Reuters: Hot Stocks: UPDATE 2-Raiffeisen shares drop after raised bad debt estimate

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UPDATE 2-Raiffeisen shares drop after raised bad debt estimate Sep 16th 2013, 10:12 Mon Sep 16, 2013 3:39am EDT * Sees net provisions need of 1.1-1.2 billion euros * Had earlier seen net provisions flat at just over 1 bln * Shares fall as much as 7.3 pct (Adds Raiffeisen comment, background) VIENNA, Sept 16 (Reuters) - Raiffeisen Bank International AG shares fell as much as 7.3 percent on Monday after the bank raised its forecast for 2013 bad loan provisions by as much as a fifth, citing developments at its corporate customer business. Emerging Europe's second-biggest lender had previously guided for a net provisioning need at a similar level to the just over 1 billion euros ($1.3 billion) it booked in 2012. Now it expects an increase to between 1.1 billion and 1.2 billion euros this year, it said in a statement late on Sunday. A bank spokesman said the revisions arose as a result of "various cases of customers that are under pressure because of the long recession in the euro zone, including in Albania, Bulgaria and Slovenia". Slovenia's central bank said last month that stress tests would be expanded to include 10 lenders including Raiffeisen and the results should be released by year's end. Peers including Erste Group Bank and UniCredit Bank Austria have also had to boost bad loan provisions as economies in central and eastern Europe struggle. RBI shares were down 4.3 percent at 24.495 euros by 0730 GMT, the biggest decliners in the Stoxx European banking sector index, which was up 0.5 percent. ($1 = 0.7542 euros) (Reporting by Michael Shields and Angelika Gruber; Editing by Mark Potter) Link this Share this Digg this Email Reprints

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