Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 2
- Creatore Discussione caligola2005
- Data di Inizio
- Stato
discipline
Guest
BAWAG P.S.K. - Sound operating performance in first half-year 2012
Dear Madam or Sir,
Please find enclosed BAWAG P.S.K.´s recent half-year results 2012 presentation
for your kind information:
- Stable core revenues
- Flat operating expenses, risk costs further reduced
- Profit before tax and bank levy EUR 78.9m (-13.9%) affected by lower gains and
losses
- Improvement of net profit to EUR 96.6m (+23.1%)
- CET I ratio (EBA definition) significantly increased to 8.8%
- Own funds ratio stable at 12.2%
- Weaker operating performance due to significantly stronger headwinds in second
half-year expected
- Focus on efficiency programme and disciplined allocation of capital
The first half year of 2012 was marked by a further deterioration of the Euro
zone economy, exceptionally low interest rates, the continued ongoing sovereign
debt crisis and volatile financial markets. The demand of private households and
companies for deposits and loans remained relatively subdued in the light of the
economic environment.
In this context BAWAG P.S.K. has successfully steered through these difficult
economic times while maintaining a focus on the needs of its customers and
further improving its tight management of cost and strengthening of the capital
base.
The core revenues remained largely stable at EUR 411.3 million, the operating
expenses were further successfully reduced to EUR 306.0 million (EUR -3.2
million) despite continuing cost pressure. Risk costs of EUR 77.5 million once
more were below last year's level (EUR -1.4 million). The bank levy increased by
EUR 2.5 million (+25%).
All in all the bank achieved a satisfactory profit before tax and bank levy of
EUR 78.9 million which reflects the stable operating performance as well the
lower gains and losses compared to the first half year of 2011. Net profit of
EUR 96.6 million compares favourably with the net profit for the first six
months of 2011 and shows an increase by EUR 18.1 million or 23.1% mainly due to
temporary positive deferred tax effects.
Continued improvement of capital and liquidity position
BAWAG P.S.K. continued to monitor the developments of the finalisation of the
Basel-III-framework on an ongoing basis and took implementation measures to
actively enhance the Bank's capital and liquidity base by following a
disciplined capital management strategy. As of today the Bank is Basel
III-compliant but will look to further improve its capital ratios during the
second half year of 2012.
Part of this strategy was the Bank's successful buyback of the majority of
hybrid capital from the holders in the first half of 2012 (EUR 262 million; 65%
of issuance). From a regulatory point of view, an improvement of the Bank's core
equity (CET I) by EUR 110 million ***8211; approximately 50 basis points ***8211; was achieved
by this measure. This transaction had no financial impact on the IFRS financial
statements. The buyback of these hybrid instruments was executed after the
approval of the Financial Market Authority (FMA) which requested the issuance of
Basel III-compliant replacement capital in accordance with regulatory
requirements. In addition, a further risk weighted asset optimisation programme
was launched in the first half year 2012. Although the credit RWAs remained
unchanged, total RWAs were reduced by EUR 401 million (-1.7%) compared to
December 31, 2011. Allocated profits and the mentioned RWA optimisation
programme resulted in an improvement by further 50 basis points.
All these actions have increased the CET I ratio (EBA definition) to 8.8% in the
first six months (2011: 7.8%). The Tier I capital ratio based on total risk
amounted to 9.4% (2011: 9.6%) and own funds ratio to 12.2% (2011: 12.3%). Both
ratios are well above the minimum legal standards, which amount to 4% and 8%,
respectively. Total regulatory liquidity has improved and remains very strong at
EUR 6.7 billion (year-end 2011: EUR 5.2 billion).
Outlook
In the Euro zone, over the next six months the economic environment is highly
likely to remain poor while market uncertainty and volatility will continue. As
a result, interest rates are expected to remain very low and GDP growth would be
difficult to find. The regulatory burden will increase further, and capital
requirements will continue to be the primary focus for the banking industry.
As a result, the operating performance of the Bank is expected to be weaker in
the second half of this year. The Bank therefore will continue to invest in
growing selected profitable business segments. The efficiency and productivity
programme initiated in early 2010 targeting an overall cost reduction (staff as
well as administrative expenses) will be continued even more intensively and
accompanied by an incremental technology investment. The Bank will continue to
accelerate the execution of this programme and is on its way to fulfil its goals
in lowering operating costs and creating a more flexible operating model going
forward. Furthermore, we will consistently focus on a further improvement of our
capital base through continued discipline of risk weighted asset allocation in
support of our customers.
