THE INFORMATION CONTAINED IN THIS DOCUMENT HAS NOT BEEN INDEPENDENTLY VERIFIED AND NO REPRESENTATION OR WARRANTY EXPRESSED OR IMPLIED IS MADE AS TO, AND NO RELIANCE SHOULD BE PLACED ON, THE FAIRNESS, ACCURACY, COMPLETENESS OR CORRECTNESS OF THIS INFORMATION OR OPINIONS CONTAINED HEREIN.
CERTAIN STATEMENTS CONTAINED IN THIS DOCUMENT MAY BE STATEMENTS OF FUTURE EXPECTATIONS AND OTHER FORWARD-LOOKING STATEMENTS THAT ARE BASED ON
MANAGEMENT'S CURRENT VIEWS AND ASSUMPTIONS AND INVOLVE KNOWN AND UNKNOWN RISKS
AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS, PERFORMANCE OR EVENTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED IN SUCH STATEMENTS.
NONE OF ERSTE GROUP OR ANY OF ITS AFFILIATES, ADVISORS OR REPRESENTATIVES SHALL HAVE ANY LIABILITY WHATSOEVER (IN NEGLIGENCE OR OTHERWISE) FOR ANY LOSS HOWSOEVER ARISING FROM ANY USE OF THIS DOCUMENT OR ITS CONTENT OR OTHERWISE ARISING IN CONNECTION WITH THIS DOCUMENT.
THIS DOCUMENT DOES NOT CONSTITUTE AN OFFER OR INVITATION TO PURCHASE OR SUBSCRIBE FOR ANY SHARES AND NEITHER IT NOR ANY PART OF IT SHALL FORM THE BASIS OF OR BE RELIED UPON IN CONNECTION WITH ANY CONTRACT OR COMMITMENT WHATSOEVER.
Key developments and executive summary
Macroeconomic and business update
Revenues and costs
Impairments and asset quality
Capital and wholesale funding
Key takeaways and outlook
Key highlights -
Setting the frame for today's presentation
Continued strong business and financial performance in H1 22
Economic growth robust during H1 22 in CEE & Austria, but outlook clouded by uncertainties
Higher than expected loan growth (+6.3% ytd), driven by AT, SK, RO and HR, corporate business
NII growth of 15.9% in H1 22 driven primarily by rate hikes in the CZ, RO and HU, volume growth
Fees up 10.5% in H1 22, but stagnating at high level in Q2 22 due to less investment activity by clients
Operating expenses up 8.7% in H1 22, driven by other administrative expenses
Operating result up by 10.3% in H1 22; cost/income ratio at 55.1%
Partial release of general provisions for FLI, benign underlying credit risk environment led to net release of risk costs; EUR 500m of crisis-related general provisions available for portfolio and macro deterioration
Risk cost guidance of <20 bps for FY2022 (base scenario) confirmed
Planned FY2022 dividend per share of EUR 1.9 accrued pro rata in H1 22; CET1-ratio of 14.2%
No gas from Russia stress scenario disruptive, but manageable for CEE region overall
Currently Russian gas continues to flow to CEE, EU gas embargo seems not feasible
Specific level of vulnerability depends on gas share in energy mix, Russian import dependency, storage capacity and storage levels
Higher prices will lead to declining demand and substitution where possible
Governments are reacting, aiming to substitute other forms of energy production for gas
Energy prices will continue to drive inflation unless geopolitical conflict is resolved/sanctions unwound
Executive summary -
Group income statement performance
QoQ net profit reconciliation (EUR m)
YoY net profit reconciliation (EUR m)
Q1 22 Operating Operating Risk costs
Taxes on Minorities Q2 22
1-621 Operating Operating Risk costs
Taxes on Minorities 1-622
Qoq net result rises strongly on improved operating performance and lower risk costs (Covid related releases), partially offset by higher tax charge and higher minorities contribution
Operating income primarily attributable tostrong NII growth
Operating expenses improve on up-front booking of deposit insurance contributions in Q1 22 and reversal of Austrian Sberbank-related contributions in Q2 22
Yoy net profit growth primarily driven bysubstantially higher operating result and lower risk costs
Operating income up onrate hikes in CEE - NII up by 15.9%; strong fee performance (double-digit rise in payment services and asset management)
Costs primarily up due to higher deposit insurance contributions and IT expenses
Um den Rest dieser Noodl zu lesen, rufen Sie bitte die Originalversion auf, und zwar hier.
Erste Group Bank AG published this content on 01 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 August 2022 05:43:03 UTC.