Erste Bank’s consolidated 9M 2003 IFRS net profit came in at EUR 255m and thus beat our estimate by almost 5%. Overall, we consider Erste’s Q3 2003 results as slightly positive.
Separately, Erste yesterday reiterated its plan to raise its net profit by at least 25% in 2003 (which is roughly in line with our projections). Erste also reiterated its key 2005 financial targets (an ROE of 15%, a cost/income ratio of 60-62%, and a net profit of EUR 500m), which we consider as rather ambitious.
Jan Hájek