Austria-based Erste Group has said it will
record a net loss of between €920m (€1.25bn) and €970m for the
first three quarters of the current fiscal and is now forecasting a
full year net loss of around €700m-€800m.

Erste has taken a goodwill hit of €312m
for its Hungary-based division in addition to risk provisions of
€450m at the same business unit.

Erste has also said it is taking a
writedown of a net €627m at its Romania-based BCR unit.

Erste’s statement on 10 October
added:

  • Erste will postpone the early repayment
    of the state portion of the participation capital €1.2bn) by at
    least one year;
  • Erste will propose to the AGM not to pay
    a dividend for fiscal 2011, and
  • Erste’s the core tier 1 ratio of about
    9.2% is expected to remain unchanged versus year-end
    2010.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.