EBKDY Ersta Group Bank AG (PK)

By Christian Moess Laursen

Erste Group Bank AG said on Friday that its net profit rose in the first quarter of 2023 on a strong operating result and growth in net interest income.

The Austrian bank said that its net profit rose to 593.6 million euros ($658.1 million) in the quarter from EUR448.8 million in the prior-year's same quarter as its operating result jumped to EUR1.26 billion from EUR801.0 million a year prior.

Net interest income climbed 27% to EUR1.77 billion on favorable interest rates and a larger customer loan volume, while its net fee and commission income rose 4% to EUR642.7 million.

Looking ahead, the lender--which focuses on central and eastern Europe--issued full-year guidance on net interest income growth of 15%.

The Vienna-based company confirmed its outlook on net loan growth of mid-single digit, return on tangible equity between 13% and 15%, and a strong CET1 ratio for 2023.

Write to Christian Moess Laursen at christian.moess@wsj.com

(END) Dow Jones Newswires

April 28, 2023 02:13 ET (06:13 GMT)

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