By Giulia Petroni

Erste Group Bank AG (EBS.VI) on Thursday issued new guidance for fiscal 2020, saying it targets a return on tangible equity above 10%.

The Austrian bank said the targeted returns equate to double-digit ROTE for the sixth consecutive year.

In the medium term, Erste Group said it aims to increase net fee income to 2.4 billion euros ($2.65 billion) and reduce the cost-to-income ratio to about 55% by 2024.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

November 21, 2019 02:06 ET (07:06 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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