Investing in Erste Group

Stefan Dörfler, CFO of Erste Group Bank AG on presentation of the Q3 2020 results of Erste Group Bank AG:

“Considering the unprecedented crisis environment, Erste Group’s profitability remains satisfactory at 637 million euros in net profit for the first nine months of 2020, with the third quarter being very strong. Our operating income decreased only by 2 percent year-on-year, loan loss provisions amounted to 70 basis points, and continued cost discipline resulted in lower expenses year-on-year. These results speak to the strength of our business model, our capital position, as well the resilience of the Central and Eastern European markets in which we operate.

The economic outlook for 2021 depends on the course of the pandemic. In any case, our commitment to continue supporting our customers and delivering results for our shareholders remains as solid as eve..”

Founded in 1819 as the first Austrian savings bank, Erste Group went public in 1997 with a strategy to expand its retail business into Central and Eastern Europe. Since then Erste Group has grown through numerous acquisitions and organically to become one of the largest financial services providers in the Eastern part of the EU in terms of clients and total assets.