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Volksbanken Group Result Negatively Impacted by Extraordinary Write-Downs

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,…

This article includes a total of 651 words.

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