Research (J&T BANKA)
Czech markets  |  January 16, 2013 09:17:42

Erste: Profit for r.2012 will be around 450 million euros, the situation in Romania is improving more slowly than expected

Bank announced that in Q4 2012 goodwill written off in the amount of EUR 300 million, mainly in connection with the Romanian BCR. With the addition of depreciation and the financial losses from the sale of the Ukrainian branch of the expected net profit of EUR 450 million. Erste also confirmed its previous projections for operating profit (slight decline) and the amount of the cost of risk (about 2 billion). Management will propose payment of a dividend from the profit of the year 2012, the amount but did not. Amortization of goodwill has no impact on capital indicators, which should at the end of the year show a significant improvement.

Additional amortization of goodwill in Romania market was largely expected, however, suggests that the situation in Romania improves more slowly than the bank expected even in the middle of the year when writing off goodwill in the amount of 210 million EUR. The remaining goodwill in Romania is now around 590 million euros. Announced net income adjusted for depreciation (EUR 300 million) and a loss from Ukraine (71 million) in line with our long-term projection (810 million EUR).

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Erste: Zisk za r.2012 bude kolem 450 mil.EUR, situace v Rumunsku se zlepšuje pomaleji, než se čekalo

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