Annual Report 2018 Men and Women Are Equally Important to Us
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Annual Report 2018 Men and women are equally important to us. To make contents better readable and understandable, any gender specific phrasing was waived. The gender used in the text applies to both genders equally. Mag. Johannes Haid, Mag. Wilfried Stauder, Johann Peter Hörtnagl und Mag. Alexander Weiß Dear Ladies and Gentlemen! by doing so we play an important role in the development of the Tyrol as a business location. In 2018, change was definitely not contradictory to consistency. While the fear of recession and various political risk factors caused Make use of our comprehensive service – personally or digitally. price corrections and volatility, the interest level remained on a The personal relationship between consultant and client is one very low level due to the loose monetary policy pursued by the of our central service elements. The modernisation of the branch ECB. For Hypo Tirol Bank, the past business year was marked by offices in the Ziller Valley (Fügen) and in Kitzbühel demonstrates that the positive rating upgrade and the strategy to go further along we are represented as a modern financial institution throughout the path opened up in the past. Therefore, we look back at a very the Tyrol. Additionally, we will further invest in digital services for successful business year. We are aware of our responsibility that we our clients: the HYPOrtfolio online tool offers all clients individual take as a well-established state bank. applications in relation to private investment, while the “Morning Briefing” tool sends financial updates to your smart phone via A further upgrade confirms our successful development: WhatsApp every day. The information service offered by Hypo Tirol Standard & Poor’s upgraded Hypo Tirol Bank to the A section. Bank is completed by our new social media presence on Facebook The credit rating was upgraded from BBB+ to A-; the forecast is and Instagram. considered to be consistent. The rating agency rewarded the bank’s alignment and the increase in profitability and efficiency as well as In 2018, Hypo Tirol Bank safeguarded sustainable banking the improved asset quality. This kind of success is also reflected by expertise across the Tyrol. in 2018, we presented ourselves as a the economic key figures: Income before tax in 2018 amounted to strong company and as a sustainable employer with 516 employees. EUR 41.5 million. While, this result was above budget figures, the The quality seal “Ausgezeichneter Lehrbetrieb” (award-winning balance sheet total slightly increased to EUR 7.3 billion as expected. training company) shows that we actively take responsibility for The equity ratio further increased to 16.71%, the core capital the next generation. We hired seven trainees and offered them an ratio to 14.67%. Once again, credit risk provision was significantly optimal entrance into business life. This strategy guarantees highly reduced (by 50.8%) and accounted for EUR 5.2 million at the qualified jobs in our country – a responsibility we are very happy to balance sheet date. take as an employer. An essential component of our success: the huge commitment We would like to say thank you to all the people who contributed of our employees. Hypo Tirol Bank won the Austrian “Dachfonds to such a successful business year. We would like to thank our Award” in three categories, which proves the impressive expertise clients for their confidence, our employees for their commitment we offer in the field of fund management. The outstanding and our partners and owners for their loyalty. Let’s create a well- performance of the Hypo Tirol Bank sales team is illustrated by established Tyrolean state bank by pairing positive change with the rate of re-investment regarding our own portfolio, which consistency. was clearly above the target. In addition, more than 1,000 new fund savings plans were signed – the classic alternative offered by Hypo Tirol Bank becomes increasingly popular. Moreover, the WohnVision sales team succeeded in winning numerous new clients, which is a great accomplishment. The Tyrolean state bank Mag. Wilfried Stauder, Johann Peter Hörtnagl, plays a leading role in the core market regarding the financing chairman of the supervisory board chairman of the supervisory board of housing with 2,110 requests and a credit volume of EUR 450 million. The commitment of Hypo Tirol Bank is underscored by the confidence of our clients. We make our decisions on the spot and Mag. Johannes Haid, Mag. Alexander Weiß, managing board managing board MANAGEMENT REPORT 2018 Hypo Tirol Bank AG II Consolidated Financial Report for the fi scal year ended December 31, 2018 Consolidated Financial Report for the fi scal year ended December , prepared by the Management Board of Hypo Tirol Bank AG 1. Hypo Tirol Bank. Our federal state bank. ning of the year, the global