Erste - Sound Q4, realistic guidance with geopolitical risks in centre
Erste’s reported net income came above consensus and our estimate of EUR
442 mln and EUR 448 mln, respectively driven by higher revenue lines mostly
while tax rate was also lower in the quarter.
Net interest income increased by 7% q-o-q and 10% y-o-y driven by both
volumes and interest rates primarily being higher in CZ. NIM as a result also
improved by 10 bps on total assets q-o-q. Net F&C were very strong again in
the quarter with record figure of EUR 613 mln, up 4% q-o-q on very robust
asset mgmt. and payment services in Austria
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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