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Volksbanken Group Result Negatively Impacted by Extraordinary Write-Downs
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The Austrian bank posted a consolidated loss of € 689m for the first nine months of the year. The annual result is expected to decrease even further.
Volksbanken Group Result Negatively Impacted by Extraordinary Write-Downs / Picture: © Volksbank AG
Extraordinary write-downs for country risks and participations resulted in a loss for VBAG Group. The consolidated result for the first nine months of 2011 amounts to € -689m (1-9 2010: € 0.3m). A substantial part of the negative impact is attributable to an impairment on the participation in VB Romania and to losses from financial investments (Greece, market value losses on CDS,…
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