Erste Group Bank lifts targets after Q3 profit beat, shares hit record high

Erste Group reported a third-quarter net profit of €901 million, ahead of the consensus of around €836 million, driven by loan growth and lower deposit costs. The Vienna-based lender raised its full-year net interest income growth target to over 2% and expects the cost-to-income ratio to drop to about 48% from 50%. Its CET1 capital ratio is now projected to end the year above 18.5%. Shares rose over 5% on the update, marking a record high for the stock.