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Erste Group: Concerns Despite Profits
Yesterday, the Austrian banking group published its results for the first half year. The business in Romania, Hungary and Ukraine causes worries.
Erste Group: Concerns Despite Profits / Picture: © Vindobona.org
In the first six months of 2012, Erste Group´s net income was down by 12.9% to € 453.6m. Because the the buy-back of hybrid bonds, the Austrian bank could prevent major losses. Profits from real estate sales amounted to € 42.7m. The subsidiaries in Romania, Hungary and the Ukraine are deep in the red.
In 2006, Erste Group acquired Romania´s biggest bank Banca Comerciala…
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