UPDATE 1-Austria's Hypo expects 2013 net loss of 1.9 bln euros

Thu Apr 10, 2014 5:50am EDT

Related Topics

* Expects 2013 net loss of 1.9 bln eur under IFRS rules

* Final results due on April 16

* Needs around 700 mln more of state aid this year (Adds details, background)

VIENNA, April 10 (Reuters) - Nationalised Austrian bank Hypo Alpe Adria expects to report a record net loss of about 1.9 billion euros ($2.6 billion) for 2013 under IFRS accounting rules, it said on Thursday.

The bank is expected to have made large writedowns on its Balkan banking network - which it expanded at breakneck speed in the last decade and which is now up for sale - as well as on its Italian operations.

Hypo has received almost 5 billion euros in state aid since 2008 and has said it needs around 700 million more to prop up its balance sheet before putting about 18 billion euros worth of toxic assets into a "bad bank" later this year.

Der Standard newspaper had reported in February, citing government sources, that the lender would post a 2013 loss of around 1.3 billion euros.

Under Austrian accounting rules, the 2013 loss will be around 2.7 billion euros, Hypo said.

Hypo will publish its final 2013 results late on April 16 after a meeting of its supervisory board. ($1 = 0.7234 Euros) (Reporting by Georgina Prodhan and Angelika Gruber; Editing by Erica Billingham)

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