Grazer Wechselseitige Posts Profit Decrease

Professional ServicesInsurance ♦ Published: May 16, 2012; 17:01 ♦ (Vindobona)

Due to the Hungarian business segment, the Austrian banking and insurance group recorded a decline in net income to € 58m from € 69m.

Grazer Wechselseitige Posts Profit Decrease / Picture: © Grawe Grazer Wechselseitige

The Styrian Grazer Wechselseitige (Grawe) reported a decline in net earnings. After a net profit of € 68.7m in 2010, the insurance group´s profit reached € 58.2m last year. Above all, the result was lowered by the banking business in Hungary. The coercive conversion of foreign currency loans caused a capital injection of € 7.5 to Sopron Bank. The operating profit of the banking…