Erste Group - Q1 2018 results
Net interest income increased – mainly in the Czech Republic and in Austria – to EUR 1,082.6 million (+3.0%; EUR 1,051.3 million). Net fee and commission income rose to EUR 478.6 million (+4.6%; EUR 457.7 million). Strong rises were seen in income from asset management and from lending. While net trading result declined significantly to EUR 11.3 million (EUR 48.6 million), the line item gains/losses from financial instruments measured at fair value through profit or loss improved. Operating income rose to EUR 1,651.6 million (+2.1%; EUR 1,617.5 million). The increase in general administrative expenses to EUR 1,065.0 million (+4.6%; EUR 1,018.3 million) was attributable to a rise in other administrative expenses and in depreciation and amortisation (+3.6% and +1.5%, respectively), as well as higher personnel expenses of EUR 604.5 million (+5.7%; EUR 571.7 million). Other administrative expenses included almost all payments to deposit insurance systems expected in 2018 in the amount of EUR 74.2 million (EUR 64.7 million). Consequently, the operating result decreased to EUR 586.7 million (-2.1%; EUR 599.2 million). The cost/income ratio rose to 64.5% (63.0%).
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