ÖVAG in the Black Again

Professional Services › Banks ♦ Published: May 6, 2011; 08:24 ♦ (Vindobona)

The central institution of the Austrian Volksbanken was able to achieve a profit of € 67.6m in 2010 after losses for € 24.5m reported in 2009.

ÖVAG in the Black Again / Picture: © Wikipedia / MrPanyGoff

The ailing ÖVAG was able to consolidate its position again last year. Lending increased by 6.6% to € 19.0bn in 2010, of which corporate loans amounted to € 6.22bn (+8.3%). In housing finance over € 6.8bn (+13.6%) was provided.

Net interest income decreased by 6.8% to € 501.9m, while net commission income, however, rose by 5.6% to € 204.8m. Total assets of ÖVAG rose by…

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