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Hypo Alpe posts first H1 profit since 2007
VIENNA | Wed Aug 17, 2011 9:30am
Aug 17 (Reuters) - Nationalised Austrian lender Hypo Group Alpe Adria made a first-half net profit for the first time since 2007 as risk costs fell sharply and business picked up in its core southeastern Europe market. Austria's sixth-biggest bank, which repaid some state aid in the period, earned 5.2 million euros ($7.33 million) even after net interest income fall 13 percent due to a high level of non-performing loans and as it scaled back lending under orders from the European Union.
It also took a 21.5 million euro hit from writing down the value of Greek debt. After selling some debt in July, its Greek exposure has been reduced to a nominal 43 million euros, it said on Wednesday. It said its level of national and provincial guarantees had fallen by 1.4 billion euros to 19.7 billion as it exceeded its repayment plans. Hypo Alpe Adria, which had to be rescued in late 2009 to stave off a collapse, is in the process of winding down non-core operations and selling its businesses in Austria and Italy to focus on emerging Europe. It said it intended to sell around half of its 20 biggest M&A projects in the next 18 months.
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