Erste Bank reiterated yesterday its expectation of a full-year 2002 net profit that should exceed the 2001 result. General administrative costs will, according to the bank, be lower in H2 2002 than in H1 2002, and will rise by 5% in 2003. One of the major cost driver is expected to be the merger of Erste’s two Croatian subsidiaries, and “particularly strict” cost controls are expected in Erste Bank’s operations in Austria next year. Full-year 2002 provisioning should remain at the 2001 level.
Jan Hajek