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Expected turnaround successfully achieved

  • 26 Feb 16

Preliminary net profit attributable to shareholders was €968m for FY2015 compared to a loss of €1.4bn for FY2014. Net interest income was down by 1% to €4.4bn for 2015 compared to 2014. Operating income decreased slightly by 1.5% to €6.8bn for 2015. Risk provisions for loan losses were down by 65% to €729m in 2015 compared to 2014. General administrative expenses increased by 2% to €3.9bn in 2015. Other operating result decreased from a loss of €1.75bn for 2014 to a loss of €636m for 2015. Pre-tax profit was €1.64bn for 2015 compared to a loss of €728m for 2014. The tax ratio was 26% for 2015. The Basel 3 phase-in Core Tier 1 ratio improved from 10.6% (2014) to 12.3% at the end of 2015. Return on tangible equity (ROTE) was 10.8% and RoE 9.3% for 2015. The dividend proposal per share is €0.50 for FY2015 compared to no dividend for FY2014. As a result of the 2015 Supervisory Review and Evaluation Process (SREP) performed by the European Central Bank (ECB), Erste Group on a consolidated level is required to meet a transitional Common Equity Tier 1 (CET1) ratio of 9.5% as of 1 January 2016. This minimum CET1 ratio of 9.5% includes Pillar 1, Pillar 2 and capital conservation buffer requirements. In addition, the systemic risk buffer required by the Austrian Financial Markets Authority (FMA) to be applied on top of the SREP ratio is equal to 0.25% for the group from 1 January 2016, resulting in a prudential capital requirement of 9.75%, relating to total risk, for Erste Group as of 1 January 2016. The systemic risk buffer will increase in the following years to 0.5% (2017), 1% (2018) and 2% (2019).