Erste Group Profit Rises on Higher Net Interest Income
August 01 2022 - 2:28AM
Dow Jones News
By Ed Frankl
Erste Group Bank AG said Monday that its first-half profit grew
as it took advantage of increasing net interest income on the back
of on solid loan growth.
The Austrian lender's net profit came to 1.14 billion euros
($1.17 billion) in the six months to the end of June, up from
EUR918 in the same period last year.
Net interest income rose to EUR2.84 billion, from EUR2.45
billion in 1H 2021, helped by interest-rate increases in Czech
Republic, Hungary and Romania, said the bank, which focuses on
central and eastern Europe.
Loan volume growth rose 6.3% to EUR191.5 million, while its
operating result grew 10% to EUR1.86 billion, Erste said.
Erste said it now expects net loan growth in the high
single-digit percentage range for the full year. At its
first-quarter earnings, it said it expected growth in the
mid-single digits.
It kept its full-year guidance for double-digit return on
tangible equity, though its outlook was based on the assumption
that its core markets could import adequate quantities of gas from
Russia this year.
The Vienna-based company added that it planned to pay a dividend
of EUR1.90 a share in 2022.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
August 01, 2022 02:13 ET (06:13 GMT)
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