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Erste Group posts net profit of 262 million Euro after Q1

Erste Group registered a net profit of 262.2 million Euro after the first quarter of 2017, a press release shows.

2017-05-05 10:09:18

"We've had a good start to the year, as reflected by our first quarter net profit of 262 million Euro," said Andreas Treichl, CEO of Erste Group Bank AG. "This performance was also supported by the healthy macroeconomic environment across CEE and the continuation of last year's positive trends: lending volumes grew at a stable level especially in retail banking, risk costs remained historically low, asset quality remained very solid with a NPL ratio below five percent, and we were able to maintain a high level of capitalization, with a core tier one capital ratio (phased-in) of 13.0 per cent."

Net interest income declined to 1,051.3 million Euro (-3.7 per cent; 1,092.2 million Euro) despite lending growth mostly due to lower interest income from the government bond portfolio and a lower unwinding effect.

Operating income was almost stable at 1,617.5 million Euro (-0.7 per cent). General administrative expenses rose to 1,018.3 million Euro (+0.9 per cent), which was mainly attributable to higher personnel expenses of 571.7 million Euro (+1.1 per cent).



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