Research (J&T BANKA)
Czech markets  |  October 30, 2012 09:29:37

Results Erste Group 3Q in line with expectations

Erste Group today announced financial results for 3Q 2012th Net income was 144 million euros, in line with market expectations (EUR 146 million).

Neither the structure of the results yielded no surprises compared to estimates. Annual decrease in interest income (-8% y / y) is caused by slowing lending, reducing risk-weighted assets and a decline in interest margins (2.82% in 9M 2012 compared to 3.03% in 9M 2011).

Significant improvement in trading income and other income is due to the absence of negative one-off effects, which were 3Q 2011th Core Tier 1 capital as required by the EBA end of September amounted to 9.9% as at the end of 2Q.Regarding the outlook management only reiterated that operating profit should be slightly lower this year than last year, risk costs should be around 2 billion and that next year is expected to return to the Romanian branch profits.

Overall, the results neutral, the actual numbers did not bring any surprises, more or less follow the trends of the previous quarter and are in line with the previously announced year-round views of the company. In a conference call (9:00 CET today) will be interesting to see other comments on developments in Hungary and Romania.

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Výsledky Erste Group za 3Q byly v souladu s odhady

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