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Bank Austria Expects Positive Results
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Published: December 28, 2011; 17:50 ♦ (Vindobona)
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In spite of high losses in the third quarter, the subsidiary of the Italian UniCredit forecasts slight, but positive results.
Bank Austria Expects Positive Results / Picture: © UniCredit Bank Austria
Due to the profitable fourth quarter, Bank Austria will close the current financial year with a small profit, CEO Willibald Cernko says. In the third quarter, Bank Austria had to report losses reaching € 600m. This was caused by high write-offs of subsidiaries in Ukraine and Kazakhstan. Moreover, Greek government bonds had to be written off too. After the first nine months, profits…
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