Erste trimestrale
Erste Group takes extraordinary charges leading to a net loss of EUR 973.0 million in the first nine months of 2011 and significantly reduces CDS exposure
28.10.2011
Highlights:
As pre-announced on 10 October 2011, significant charges (write-down of goodwill in Hungary and Romania, additional risk provisions in Hungary, and expenses resulting from the change in the fair value of the CDS portfolio) resulted in a net loss after minorities of EUR 973.0 million (1-9 2010: net profit of EUR 633.8 million). Banking taxes in Austria and Hungary came to EUR 140.2 million (before taxes).
In the first nine months of 2011, net interest income rose by 0.9% to EUR 4,134.1 million (1-9 2010: EUR 4,095.8 million). Meanwhile, net commission income declined by 1.3% to EUR 1,352.0 million (1-9 2010: EUR 1,370.0 million). At EUR 37.4 million, the net trading result – substantially negatively affected by the volatility of the CDS portfolio – was 87.1% lower than in the first nine months of 2010 (EUR 290.4 million).
Despite higher inflation, general administrative expenses grew only by a moderate 0.7% to EUR 2,891.6 million (1–9 2010: EUR 2,871.7 million). The change in the fair value of the CDS caused the operating result to decline by 8.8% from EUR 2,884.5 million to EUR 2,631.9 million in the first nine months of 2011. The cost/income ratio stood at 52.4% (same period 2010: 49.9%).
Risk costs were up 17.0% from EUR 1,588.4 million (162 basis points of average customer loans) in the first three quarters of 2010 to EUR 1,859.2 million, or 184 basis points. This was largely due to the need for additional risk provisions in Hungary (partly a consequence of continuing political intervention). Asset quality improved in the Czech Republic, in Slovakia and in Austria. The NPL ratio in relation to customer loans rose to 8.2% at 30 September 2011 (year-end 2010: 7.6%). The NPL coverage ratio improved to 63.9% (year-end 2010: 60.0%).
Total assets, at EUR 216.1 billion, were up 5.0% for the year to date from EUR 205.8 billion. Theloan-to-deposit ratio improved to 111.2% at 30 September 2011 (year-end 2010: 113.1%). While customer deposits, at EUR 121.6 billion, were up 3.9% year to date, lending volume rose by just 2.2% to EUR 135.2 billion.
Erste Group’s shareholders’ equity amounted to EUR 11.9 billion at 30 September 2011 (year-end 2010: EUR 13.1 billion) and core tier 1 capital to EUR 10.6 billion (year-end 2010: EUR 11.0 billion). With loan volume stable, total risk-weighted assets were largely unchanged versus year-end 2010 at EUR 119.9 billion. The tier 1 ratio (total risk) stood at 9.8% (year-end 2010: 10.2%) and the core tier 1 ratio (total risk) at 8.8% (year-end 2010: 9.2%).
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