In line results, outlook cautious but confirming too
Erste reported EUR 146 mln net profit, basically in line with market consensus of EUR 143 mln and our estimate of EUR 149 mln (-57.5% q-o-q and -40.9% y-o-y) on elevated risk cost of EUR 425 mln.
Net interest income on a quarterly level slightly declined due to moratoria impact of EUR 12.4 mln related to HU, Serbia where the measures were prolonged, somewhat counterbalanced by ECB refinancing 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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