January 29, 2013 / 8:38 AM / 5 years ago

Raiffeisen says bad loans have risen in Austria - paper

VIENNA, Jan 29 (Reuters) - Raiffeisen Bank International said non-performing loans, already a problem for the lender in emerging Europe, were on the rise in its home market of Austria.

“For the year 2012 there will also be a higher non-performing loan rate in Austria,” chief executive Herbert Stepic told Austria’s Wirtschaftsblatt in an interview published on Tuesday.

“I hope that this phase will end by the end of the year and that a turnaround will take hold.”

Raiffeisen said in November it expected bad loans to keep rising into this year, given tense conditions in its emerging European markets, particularly Hungary and southeastern Europe.

Bad loans already account for a tenth of the lending portfolio of RBI, which competes with UniCredit and Erste Group in eastern Europe. (Reporting by Georgina Prodhan; Editing by Mark Potter)

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