Guidance upgraded by the new CEO
Erste’s net income came in at EUR 846 mln in Q2, up by 8% QoQ anddown by 6% YoY while the figure came 9% ahead of consensus. The key
contributors to better-than-expected earnings were higher other operating
incomes and lower provisioning, which was partly offset by higher
operating results. After H1 results, Erste gave an upgraded guidance, which
contained a DPS projection of EUR 3 from 2024 profit (c. 6.7% DivY). This
is reflecting better revenue trends, as NII is seen to be flat YoY vs. -3%
YoY, while fees are expected to grow by 10% vs. 5% seen earlier
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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