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Greek Bonds Burden Kommunalkredit’s Results

Published: August 8, 2011; 13:57 · (Vindobona)

The state-owned Austrian bank reported a significant decline in profits due to a write-off of Greek government bonds.

Greek Bonds Burden Kommunalkredit’s Results / Picture: © Kommunalkredit

Kommunalkredit Austria AG (KA), which emerged from the nationalized Kommunalkredit at the end of 2008, achieved a profit after tax of € 0.9m in the first half of 2011. In the same period of the previous year, the corresponding figure was € 1.8m. Profit before taxes dropped from € 2.2m to € 1.2m. The results were burdened by write-offs of Greek government bonds, the bank…

This article includes a total of 176 words.

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