Erste Bank quarterly losses exceed €1 billion

The Local
The Local - [email protected] • 31 Jul, 2014 Updated Thu 31 Jul 2014 09:15 CEST
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In a briefing Thursday morning, Erste Bank chief Andreas Treichl announced that the expected losses for the second quarter of 2014 were reduced to only €1.033 billion.

After massive problems with huge write-downs on loans in Hungary and Romania, as well as a renewed depreciation of its Romanian subsidiary, the Erste Bank Group had expected losses for its second quarter of between €1.4 and €1.6 billion.
In the first quarter of 2014 there had been a net gain of €103 million. In the first half, the loss amounted to €929.7 million, compared with the previous year's profit of €302 million. 
Treichl defended his decision to accelerate the clean up of the bank's portfolio of bad loans. Despite the net loss, the core capital ratio has improved.



The Local 2014/07/31 09:15

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