Erste Bank adjusts accounting for 2006 due to introduction of new IAS standard

VIENNA (AFX) - Erste Bank said it has adjusted its accounting for 2006 due to the adoption of the amendment of IAS standard 19 in the bank's 2006 annual financial account.

Due to this change, the company's capital after latent taxes on September 30, 2006 was 82 mln eur lower at 9.364 bln eur, the bank said.

According to Erste Bank, annual profit after taxes and minority interests on September 30, 2006 was 6.1 mln eur higher at 655.4 mln eur, while the cost-income ratio for the third quarter 2006 increased slightly by 0.3 pct pts to 59.9 pct.

The return on equity for the first nine months of 2006 increased by 0.3 pct pts to 13.3 pct, it said.

Furthermore, Erste Bank intends to introduce IFRS standard 7 in its accounting for 2006. This step increases the transparency of accounting and does not cause any changes to figures, Erste said.

forbes.com