Ecco Bawag
1st Half-Year Results – BAWAG P.S.K. Successfully Gathering Momentum
Profit after tax of EUR 97 million
The first half of 2010 for Austrian and international banks and financial institutions has been marked by a weak economic environment, uncertainties on the international financial markets in the course of the sovereign debt crisis as well as by discussions around pending regulatory changes and possible future banking tax concepts.
Despite these difficult market conditions BAWAG P.S.K. was successfully gathering momentum. The net consolidated profit significantly improved: The bank generated a profit after tax of EUR 96.8 million compared to EUR 13.3 million in the first half of 2009, a EUR 83.5 million increase. This encouraging result was achieved by a significant rise of the operating performance of the Bank supported by several sale initiatives.
BAWAG P.S.K. shows an overall total operating income of EUR 532.8 million, a EUR 26.4 million or 5.2 % growth compared to same period 2009. Total operating income includes net interest income of EUR 309 million (+2.3 % growth), net commission income of EUR 84 million (+13.1 % growth) and gains and losses on financial assets of EUR 130 million. Due to this further increased operating income combined with stable operating costs the bank managed to record a significantly improved operating profit of EUR 222.6 million, an increase of EUR 22.6 million or 11.3% compared to the first half of 2009.
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