November 21, 2019 / 8:15 AM / 17 days ago

Austria's Erste Group targets cost-income ratio of 55%

VIENNA, Nov 21 (Reuters) - Austrian lender Erste Group aims to cut its cost-income ratio by around 5 percentage points under new medium-term guidance that also includes boosting net fee income to 2.4 billion euros ($2.66 billion).

At its capital markets day on Thursday, it also gave initial guidance for 2020 that saw return on tangible equity (ROTE) above 10%. It has targeted ROTE of above 11% in 2019.

Erste’s cost income ratio was 60.5% in 2018, when it generated net fee and commission income of 1.91 billion. ($1 = 0.9028 euros) (Reporting by Michael Shields; Editing by John Miller)

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