Bawag Announces Being Back in Black

Professional ServicesBanks ♦ Published: March 24, 2011; 00:00 ♦ (Vindobona)

Despite the continued difficult economic environment and the increasing regulatory burden, BAWAG P.S.K. realised good results in 2010, with an annual overall net profit recorded for the first time in four years.

Bawag Announces Being Back in Black / Picture: © BAWAG

The IFRS profit before tax of € 138.1 m is significantly better than last year(€ -35.1 m). Byron Haynes, CEO: " This shows the continued successful efforts by the Bank to increase profitability and efficiency." The main drivers behind this significant increase in profits after tax include:

Net Interest Income increased by 15.2% compared to last year to € 649.9 m (2009: €…