Significant Decline in Profits for Bawag

Professional ServicesBanks ♦ Published: August 24, 2011; 13:35 ♦ (Vindobona)

Net profit of the Austrian bank dropped 18.5% to € 78.5m in the first six months of the year. The bank levy totaled € 10.2m.

Decline in Profits for Bawag / Picture: © BAWAG

Bawag P.S.K. on Wednesday reported results for the first half of 2011. Although the reporting period saw continued fierce competition and sustained margin pressure, the bank was able to increase its core revenues from € 393.7m by nearly 5% to € 411.8m. Net interest income was € 322.4m and therefore € 13.1m or 4.2% higher than in the same period 2010. This improvement was…