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Erste Groups's net profit falls slightly less than expected
August 4, 2017 / 6:11 AM / in 3 months

Erste Groups's net profit falls slightly less than expected

VIENNA, Aug 4 (Reuters) - Austrian lender Erste Group Bank’s net profit fell by less than expected in the second quarter, helped by a smaller tax bill and slightly higher income from fees and commissions.

Net profit fell to 362.5 million euros ($430.8 million) in the three months to the end of June from 567.0 million euros a year earlier, when its bottom line was helped by the sale of its stake in Visa Europe, Erste said on Friday.

Analysts had on average expected net profit of 349 million euros.

The bank said it “excellently positioned” to meet its full-year targets of a return on tangible equity (ROTE) of more than 10 percent and a dividend higher than last year’s 1 euro per share. ROTE for the first half of the year was 11.2 percent. ($1 = 0.8415 euros) (Reporting by Francois Murphy; Editing by Michael Shields)

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