Austria-headquartered Erste has posted first
half net profits of €471.9m ($612.9m), down 4.1% from the
corresponding period last year.

But first half net profits at Erste’s retail
and SME unit grew by 5% to €363.5m.

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Group-wide, Erste’s net interest income grew
by 7.2% to €2.68bn on the back of an improving net interest margin,
which rose to 3.04%, from 2.92% in the first half of fiscal
2009.

The cost-income ratio improved to 48.8%, from
52.5% from the year ago period.

Total assets increased by 3.7% €209.1bn with
customer deposits up by 4% to €116.6bn.

Erste ended the first half with a
loan-to-deposit ratio of 112.4% (H109 115.3%).

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The ratio of non-performing loans rose in the
first half to 7.3% of total loans from 5.9% a year ago.

Looking ahead, Erste said that risk costs
would remain elevated in 2010 and warned that it could not predict
the speed of economic recovery in Central and Eastern Europe.