Bawag: Successful Return to Profitability

Professional ServicesBanks ♦ Published: March 17, 2011; 10:37 ♦ (Vindobona)

The Austrian bank, which is held by the American Cerberus fund, achieved a profit of € 125m in 2010.

Bawag: Successful Return to Profitability / Picture: © BAWAG

After a four-year phase of continued losses, 2010 shows black figures again. Restructuring of the bank bought in 2007 by the American Cerberus investment fund has shown success. After a loss of € 25.1m in 2009, a net profit of € 125m could be achieved in the previous year, thanks to increased interest income and falling risk costs, which fell by 16% to € 200m. Total assets were…