BAWAG achieved a fifth more profit in the first quarter of 2024. Net profit increased by 20 percent to 166.9 million euros compared to the same period last year. Net interest income increased by eight percent to 311.8 million euros, and net commission income increased by six percent to 81 million euros.
The financial institution’s operating costs increased by six percent to 126.2 million euros. Risk costs amounted to 29.9 million euros, an increase of 9.3 million euros compared to the previous year.
The non-performing lending ratio (NPL ratio) stood at one percent at the end of March 2024.
Chart: Bawag annual balance sheet (as of February 2024)
At the beginning of February, BAWAG announced the acquisition of the Dutch online bank Knab. BAWAG boss Anas Abuzaakouk hinted at a new takeover.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
