Bank Austria: profit more than doubled

Bank Austria increased its net profit in the first three months of 2023 by around 160 percent compared to the same quarter of the previous year to EUR 223 million. This emerges from the figures published by the parent company UniCredit on Wednesday. The operating result increased accordingly from 215 to 354 million euros.

Like its European competitors, the major Italian bank benefited from rising interest rates and more than doubled net income in the first quarter to EUR 2.06 billion. UniCredit thus exceeded the expectations of the analysts, who had expected EUR 1.3 billion. Net interest income rose by almost 44 percent to 3.3 billion euros.

For 2023, the UniCredit management now expects a profit of 6.5 billion euros, after around 5.2 billion euros most recently.