Erste Group Outlook 2024 ROTE Of More Than 15% In 2024
Aug 2 (Reuters) -ERSTE GROUP BANK AG ERST.VI:
H1 COST/INCOME RATIO IMPROVED TO 46.1% FROM 47.9% YEAR AGO
END-JUNE LOANS AND ADVANCES TO CUSTOMERS WERE HIGHER AT EUR 211.3 BILLION (+1.7%; EUR 207.8 BILLION) (ADDS PERIOD)MILLION FROM EUR 270 MILLION YEAR AGO
Q2 OPERATING INCOME AT 2.734 BILLION EUR
H1 OPERATING RESULT INCREASED MARKEDLY TO EUR 2,974 MILLION (+10.6%; EUR 2.689 MILLION)
Q2 NET INTEREST INCOME OF 1.835 BILLION EUR
H1 LOAN-TO-DEPOSIT RATIO STOOD AT 87.9% (89.3%)
SUPPORTED BY LATER THAN EXPECTED FIRST RATE CUT OF ECB, NET INTEREST INCOME SHOULD RATHER REMAIN STABLE VERSUS 2023 (INSTEAD DECLINING BY ABOUT 3% AS ORIGINALLY EXPECTED)
ERSTE GROUP NOW EXPECTS TO ACHIEVE A RETURN ON TANGIBLE EQUITY (ROTE) OF MORE THAN 15% IN 2024
Further company coverage: ERST.VI
(Gdansk Newsroom)
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