Bawag is Profitable Again

People ♦ Published: December 2, 2010; 14:11 ♦ (Vindobona)

The Austrian bank Bawag PSK, now owned by the U.S. fund Cerberus, is to have profits again this year: € 100m are expected.

Bawag is Profitable Again / Picture: © BAWAG

The chairman of Bawag PSK, Byron Haynes announced that the bank will achieve this year "a profit over € 100 million." After four years in the red  the bank, majority owned by the U.S. fund Cerberus will write profits again. Already in the first half year Bawag could record profits for € 96.8 million.

Nevertheless, the year 2011 will be more difficult, according to the CEO…