in addition to standard provisioning for credit risk the bank to create another special provision in connection with a government program to pay off loans foreign currencies (exp. 80 million) and increase the coverage of loans by provisions (exp. 100 million) in Q4 2011 which decreased significantly (from 86% to 70%).

In addition to the numbers themselves will deny the attention of investors on the capital position of banks in connection with the performance requirements of the EBA to 9% of Tier 1 and half of this year and further developments in Hungary and Romania. We expect that EBA requirements already fulfilled the bank at the end of kvartáuu, which contributed to the retained earnings, redemption of securities and, in particular reduction in risk-weighted assets. Can then be negatively perceived risk of increased costs, which suggests that the measures adopted last year (including special additions to reserves 450 million in Hungary) may not last a negative impact on the bank.

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EJ & T Q1 2012

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435

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Adjustments

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-460

Cons., IFRS (EUR million)

1Q 2011

r / r

Consensus

Operating income

1859

1994

-7%

1877

Net interest income

1332

1302

2%

1345

Fees and commissions

455

-4%

440

Operating costs

-951

-963

-1%

-955

Operating profit

909

1031

-12%

918

Other income

174

-100

-

120

-592

29%

-580

Net profit

326

321

1%

322

Source: Erste, J & T Bank

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Erste v pondělí oznámí výsledky - očekává se čistý zisk lehce nad úrovní 320 mil.EUR

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