RM-SYSTÉM»Události»Erste Group: Preliminary YE 2011 Results

Erste Group: Preliminary YE 2011 Results

29.02.2012 07:16
Erste Group returns to profitability in Q4 11 and cuts net loss for 2011 to EUR 718.9 million; timely compliance with EBA capital requirement
  • In the fourth quarter 2011, net profit after minorities2 amounted to EUR 254.1 million. This solid quarterly result cut the net loss for the year after minorities to EUR 718.9 million.
  • At 31 December 2011, the core tier 1 ratio (total risk; Basel 2.5) stood at 9.4% (year-end 2010: 9.2%; Basel 2). Calculated by the EBA (European Banking Authority) method the core tier 1 ratio was 8.9% at year-end 2011. The capital shortfall to be covered by the end of June was reduced from EUR 743 million to EUR 166 million.
  • Erste Group's shareholders' equity3 amounted to EUR 12.0 billion at 31 December 2011 (year-end 2010: EUR 13.1 billion) and core tier 1 capital to EUR 10.7 billion (year-end 2010: EUR 11.0 billion). Through a variety of measures, in particular the reduction of non core business, total riskweighted assets were reduced by 4.8% versus year-end 2010 to EUR 114.0 billion.
  • Total assets, at EUR 210.0 billion, were up 2.1% in 2011 from EUR 205.8 billion. The loan-todeposit ratio stood at 113.3% at 31 December 2011 (year-end 2010: 113.1%). Customer deposits, at EUR 118.9 billion, were up almost 1.6% year on year, while lending volume rose by 1.8% to EUR 134.8 billion.
  • Net interest income improved by 2.4% from EUR 5,439.2 million in the financial year 2010 to EUR 5,569.0 million in the financial year 2011. At the same time, net fee and commission income declined by 3.0% to EUR 1,787.2 million (2010: EUR 1,842.5 million). At EUR 122.3 million, the net trading result was 62.0% lower than in 2010 (EUR 321.9 million). This was due primarily to changes in the fair value of the CDS portfolio of the International Business unit in the amount of EUR 182.6 million, which was closed out almost completely in the fourth quarter 2011.
  • Operating income of EUR 7,478.5 million (2010: EUR 7,603.6 million) was impacted by the net trading result. Despite higher inflation rates, general administrative expenses increased only by 0.9% from EUR 3,816.8 million to EUR 3,850.9 million. As a result, operating result decreased to EUR 3,627.6 million (2010: EUR 3,786.8 million). The cost/income ratio stood at 51.5% (2010: 50.2%).
  • Risk costs were up 12.2% from EUR 2,021.0 million (155 basis points of average customer loans) in 2010 to EUR 2.266,9 million, or 168 basis points, in 2011. This was primarily due to the need for additional risk provisions in Hungary partly in connection with the policy-makers' decision to allow premature repayment of foreign-currency loans on preferential terms. In other core countries (Austria, Czech Republic and Slovakia) asset quality improved. The NPL ratio as a percentage of loans to customers rose to 8.5% at 31 December 2011 (year-end 2010: 7.6%). The NPL coverage ratio improved to 61.0% (year-end 2010: 60.0%).

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