Erste - Solid Q3 results confirm strong 2021
Erste reported net results came to EUR 533 mln (+11%), above the consensus
estimate of EUR 482 mln, and ahead our forecast of EUR 518 mln (+3%)
stemming from stronger F&C and provision reversal. Overall solid income lines
resulted in an improvement of 10% in operating income y-o-y (q-o-q was
distorted by a one-off, adjusted for that, the trend would have been +2%). Net
interest income was up by 2% y-o-y, and +3% q-o-q adjusted for the
mentioned one-off while margins continued to decline on balance sheet growth
and still low margins but the trend shows some stability from this level.
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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