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30.3% profit on Erste Group in our uptrend view

Erste Group Bank AEXIT

Net profit at Austria's Erste Group Bank fell less than expected in the third quarter as revenue was robust and its main impairment charge shrank to a third of the previous quarter's.The bank, which focuses on eastern Europe and its home market of Austria, said on Monday it was too early to tell how big the pandemic-related downturn would be. It repeated that it expects net profit to "decrease significantly" this year.

Net interest income edged up a fraction of one percent to 1.19 billion euros ($1.38 billion) in the three months to the end of September compared with a year earlier while its smaller net fee and commission income fell 2%. Net profit fell 30% to 343.3 million euros, above analysts' average forecast of 304 million euros, according to Refinitiv data. In the second quarter, net profit was 58.5 million euros.

Erste Group Bank AG 20201030 16.57

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