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Austrian Banks Only Reached Minor Profits in 2011
Last year, consolidated profits of Austrian banks were down by 85%. In total, profits after taxes amounted to € 0.71bn. At the moment, Spain and Portugal are not regarded as risk factors.
Austrian Banks Only Reached Minor Profits in 2011 / Picture: © www.map-of-spain.co.uk
After profits of € 3.87bn in 2010, profits generated by Austrian banks were considerably down last year. Due to write-offs in Eastern Europe and stagnating earnings, profits only reached € 0.71bn in 2011. This corresponds to a cut by 85%. Nevertheless, the business in CESEE countries is still the engine of earnings. The domestic business only achieved a 0.13% return on asset (ROA).…
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