Research (J&T BANKA)
Czech markets  |  March 13, 2013 09:10:10

Erste: Spořitelna save 2 billion, the Hungarian prime minister took issue on the current ownership model in the banking system

Hungarian Prime Minister according to agency reports, took issue over the suitability of the current model of ownership in the banking system of Hungary, which is largely held by foreign investors. Criticized the actions of foreign mothers become domestic banks in tightening of credit in times of crisis. The controversy of the statement follows a similarly controversial approval limits of judicial power in the country from Monday (restrictions Constitutional Court constitutional amendment). Developments in Hungary and especially statements premiere perceive as continued negative sentiment among other things, to the Hungarian part of the Erste Group.

According to an interview with the CEO Czech Savings Bank (MS) saves the bank this year, the cost of CZK 2 billion (10% y / y) and reduce costs will continue into next year. About a week ago announced a plan proustite MS 600 employees and save on operating costs CZK 1 billion. Due to the sluggish economy and market conditions expected this year CS decline in net interest income by 5% y / y decline in fee revenues. Modest upturn in the sales can be expected shortly and it is the only way to reduce costs to maintain solid profitability of the bank. Already in the report for 4Q12 Management Erste said that operating costs should fall in all countries where it operates. Striving for savings is logical due to the declining yield major items (interest and fees). Reducing seen positively, given that the banks most of its goals are met.

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Erste: Spořitelna ušetří 2 mld.Kč, maďarský premiér polemizoval o současném modelu vlastnictví v bankovním systému

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