BUDAPEST: The Austrian Erste Group booked first-quarter net income of EUR 27.8 million at its business in Hungary, after making a small loss in the base period, an earnings report released today shows, as reported by Hungarian news agency MTI. Earnings were lifted by the lower bank levy and a release of provisions
Erste Bank Hungary paid EUR 23.6 mln on the bank levy during the first quarter, down from EUR 26.9 mln in the equivalent period a year earlier.
The lender booked a EUR 22.4 mln provisions release, up 59% from the base period. Net interest income rose 2% to EUR 46.7 mln. Net revenue from commissions and fees climbed 13% to EUR 37.3 mln. Erste Group attributed the rise to higher card and distribution fees in the retail segment, supported by Erste Bank Hungary?s acquisition of the former retail portfolio of Citibank. The cost-to-income ratio of the business edged up from 60.4% to 61.2%.
