Erste Bank - 3Q12 results mostly in-line with expectations

Erste posts mostly in-line 3Q12 numbers. We see some positive development in Erste’s loan portfolio as the NPL ratio stood at 9.2% q/q what could be a positive sign for future development of risk provisions. Erste reiterated it sees 2012 risk costs at 2 bln. CZK and operating result in 2012 only slightly behind 2011. Overall we see 3Q12 numbers as only slightly positive.