Erste Group Bank reports messy earnings as shares fall
Updated
Updated · The Wall Street Journal · Apr 30
Erste Group Bank reports messy earnings as shares fall
13 articles · Updated · The Wall Street Journal · Apr 30
The Austrian lender’s first results including Santander’s Polish unit missed expectations on net interest income and fees, and the stock dropped 4.3%, extending year-to-date losses to 6.7%.
Keefe, Bruyette & Woods said the earnings beat was low quality because it relied on one-offs, despite healthy loan growth of about 7% outside Poland and controlled asset quality.
The weak update came amid a broader European banking sell-off, with several lenders including Societe Generale, BNP Paribas and Credit Agricole also falling after mixed or disappointing quarterly results.
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