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Erste Bank records 1.6 bln USD loss in 2014

Xinhua, February 28, 2015 Adjust font size:

Erste Bank registered a record 1.6 billion U.S. dollar loss in 2014 on the back of massive write-offs of Eastern European operations, the bank revealed Friday.

The result was at the lower end of the loss range the bank had forecasted in mid-2014. Despite the overall loss, the bank still managed to reap a 3.4-billion-dollar operating income for the year.

The write-offs of bad loans were primarily in the Hungarian and Romanian operations of the bank. However, its subsidiaries in both countries are expected to bring a profit after years of loss.

Erste CEO Andreas Treichl expects a return to profit in 2015 for the bank. Less money will be put aside for bad loans, albeit the bank has predicted a more modest operating profit than 2014.

After the necessary restructuring measures in 2014, the bank will have two years of stability, according to Treichl. Enditem