“Considering the unprecedented crisis environment, Erste Group’s profitability remains satisfactory at 637 million euros in net profit for the first nine months of 2020, with the third quarter being very strong. Our operating income decreased only by 2 percent year-on-year, loan loss provisions amounted to 70 basis points, and continued cost discipline resulted in lower expenses year-on-year. These results speak to the strength of our business model, our capital position, as well the resilience of the Central and Eastern European markets in which we operate.
The economic outlook for 2021 depends on the course of the pandemic. In any case, our commitment to continue supporting our customers and delivering results for our shareholders remains as solid as ever,” comments Stefan Doerfler, CFO of Erste Group.