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Erste Bank quarterly losses exceed €1 billion

The Local · 31 Jul 2014, 09:15

Published: 31 Jul 2014 09:15 GMT+02:00

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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.
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