Hypo Group: Losses of € 165m

Businessn.a. ♦ Published: March 13, 2012; 12:35 ♦ (Vindobona)

Hypo Group Alpe Adria, a nationalized Austrian lender, does not pay a dividend to the state. According to IFRS, Hypo Group could achieve profits of € 69.3m.

Hypo Group: Losses of € 165m / Picture: © Hypo Alpe-Adria-Bank International AG

Net income was € 69.3m in 2011 under international financial reporting standards after a € 1.1bn loss the year before, the Klagenfurt, Austria-based bank said today in a statement on its website. Hypo won’t pay a dividend because it still posted a full-year loss of € 164.7m, according to Austrian accounting standards.

Austria took over Hypo Group in 2009 after bad debts,…