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12. 03. 10. - 12:00

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12. 03. 10. - 12:00

Hypo Vorarlberg has higher operating earnings

Hypo Vorarlberg bank reported yesterday (Thurs) that its operating earnings had increased by 14.6 per cent year on year to 57.3 million Euros in 2009.

Bank board chairman Jodok Simma said the bank would pay out a total of 10.25 million Euros in dividends for 2009, an increase of 17 per cent over 2008.

He added that Hypo had received 22 million Euros last year for the sale of its Liechtenstein subsidiary.

Simma claimed the bank had a stable business model and had proven itself to be a reliable partner during a time of financial crisis.

Board member Johannes Hefel added that credit extended by Hypo in 2009 had been 4.1 per cent higher than in 2008.

He noted two-thirds of private credit had gone to Vorarlberg residents, one fourth to people in the rest of Austria and 10 per cent to customers of the bank’s subsidiary in St. Gallen, Switzerland.

Board member Michael Grahammer said the bank had increased its risk reserve from 16 to 34 million Euros last year after experiencing the lowest risk costs in the last 20 years in 2008.

Austrian Times

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