Erste Bank 1Q Net Profit Rose on Strong Growth in Operating Result
April 28 2023 - 2:28AM
Dow Jones News
By Christian Moess Laursen
Erste Group Bank AG said on Friday that its net profit rose in
the first quarter of 2023 on a strong operating result and growth
in net interest income.
The Austrian bank said that its net profit rose to 593.6 million
euros ($658.1 million) in the quarter from EUR448.8 million in the
prior-year's same quarter as its operating result jumped to EUR1.26
billion from EUR801.0 million a year prior.
Net interest income climbed 27% to EUR1.77 billion on favorable
interest rates and a larger customer loan volume, while its net fee
and commission income rose 4% to EUR642.7 million.
Looking ahead, the lender--which focuses on central and eastern
Europe--issued full-year guidance on net interest income growth of
15%.
The Vienna-based company confirmed its outlook on net loan
growth of mid-single digit, return on tangible equity between 13%
and 15%, and a strong CET1 ratio for 2023.
Write to Christian Moess Laursen at christian.moess@wsj.com
(END) Dow Jones Newswires
April 28, 2023 02:13 ET (06:13 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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