Bank Austria Posts Net Profit of EUR 660 Million for the First Nine Months

BusinessInvesting in Austria ♦ Published: November 11, 2015; 19:15 ♦ (Vindobona)

UniCredit Bank Austria announced that net profit in the three months to end-September dropped to 172 million euros from 291 million in the previous three months. As reported, the bank plans to terminate up to 14,000 jobs and restructure or exit its retail business in Austria and leasing operations in Italy as it seeks to strengthen its equity.

Bank Austria posts net profit of EUR 660 million for the first nine months / Picture: © UniCredit Bank Austria

Bank Austria’s CEO Willibald Cernko: "The bank’s results for the first nine months reflect various developments. The performance from Austrian customer business clearly shows the challenges which universal banks are currently facing: while we achieved significant volume growth in deposits and loans, this development is not reflected in revenue – on the contrary, operating…