Erste Group posts Q3 profit beat on solid demand in eastern Europe

Credit: REUTERS/LEONHARD FOEGER

Austrian lender Erste Group on Wednesday reported a 8% rise in its third-quarter net profit, beating expectations, thanks to growing income in its eastern European core markets.

VIENNA, Oct 30 (Reuters) - Austrian lender Erste Group ERST.VI on Wednesday reported a 8% rise in its third-quarter net profit, beating expectations, thanks to growing income in its eastern European core markets.

Net profit reached 491.1 million euros ($545.8 million) in the three months through September, the bank said.

Analysts had expected net profit of 480 million euros, according to a poll of 15 analysts by Erste Group, which was published on its website.

Erste confirmed its full-year target of a return on tangible equity (ROTE) of more than 11%.

($1 = 0.8998 euros)

(Reporting by Kirsti Knolle, editing by Riham Alkousaa)

((kirsti.knolle@thomsonreuters.com; +43 1 53 11 22 55;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More