15bn loss expected for erste bank in q2
Last Updated : GMT 13:03:42
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$1.5bn loss expected for Erste Bank in Q2

Arab Today, arab today

Arab Today, arab today $1.5bn loss expected for Erste Bank in Q2

Austrian Erste Group Bank AG
Vienna - XINHUA

 Austrian Erste Group Bank AG is expected to post a loss of about 1.5 billion U.S. dollars for the second quarter of the year, according to analysts' predictions revealed Wednesday.
The forecasts came against the backdrop of emerging reports on massive losses from the bank earlier in July resulting from problems in its Romanian and Hungarian operations.
The analysts from groups such as Cheuvreux, Raiffeisen Centrobank (RCB), Citigroup, and Nomura Holdings expect the majority of the expenses incurred through the one-off effects of the bad loan write-offs in Romania and banking law changes in Hungary to be absorbed in the second quarter.
However, they said an accurate prognosis is difficult to make.
Additionally, the analysts said they expect operating profit for the bank to be only minimally weaker.

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