Erste - Slightly Better Results On Taxes, Upbeat 2023 Guidance
Slightly better results on taxes, upbeat 2023 guidance
- Erste posted EUR 510 mln net profit in the third quarter, ahead of our estimates and the market consensus by 3%. The beat came from lower taxes and minorities.
- Net interest income came in strong, up by 7% q-o-q and 27% y-o-y thanks to the euro area (SK, AT) while CZ slightly declined q-o-q on higher deposit rates though on a total asset basis it was flat. On the other hand, HU reported a large jump due to high NBH sterilization rate boosting the NII. Net F&C also increased 3% q-o-q offset by losses on non-interest income (valuation effect at the Savings Bank and Hungary loan portfolio).
- OPEX rose 4% q-o-q but this was also due to a lower base in Q2 (Sberbank deposit insurance reversal had a positive impact in the previous quarter), y-o-y development reflects inflationary pressures in PEREX.
Erste Group is a financial services provider based in Austria. As of Dec 31 2015, Co.'s total assets amounted to Euro199,743 million and the number of customers was approximately 16.5 million. Co.'s key business is the retail business, covering the entire spectrum from lending, deposit and investment products to current accounts and credit cards. In addition to providing financial services to private individuals, Co.'s core activities also include advisory services and support for corporate clients in financing, investment and access to international capital markets, public sector funding and interbank market operations.
Concorde Securities Ltd. is Hungary’s leading independent company engaged in investment banking activities. It provides its clients with integrated financial services, including securities trading, research, corporate financing advisory, capital market transactions, wealth management and investment advisory. The operational management of the company is the responsibility of the CEO, while the owners/managers (who control one-third of the company through their shares and options) are in charge of its strategic governance. Concorde Securities Ltd. is a member of the Budapest, Frankfurt, Warsaw and Bucharest stock exchanges, as well as of the Hungarian Association of Investment Service Providers.
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