economic engine lost headway in the course of 2018. Already during summer, annual growth in Europe Since Hypo Tirol Bank AG is owned by the Province of the Tyrol, dropped from more than 2.5% to 1.5%. At that point of time, owing the bank takes care of all Tyrolean people and by providing service to the latest tax reduction, the situation in the USA was still quite for both, people and the economy, it acts as a universal and pleasing. However, in the course of time, an increasing number of regional fi nancial partner. Due to its experience and expertise, the bad e� ects could also be witnessed overseas. These e� ects prima- bank generates sustainable success and provides comprehensive rily resulted from diverse geopolitical confl icts that progressively fi nancial security. In this context, the federal state bank acknow- infl uenced the mood of market participants in a negative manner. ledges the importance of personal on-site service. While other In this context, the trade dispute between the USA and China, competitors are closing their o� ces, Hypo Tirol Bank AG focuses which escalated after September 2018, played a crucial role. In on the modernisation of existing o� ces. In 2018, two branch Europe, the essential stress factor was the failure regarding the o� ces in the Ziller Valley and in Kitzbühel were renovated which withdrawal agreement of Great Britain and the European Union. enables our employees to o� er all clients well-established consul- Moreover, increasing nationalist tendencies where the reason why ting and service quality in a traditional but modern atmosphere. the unity of the European Union was put to the test several times. The whole branch network in the defi ned core markets of North, This aspect was refl ected by the Italian confrontation policy regar- East and South Tyrol as well as Vienna comprises 22 o� ces. Our ding the 2019 budget. Just before the turn of the year, the partial teams working in these o� ces provide service for all strategic shutdown of the US administration, which had been caused by target groups, with special attention being given to private clients, the political blockade in the Congress, resulted in a deteriorati- corporate clients and public institutions. on of the already bad atmosphere on the markets and fears of Not only is the service concept perfectly tailored to the require- recession emerged. ments of these target groups, it is also a major component of the Economic slowdown resulted in stock market downturn. Stock organisational structure. In the retail sector, Hypo Tirol Bank AG markets started very well in the beginning of 2018. However, in supports private clients, individual companies and small corpo- February, uncertainty increased more than expected and prices rate clients as well as liberal professionals in all aspects regarding dropped as a result of the reported US infl ation fi gures. The situ- daily fi nancial life and strategic capital business. The service par- ation developed positively until September, when an unpleasing ticularly focuses on the fi nancing of housing, corporate fi nancing fourth quarter had to be faced until the end of 2018. In particular, and investment strategies. All experts of Hypo Tirol Bank AG, who the trade dispute between the USA and China and the above- work in the private client centres, o� er comprehensive expertise mentioned political stress factors had negative impact on stock for all entrepreneurs. As far as private banking, liberal professions markets. Even the best company profi ts could not change the and public institutions are concerned, expert teams combine their situation. December turned out to be extremely negative. Espe- profi ciency for ambitious investors, self-employed people and lo- cially American and Japanese stocks were strongly a� ected in this cal authorities alike. The “WohnVision Center Tirol” represents the respect. The US stock market had to face the worst end of the year supra-regional point of contact for all Tyrolians who would like to since 1927! From late summer onwards, European stocks were also make their dream of home ownership come true. The widespread under pressure. fi nancial service o� er is completed by the holistic knowledge in High price fl uctuations on bond markets combined with an the fi eld of leasing provided by the experts working in the „Hypo extension of spreads in resulted in a di cult year as far Tirol Versicherungs Gmbh” insurance company and “Hypo Immo- as bonds are concerned. The economic slowdown and the incre- bilien Betriebs GmbH” real estate company. asing restrictive monetary policy pursued by the most important Moreover, Hypo Tirol Bank is a sponsor in the fi eld of education, central banks have left their traces on capital markets as well. The social a� airs, culture and sports and thus, safeguards cultural Federal Reserve increased the base rate four times, from lately values and takes responsibility for social justice.