Europe’s Erste Group Bank lifts annual targets after Q3 profit beat, shares hit record high

Erste Group Bank reported a third-quarter net profit of €901 million (US$1.05 billion), surpassing a median forecast of around €836 million. Growth in loans and lower deposit costs drove the results. The Vienna-based lender upgraded its net interest income growth target for 2025 to over 2%, and now expects a cost-to-income ratio of about 48% (down from c.50%). It also said its CET1 capital ratio at year end should exceed 18.5%. The firm’s shares rose more than 5% to hit a record high on the update.