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Erste Bank quarterly losses exceed €1 billion

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Photo: APA (Neubauer)
09:15 CEST+02:00
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.
 
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