The listed former trade union bank BAWAG made a net profit of 377 million euros in the first three quarters of this year, with earnings per share of 4.24 euros. Due to the complete write-off of the claim of 254 million euros booked against the city of Linz, a net loss of 58 million euros resulted in the third quarter. Adjusted for this, the net profit was 132 million euros, according to the bank in a broadcast.
The share buyback program worth 325 million euros is already 65 percent complete. The targets for the full year were partially confirmed, i.e. a profit before tax of over 675 million euros, but the core operating income was adjusted – to growth of nine percent.
“Our operations remained strong in the first nine months of 2022, with earnings before risk costs of 636 million euros and a cost/income ratio of 35.9 percent,” the company said. BAWAG further stated: “Despite our low NPL ratio of 1% and the continued robust quality of our loans across all our businesses, given the current market environment and potential headwinds, we have decided to act cautiously and have therefore increased our management overlay by 21 million increased to 82 million euros.
The average loans to customers are stable compared to the previous quarter and increased by 9 percent compared to the previous year. “In the first nine months of 2022 we achieved strong results,” said bank boss Anas Abuzaakouk on Wednesday morning.