Erste Group: High Losses Ahead

Professional ServicesBanks ♦ Published: February 26, 2013; 19:00 ♦ (Vindobona)

Analysts believe that the Austrian bank record substantial losses in the fourth quarter of 2012.

Erste Group: High Losses Ahead / Picture: © Erste Group / Christian Wind

According to RCB (Raiffeisen Centrobank), the expected losses come at € 138m. Kepler forecast a net loss of € 123m. The high losses are mainly due to the withdrawal from Ukraine. Moreover, Erste Group suffers from the situation in Romania. Write-downs total more than € 260m, analysts say.

The expected net profit for 2012 comes at € 450m. Compared to 2011, this is a…