Today's press release regarding our half-year results 2012 is available for
download on our new Investor Relations website
http://www.bawagpsk.com/BAWAG/IR_DE/IR_EN.
The Semi-Annual Report 2012 will be available on Wednesday, August 29th 2012, at
1pm CET under the following link:
http://www.bawagpsk-annualreport.com
Dear Madam or Sir,
Please find enclosed BAWAG P.S.K.´s recent half-year results 2012 presentation
for your kind information:
- Stable core revenues
- Flat operating expenses, risk costs further reduced
- Profit before tax and bank levy EUR 78.9m (-13.9%) affected by lower gains and
losses
- Improvement of net profit to EUR 96.6m (+23.1%)
- CET I ratio (EBA definition) significantly increased to 8.8%
- Own funds ratio stable at 12.2%
- Weaker operating performance due to significantly stronger headwinds in second
half-year expected
- Focus on efficiency programme and disciplined allocation of capital
The first half year of 2012 was marked by a further deterioration of the Euro
zone economy, exceptionally low interest rates, the continued ongoing sovereign
debt crisis and volatile financial markets. The demand of private households and
companies for deposits and loans remained relatively subdued in the light of the
economic environment.
In this context BAWAG P.S.K. has successfully steered through these difficult
economic times while maintaining a focus on the needs of its customers and
further improving its tight management of cost and strengthening of the capital
base.
The core revenues remained largely stable at EUR 411.3 million, the operating
expenses were further successfully reduced to EUR 306.0 million (EUR -3.2
million) despite continuing cost pressure. Risk costs of EUR 77.5 million once
more were below last year's level (EUR -1.4 million). The bank levy increased by
EUR 2.5 million (+25%).
All in all the bank achieved a satisfactory profit before tax and bank levy of
EUR 78.9 million which reflects the stable operating performance as well the
lower gains and losses compared to the first half year of 2011. Net profit of
EUR 96.6 million compares favourably with the net profit for the first six
months of 2011 and shows an increase by EUR 18.1 million or 23.1% mainly due to
temporary positive deferred tax effects.
Continued improvement of capital and liquidity position
BAWAG P.S.K. continued to monitor the developments of the finalisation of the
Basel-III-framework on an ongoing basis and took implementation measures to
actively enhance the Bank's capital and liquidity base by following a
disciplined capital management strategy. As of today the Bank is Basel
III-compliant but will look to further improve its capital ratios during the
second half year of 2012.
Part of this strategy was the Bank's successful buyback of the majority of
hybrid capital from the holders in the first half of 2012 (EUR 262 million; 65%
of issuance). From a regulatory point of view, an improvement of the Bank's core
equity (CET I) by EUR 110 million ***8211; approximately 50 basis points ***8211; was achieved
by this measure. This transaction had no financial impact on the IFRS financial
statements. The buyback of these hybrid instruments was executed after the
approval of the Financial Market Authority (FMA) which requested the issuance of
Basel III-compliant replacement capital in accordance with regulatory
requirements. In addition, a further risk weighted asset optimisation programme
was launched in the first half year 2012. Although the credit RWAs remained
unchanged, total RWAs were reduced by EUR 401 million (-1.7%) compared to
December 31, 2011. Allocated profits and the mentioned RWA optimisation
programme resulted in an improvement by further 50 basis points.
All these actions have increased the CET I ratio (EBA definition) to 8.8% in the
first six months (2011: 7.8%). The Tier I capital ratio based on total risk
amounted to 9.4% (2011: 9.6%) and own funds ratio to 12.2% (2011: 12.3%). Both
ratios are well above the minimum legal standards, which amount to 4% and 8%,
respectively. Total regulatory liquidity has improved and remains very strong at
EUR 6.7 billion (year-end 2011: EUR 5.2 billion).
Outlook
In the Euro zone, over the next six months the economic environment is highly
likely to remain poor while market uncertainty and volatility will continue. As
a result, interest rates are expected to remain very low and GDP growth would be
difficult to find. The regulatory burden will increase further, and capital
requirements will continue to be the primary focus for the banking industry.
As a result, the operating performance of the Bank is expected to be weaker in
the second half of this year. The Bank therefore will continue to invest in
growing selected profitable business segments. The efficiency and productivity
programme initiated in early 2010 targeting an overall cost reduction (staff as
well as administrative expenses) will be continued even more intensively and
accompanied by an incremental technology investment. The Bank will continue to
accelerate the execution of this programme and is on its way to fulfil its goals
in lowering operating costs and creating a more flexible operating model going
forward. Furthermore, we will consistently focus on a further improvement of our
capital base through continued discipline of risk weighted asset allocation in
support of our customers.
