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Austrian Regulator Sees ‘Massive’ Bank Writeoffs (Update1)
(Adds analyst comment in fourth paragraph, stress-test
projections in fifth.)
By Jonathan Tirone
Jan. 26 (Bloomberg) -- Austria’s Financial Market Authority
expects the nation’s banks to write off credit and boost capital
reserves in 2010 as lenders with business in eastern Europe
recognize more bad loans.
“We expect that massive write-offs will be needed in the
next 12 months,” Helmut Ettl, co-chairman of the regulator,
said at a briefing in Vienna. Austrian banks should boost
capital reserves, he said.
Erste Bank Group AG and Raiffeisen International Holding AG
are among Austrian lenders that expanded in eastern Europe
during the past decade. The global financial crisis caused the
biggest economic slowdown in the region since the end of
Communist rule, leaving some people unable to pay off loans.
“Erste Group still appears undercapitalized,” Thomas
Stoegner, an analyst at Sal. Oppenheim Jr. & Cie. in Frankfurt,
said today in a research note. Raiffeisen’s year “will continue
to be driven by non-performing loan growth, high costs of risks
and sluggish revenue growth.”
Austria’s central bank said Dec. 14 that its baseline
stress-test predicted the nation’s banks may post writedowns of
10 billion euros ($14.1 billion) over the next two years. The
test envisioned loan defaults rising to 8 percent in Austria and
16 percent in eastern Europe.
Austria responded to the financial crisis by allocating 15
billion euros to a fund for troubled lenders and set up a 75
billion-euro clearinghouse to boost liquidity by guaranteeing
bank bonds. The government has taken over two lenders since
November 2008, Kommunalkredit Austria AG and Hypo Alpe-Adria
Bank International AG.
Fai 10bn diviso le 3 0 4 banchette...e anche i 2bn di UCI potrebbero non essere abbastanza...
Non voglio convincere nessuno, ma si sapeva già che c'erano altre svalutazioni in arrivo. Solo per dare alcune cifre, al 30/9/2009 BA aveva già svalutato per 1.6 bln e nonostante questo aveva un utile ante imposte di 1.2 bln. Non credo che questo sia un dato che aggravi la situazione delle banche austriache, rispetto a quela attuale.
Results for the first nine months of 2009:
Bank Austria: profit before tax of EUR 1.2 billion for first nine months
- Operating profit up by 31 per cent to new record level of EUR 2.8 billion
o Operating income up by 9 per cent to EUR 5.5 billion
o Net trading income of EUR 237 million, after a net trading loss in the first nine months of 2008
o Operating expenses down by about 7 per cent due to cost reductions in CEE and efficiency improvements in administrative and back-office activities - Provisioning charge increased to EUR 1.6 billion reflecting the economic environment, although the quarter-on-quarter trend is decreasing with the exception of Kazakhstan
- Despite record operating performance in customer business, profit before tax down by 40 per cent to EUR 1.2 billion on account of substantially higher provisioning charge
- Consolidated profit of EUR 972 million, close to one billion euro mark
- Tier 1 capital ratio (credit risk) improved to 9.19 per cent without use of state aid and
before capital increase
