Image: OÖN TV
Including the depreciation, the bottom line for the bank in 2022 was a profit of 318 million euros, adjusted for the depreciation it was 509 million euros according to the preliminary results, the bank announced on Monday. In 2021, the bank had written a surplus of 480 million euros. In August of last year, the bank had to completely write off its pre-tax claim of EUR 254 million booked as part of a swap transaction with the city of Linz. After taxes, this corresponds to an effect of 190 million euros, according to the bank.
In the operational business, however, the bank achieved increases. Thanks to higher average customer loans and higher interest rates, net interest income rose by 8.8 percent to around EUR 1 billion. Loans to customers increased by an average of 4 percent compared to the previous year. Net commission income grew by 9.6 percent to EUR 309 million.
For the current year 2023, the bank expects a “normalized interest rate environment”. Coupled with higher inflation and a stagnating economy, BAWAG expects the effects of high interest rates on its customers and is therefore planning higher risks. The risk costs increased in the previous year (excluding the Linz write-off) by 27 million or 28.4 percent to 122 million euros, including the Linz write-off it was 376 million euros.
The BAWAG management wants to propose a dividend of EUR 3.70 per share at the Annual General Meeting planned for March, which corresponds to a distribution of EUR 305 million.
Source: Nachrichten
