Austrian lender Erste Group tops Q1 profit expectations
Adds outlook in paragraph 3, context in paragraph 4, CFO quote in paragraph 5, Q1 NII in paragraph 6
April 30 (Reuters) -Austrian lender Erste Group ERST.VI reported first-quarter profit ahead of market expectation on Tuesday, boosted by higher net interest income especially in its home market, on the back of still high interest rates and larger loan volume.
The bank, which operates in seven countries across Central and Eastern Europe, reported a net profit of 783 million euros ($838 million) for the first quarter of 2024, beating analysts' forecast of 735.8 million euros in a company-provided poll.
The Vienna-based lender reiterated its full-year guidance, expecting loan growth of about 5%, but a decline of around 3% in net interest income.
Banks' net interest incomes - a key measure of their revenue - have reached record highs in recent years driven by hikes in interest rates. But as inflation eases, central banks in many European countries are set to cut their key rates.
"We believe we are well positioned for the changing interest rate environment and the forecast economic development in our region," Chief Financial Officer Stefan Dörfler said in a statement.
Erste's net interest income, which measures earnings on loans minus deposit costs, rose 4.7% to 1.85 billion euros in the quarter, slightly above analysts' expectations of 1.83 billion euros.
($1 = 0.9347 euros)
Reporting by Eva Orsolya Papp and Isabel Demetz in Gdansk; Editing by Milla Nissi
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