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Autobank now expects a bigger loss for 2020 |  06/13/21

Autobank now expects a bigger loss for 2020 | 06/13/21

The automated bank, which is mainly active in car financing and leasing, and decided in January 2021 to conduct its banking business, expects a loss of 9.7 million euros in 2020.

On Friday evening, the bank announced that, after the company was no longer supposed to continue as a going concern, provisions and value adjustments of €3.2 million were added. As announced in January, the company will fall below a specified core capital ratio.

In January, Autobank reported a loss of €6.5 million for 2020 and announced that it would be possible to roll back the specified reserve capital and that a loss of half of the capital during liquidation was “probable”. The bank announced today that the balance sheet will be reduced to less than 5 million euros.

The Bank has made provisions for costs associated with reducing banking operations, with foresight for the coming years. “Therefore, we have decided, in coordination with the auditor, to take into account the costs of discounts expected from the reduction in lending business in the 2020 annual financial statements,” Chief Financial Officer Marcus Beuchert was quoted as saying.

The final annual financial statements will be completed in the coming weeks, and should be approved in the course of the general meeting in October 2021. From the second half of 2021, customer deposits in Autobank will be gradually repaid. From July 1, no further payments will be accepted into existing deposit accounts, according to board member Gerhard Dangel.

According to the broadcast, reports against the Autobank board of directors in the summer of 2020 have been cancelled. “After an examination by the Public Prosecution, there was no initial suspicion, which is why not even a preliminary investigation was opened in this regard,” the bank said on Friday evening.

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Although Autobank is no longer listed in Vienna, it is still listed in Munich until September 30.

(APA) Tsc/Hack