Austrian Banks Affected by European Crisis

Business › Economy ♦ Published: June 26, 2012; 19:22 ♦ (Vindobona)

Bank Austria´s CEO Willibald Cernko still believes in the common currency. Last year, earnings went down by 14.6%.

Austrian Banks Affected by European Crisis / Picture: © European Commission

Austrian banks cannot hold back from the European crisis. In 2011, operating earnings declined by 14.6% to € 2.0bn. In total, a net income of minus € 340m was recorded. Erste Group´s net income was € -719m last year.

Willibald Cernko, President of the Austrian Banking Association, refers to the low margins, regulations and the bank taxes. The current year has begun…

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