Volksbanken Group Result Negatively Impacted by Extraordinary Write-Downs

Businessn.a. ♦ Published: November 25, 2011; 12:10 ♦ (Vindobona)

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,…