Today's press release regarding our half-year results 2012 is available for
download on our new Investor Relations website
http://www.bawagpsk.com/BAWAG/IR_DE/IR_EN.
The Semi-Annual Report 2012 will be available on Wednesday, August 29th 2012, at
1pm CET under the following link:
http://www.bawagpsk-annualreport.com
Ultima modifica di un moderatore:
capt.harlock
MENA IL CAMMELLO FAN CLUB
sns 155
47,18/47,99 euronext
47,18/47,99 euronext
Ilmigliore
Osserva e agisci
dopo il tuo messaggio qualcuno ha mandato uno scud a sbriciolare il denaro
Rottweiler
Forumer storico
Ciao Angy,
anch'io prima che si scatenassero le OPA dell'anno scorso (ho cominciato a seguirle dopo il LME di Bank of Austria (advisor Zorba-Borghi)) ero della tua idea : consideravo la possibilità di un'OPA al più neutrale per la mia partecipazione. Pensavo: "al limite non aderisco".
Non è del tutto vero,
infatti dopo un'OPA (alla quale gli istituzionali, bisogna dirlo, solitamente aderiscono in massa) , sull'OTC, se il titolo era già da prima abbastanza illiquido (non ho seguito il Santander, quindi non so se sia molto o poco negoziato OTC), dopo l'OPA diventa tendenzialmente illiquido.
Ti faccio il caso di MPS 827 (potrei parlare anche di BA-CA; ma anche di BPVN 290 anche se un po' meno vistoso) : Monte Paschi di quel titolo ne ha ritirato solo il 32% (tutti gli istituzionali, tranne la Fondazione, che non scambia) , ma adesso, in media, lo spread denaro-lettera sfiora il 10% (spread quintuplicato rispetto ai valori pre-OPA).
Ritengo quindi (spero di sbagliare ovviamente) che un'OPA di SNS (spero non la unmodified dutch auction stile Santander: una furbatina
Ciao Amorgos,
la questione alla quale ti riferisci è interessante da parecchi punto di vista e meriterebbe di essere sviscerata sul forum.
Domanda: un T1 step-up, attualmente illiquido per via dello scarsissimo circolante, con call 2013 (e quindi a zero eligibity da lì in poi) ha più probabilità di essere richiamato ("perchè l'emittente dovrebbe rimetterci la faccia per 4 soldi?") o no ("non avete aderito alle mie tenders? peggio per voi!)?
Chi conosce la risposta?
apaci2
Ad bestias
So che qualcuno ne aveva già parlato ma non ricordo...
Su Binck ci sono titoli trattati su Lussemburgo e sembrano esserci degli scambi.
Ero in denaro ed un acquisto ha colpito addirittura il denaro ad un prezzo inferiore al mio ma non vi è stato l'eseguito. Quindi sembrano essere degli scambi fuffa.
Ho guardato anche sul sito della borsa di Lussemburgo e segna degli scambi con un indice "i".
Qualcuno sa spiegarmi?
Grazie
Mi auto rispondo a beneficio di tutti:
Traded price
t
Matching price
d
Reported trade
No trade price
i
Indicative price
Su Binck ci sono titoli trattati su Lussemburgo e sembrano esserci degli scambi.
Ero in denaro ed un acquisto ha colpito addirittura il denaro ad un prezzo inferiore al mio ma non vi è stato l'eseguito. Quindi sembrano essere degli scambi fuffa.
Ho guardato anche sul sito della borsa di Lussemburgo e segna degli scambi con un indice "i".
Qualcuno sa spiegarmi?
Grazie
Mi auto rispondo a beneficio di tutti:
Traded price
t
Matching price
d
Reported trade
No trade price
i
Indicative price
Ultima modifica:
bia06
Listen other's viewpoint avoid conflicts & wars.
info
....ai tempi (2008-9) Bawag aveva ricevuto aiuti di stato?
Se si, vi risultato restituiti in toto?
Grazie
....ai tempi (2008-9) Bawag aveva ricevuto aiuti di stato?
Se si, vi risultato restituiti in toto?
Grazie
Topgun1976
Guest
Scambi denominati I sono fake,vengono tracciati dalla Borsa ma non sono realmente eseguiti sul Lux Exchange
Quelli reali sono denominati con la lettera T
- Stato
Similar threads
Obbligazioni perpetue e subordinate
Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3
Obbligazioni perpetue e subordinate
RZB XS0173287862: call ora o mai più? XS0193631040, XS0253262025 e il problema Russia
