Erste Group
Annual Financial Report 2021
Table of contents
Annual Report 2021 | 1 |
Letter from the CEO | 4 |
Report of the supervisory board | 6 |
Report of the audit committee | 8 |
(Consolidated) non-financial report | 57 |
(Consolidated) corporate governance report | 95 |
Audited financial reporting | |
Auditors' report (report of the independent auditors) | 112 |
Management report | 117 |
Consolidated financial statements | 128 |
Glossary, Abbreviations | 294 |
Statement of all members of the management board | 299 |
Financial Statements 2021 | 301 |
Imprint
Erste Group Bank AG
Am Belvedere 1, 1100 Vienna, Austria E-Mail:investor.relations@erstegroup.comInternet:https://www.erstegroup.com/en/investoren
Responsible for the content:
Investor Relations & Accounting Teams, Erste Group
Erste Group
Annual Report 2021
Extensive presence in Central and Eastern Europe
Core markets of Erste GroupIndirect presence in CEE
Key financial and operating data
Income statement (in EUR million) | 2017 | 2018 | 2019 | 2020 | 2021 |
Net interest income | 4,353.2 | 4,582.0 | 4,746.8 | 4,774.8 | 4,975.7 |
Net fee and commission income | 1,851.6 | 1,908.4 | 2,000.1 | 1,976.8 | 2,303.7 |
Net trading result and gains/losses from financial instruments at FVPL | 210.5 | 193.7 | 293.8 | 199.5 | 231.8 |
Operating income | 6,669.0 | 6,915.6 | 7,255.9 | 7,155.1 | 7,742.0 |
Operating expenses | -4,158.2 | -4,181.1 | -4,283.3 | -4,220.5 | -4,306.5 |
Operating result | 2,510.8 | 2,734.6 | 2,972.7 | 2,934.6 | 3,435.5 |
Impairment result from financial instruments | -132.0 | 59.3 | -39.2 | -1,294.8 | -158.8 |
Other operating result | -457.4 | -304.5 | -628.2 | -278.3 | -310.5 |
Pre-tax result from continuing operations | 2,077.8 | 2,495.0 | 2,329.7 | 1,368.0 | 2,933.4 |
Net result attributable to owners of the parent | 1,316.2 | 1,793.4 | 1,470.1 | 783.1 | 1,923.4 |
Net interest margin (on average interest-bearing assets) | 2.40% | 2.30% | 2.18% | 2.08% | 2.05% |
Cost/income ratio | 62.4% | 60.5% | 59.0% | 59.0% | 55.6% |
Provisioning ratio (on average gross customer loans) | 0.09% | -0.03% | 0.02% | 0.78% | 0.09% |
Tax rate | 19.7% | 13.3% | 18.0% | 25.0% | 17.9% |
Return on tangible equity | 11.5% | 15.2% | 11.2% | 5.1% | 12.7% |
Earnings per share (in EUR) | 2.94 | 4.02 | 3.23 | 1.57 | 4.17 |
Balance sheet (in EUR million) | Dec 17 | Dec 18 | Dec 19 | Dec 20 | Dec 21 |
Cash and cash balances | 21,796 | 17,549 | 10,693 | 35,839 | 45,495 |
Trading, financial assets | 42,752 | 43,930 | 44,295 | 46,849 | 53,211 |
Loans and advances to banks | 9,126 | 19,103 | 23,055 | 21,466 | 21,001 |
Loans and advances to customers | 139,532 | 149,321 | 160,270 | 166,050 | 180,268 |
Intangible assets | 1,524 | 1,507 | 1,368 | 1,359 | 1,362 |
Miscellaneous assets | 5,929 | 5,382 | 6,012 | 5,830 | 6,090 |
Total assets | 220,659 | 236,792 | 245,693 | 277,394 | 307,428 |
Financial liabilities held for trading | 3,423 | 2,508 | 2,421 | 2,625 | 2,474 |
Deposits from banks | 16,349 | 17,658 | 13,141 | 24,771 | 31,886 |
Deposits from customers | 150,969 | 162,638 | 173,846 | 191,070 | 210,523 |
Debt securities issued | 25,095 | 29,738 | 30,371 | 30,676 | 32,130 |
Miscellaneous liabilities | 6,535 | 5,381 | 5,437 | 5,840 | 6,902 |
Total equity | 18,288 | 18,869 | 20,477 | 22,410 | 23,513 |
Total liabilities and equity | 220,659 | 236,792 | 245,693 | 277,394 | 307,428 |
Loan/deposit ratio | 92.4% | 91.8% | 92.2% | 86.9% | 85.6% |
NPL ratio | 4.0% | 3.2% | 2.5% | 2.7% | 2.4% |
NPL coverage ratio (based on AC loans, ex collateral) | 68.8% | 73.4% | 77.1% | 88.6% | 90.9% |
Texas ratio | 29.2% | 24.5% | 19.9% | 20.3% | 18.3% |
Total own funds (CRR final, in EUR million) | 20,337 | 20,891 | 21,961 | 23,643 | 24,758 |
CET1 capital ratio (CRR final) | 12.9% | 13.5% | 13.7% | 14.2% | 14.5% |
Total capital ratio (CRR final) | 18.2% | 18.1% | 18.5% | 19.7% | 19.1% |
About the share | 2017 | 2018 | 2019 | 2020 | 2021 |
Shares outstanding at the end of the period | 429,800,000 | 429,800,000 | 429,800,000 | 429,800,000 | 429,800,000 |
Weighted average number of outstanding shares | 426,679,572 | 426,696,221 | 426,565,097 | 426,324,725 | 426,246,662 |
Market capitalisation (in EUR billion) | 15.5 | 12.5 | 14.4 | 10.7 | 17.8 |
High (in EUR) | 37.99 | 42.38 | 37.07 | 35.6 | 41.95 |
Low (in EUR) | 27.46 | 28.10 | 28.23 | 15.34 | 24.80 |
Closing price (in EUR) | 36.105 | 29.05 | 33.56 | 24.94 | 41.35 |
Price/earnings ratio | 11.8 | 7.0 | 9.8 | 13.7 | 9.2 |
Dividend per share (in EUR) | 1.20 | 1.40 | 0.00 | 1.50 | 1.60 |
Payout ratio | 39.2% | 33.6% | 0.0% | 82.3% | 35.8% |
Dividend yield | 3.3% | 4.8% | 0.0% | 6.0% | 3.9% |
Book value per share | 30.0 | 31.1 | 32.9 | 34.0 | 36.7 |
Price/book ratio | 1.2 | 0.9 | 1.0 | 0.7 | 1.1 |
Additional information | Dec 17 | Dec 18 | Dec 19 | Dec 20 | Dec 21 |
Employees (full-time equivalents) | 47,702 | 47,397 | 47,284 | 45,690 | 44,596 |
Branches | 2,565 | 2,507 | 2,373 | 2,193 | 2,091 |
Customers (in million) | 16.1 | 16.2 | 16.6 | 16.1 | 16.1 |
CRR: Capital Requirements Regulation
Shares outstanding include Erste Group shares held by savings banks that are members of the Haftungsverbund (cross-guarantee system).
The dividend for the financial year 2020 was paid in two tranches. On 19 May 2021, the annual general meeting resolved to pay a dividend of EUR 0.5 per share. An additional EUR 1 per share was reserved for a potential later payment. After expiry of the ECB recommendation, this dividend was paid in December 2021 as resolved by the extraordinary general meeting of 25 November 2021.
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Erste Group Bank AG published this content on 25 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 March 2022 08:44:08 UTC.