High Losses for Bank Austria

CountriesOther Regions ♦ Published: November 14, 2011; 17:36 ♦ (Vindobona)

Due to high write-offs in Ukraine and Kazakhstan, losses amount to € 600m in the third quarter. The first nine months bring profits of only € 4.5m.

High Losses for Bank Austria / Picture: © Uni Credit Group Bank Austria

Bank Austria’s CEO Willibald Cernko: “A good operating performance has enabled us to report a net profit for the first nine months, despite exceptional charges. The large one-off costs resulted from two developments: the write-down on Greek government bonds as a consequence of the sovereign debt crisis had a negative impact of € 304m on our results. On the other…