Austria’s Erste has posted a 5 percent rise in
net earnings to €903.4 million for fiscal 2009, up 5.1 percent from
€859.6 million a year earlier, despite higher risk costs.

At €201.7 billion, total assets remained
almost unchanged compared to 2008, while loans to customers rose by
2.3 percent to €129.1 billion in 2009. 

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The bank said the most significant boost to
its loan book came from its Central and Eastern Europe (CEE) retail
banking unit.

“Despite the economic crisis, the CEE region
continues to be an attractive region for Erste, thanks to stable
margins, slowly rising credit demand and growing customer deposits,
especially in the retail business”, said Andreas Treichl, Erste
chief executive.

But he added the bank expects risk costs to
remain elevated for most of 2010.  The ratio of non-performing
loans to total loans grew to 6.6 percent at the end of 2009 from
4.7 percent a year ago.

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