Austrian CEE banking network Hypo Group Alpe Adria has posted an
after-tax loss of €1.58 billion for 2009, confirming the bank’s
prediction of an annual loss of “significantly more than €1
billion” back in November of last year.
The losses, getting on for triple 2008’s figure of €519.7
billion, were largely down to a threefold increase in loan loss
provisions, which soared to €1.67 billion after big problems in
Hypo’s Croatian, Bulgarian and Ukrainian leasing businesses.
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The figures have caused significant pain to Hypo’s former owner,
German public bank BayernLB, which sold its 67 percent stake in the
group to the Austrian government at the end of 2009.
BayernLB reported €3.3 of writedowns on the back of ownership of
Hypo, manifesting as a €2.6 billion net loss for the bank as a
whole.
The bank, which lost €5.1 billion in 2008 as a result of
exposure to American assets, stated that it would continue to
restructure, and would aim to return to profitability in 2010.
Fred Crawley
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