ÖVAG back in the black as search for partner continues

Volksbank AG (ÖVAG) reports good business figures for the first quarter of this year after suffering dramatic losses in 2009.ÖVAG chief Gerald Wenzel said today (Fri) earnings before interest and taxes (Ebit) soared to 21.6 million Euros after the bank had losses of 93.4 million Euros in the first three months of last year.He added that the bank institute’s operating result improved by 69 per cent year on year to 115 million Euros.ÖVAG suffered losses of 1.123 billion Euros after taxes last year.”We expect to make profits this year. The forecast is full of positive signals,” Wenzel said, adding that he was convinced that ÖVAG will achieve a turnaround.The ÖVAG head, who recently dismissed reports that the bank faces nationalisation, said the search for a “strong partner” would continue. Austrian BAWAG bank is rumoured to be a possible candidate.