Erste Bank reported its consolidated H1 2003 IFRS results yesterday. Its net profit of EUR 165 mil. stood 6% above the market consensus mostly due to Erste's strong operating performance (consolidated operating result rose 15% y-o-y), and despite worse-than-expected other operating items and provisioning.
The bank yesterday reiterated its key financial targets: a minimum 20% growth in net profit, and an ROE of 15% and a net profit of EUR 500 mil. in 2005.
Overall, we consider the consolidated results as positive.