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    EBS   AT0000652011

ERSTE GROUP BANK AG

(EBS)
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Delayed Wiener Boerse  -  11:35 2022-09-26 am EDT
22.92 EUR   -2.22%
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Erste Group Profit Rises on Higher Net Interest Income

08/01/2022 | 02:14am EDT

By Ed Frankl

Erste Group Bank AG said Monday that its first-half profit grew as it took advantage of increasing net interest income on the back of on solid loan growth.

The Austrian lender's net profit came to 1.14 billion euros ($1.17 billion) in the six months to the end of June, up from EUR918 in the same period last year.

Net interest income rose to EUR2.84 billion, from EUR2.45 billion in 1H 2021, helped by interest-rate increases in Czech Republic, Hungary and Romania, said the bank, which focuses on central and eastern Europe.

Loan volume growth rose 6.3% to EUR191.5 million, while its operating result grew 10% to EUR1.86 billion, Erste said.

Erste said it now expects net loan growth in the high single-digit percentage range for the full year. At its first-quarter earnings, it said it expected growth in the mid-single digits.

It kept its full-year guidance for double-digit return on tangible equity, though its outlook was based on the assumption that its core markets could import adequate quantities of gas from Russia this year.

The Vienna-based company added that it planned to pay a dividend of EUR1.90 a share in 2022.


Write to Ed Frankl at edward.frankl@dowjones.com


(END) Dow Jones Newswires

08-01-22 0213ET

Stocks mentioned in the article
ChangeLast1st jan.
ERSTE GROUP BANK AG -2.22% 22.92 Delayed Quote.-43.31%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 3.60% 58.534 Delayed Quote.-24.11%
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Analyst Recommendations on ERSTE GROUP BANK AG
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Financials
Sales 2022 8 370 M 8 074 M 8 074 M
Net income 2022 2 042 M 1 970 M 1 970 M
Net Debt 2022 - - -
P/E ratio 2022 4,93x
Yield 2022 8,29%
Capitalization 9 261 M 8 934 M 8 934 M
Capi. / Sales 2022 1,11x
Capi. / Sales 2023 1,03x
Nbr of Employees 44 773
Free-Float 70,4%
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Mean consensus BUY
Number of Analysts 16
Last Close Price 22,92 €
Average target price 40,75 €
Spread / Average Target 77,8%
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Managers and Directors
Willibald Cernko Chief Executive & Retail Officer
Stefan D÷rfler Chief Financial Officer
Friedrich R÷dler Chairman-Supervisory Board
David O'Mahony Chief Operating Officer
Andreas Lachs Member-Supervisory Board
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