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Erste Group Reports Loss of € 1.49bn for the Third Quarter

Companies ♦ Published: October 28, 2011; 09:55 ♦ (Vindobona)

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The Austrian bank took extraordinary charges leading to a net loss of € 973.0m in the first nine months of 2011 and significantly reduced CDS exposure.

Erste Group Reports Loss of € 1.49bn for the Third Quarter / Picture: © Erste Group / Helmut Lackner

As pre-announced on 10 October 2011, significant charges (write-down of goodwill in Hungary and Romania, additional risk provisions in Hungary, and expenses resulting from the change in the fair value of the CDS portfolio) resulted in a net loss after minorities of € 973.0m (1-9 2010: net profit of € 633.8m). Banking taxes in Austria and Hungary came to € 140.2m (before…