Executive Summary 4
Asset quality deterioration is likely to show new casualties 4
Asset quality deterioration is already reality 5
Lending volume growth: Moving towards the credit crunch? 6
Large loan books as the basis for fresh non-performing loan growth 7
Pre-tax profit sensitivity to increasing risk provisions 7
A key risk: NPLs not covered by risk provisions 9
Dividend payment for banks looks questionable 10
Company Overview 13
UniCredit 14
Intesa Sanpaolo 26
Commerzbank 35
Erste Group 37
KBC 39
Raiffeisen International 41