Erste Group Bank AG reported an operating result of 1.26 billion euros for the first three months of 2023. This year-on-year rise of nearly 57 % reflected solid net interest income of 1.77 billion euros (up 27.1 % y/y) on the back of generally favorable interest rate developments and a larger customer loan volume. Gains in payment services and in asset management led to a 4.4 % y/y rise in net fee and commission income to 643 million euros. Valuation effects saw the net trading result improve to 117 million euros compared to a loss of 257 million euros during the same period a year earlier. Operating expenses were 0.6 % higher y/y at 1.24 billion euros. The first quarter saw a net release of risk provisions leading to a positive impairment result of 20.7 million euros, which contributed to a net result of 594 million euros for the quarter.
“The economies in Central and Eastern Europe have not escaped the global slowdown in economic growth, but they are proving to be resilient. We’re confident that CEE’s convergence story remains intact and that the region will once again stand out as the growth region within Europe as of 2024,” said Erste Group CEO Willi Cernko.
Read more in the attached press release.
Erste Group Bank AG reported an operating result of 1.26 billion euros for the first three months of 2023. This year-on-year rise of nearly 57 % reflected solid net interest income of 1.77 billion euros (up 27.1 % y/y) on the back of generally favorable interest rate developments and a larger customer loan volume. Gains in payment services and in asset management led to a 4.4 % y/y rise in net fee and commission income to 643 million euros. Valuation effects saw the net trading result improve to 117 million euros compared to a loss of 257 million euros during the same period a year earlier. Operating expenses were 0.6 % higher y/y at 1.24 billion euros. The first quarter saw a net release of risk provisions leading to a positive impairment result of 20.7 million euros, which contributed to a net result of 594 million euros for the quarter.
“The economies in Central and Eastern Europe have not escaped the global slowdown in economic growth, but they are proving to be resilient. We’re confident that CEE’s convergence story remains intact and that the region will once again stand out as the growth region within Europe as of 2024,” said Erste Group CEO Willi Cernko.
Read more in the attached press release.