High Losses at Hypo Tirol

Published: May 1, 2012; 21:17 · (Vindobona)

The Austrian regional bank suffered high write-offs due to Italian non-performing loans. Pre-tax losses totaled € 107m.

High Losses at Hypo Tirol / Picture: © Hypo Tirol

“The additional write-offs of the Italian subsidiary of Hypo Tirol is a major burden for the bank.” the management commented. In 2011, Hypo Tirol wrote down loans of € 125m: besides the write-offs of € 114m, another € 11m came along. After pre-tax profits of € 2.1m in 2010, the bank had to register losses of € 107m last year. The balance sheets has already been approved by…

This article includes a total of 224 words.

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