19.02.2023, 1094 Zeichen

Bawag: Banking group Bawag reported 2022 results. In August, the Austrian Supreme Court ruled that the swap contract entered between Bawag and the City of Linz 15 years ago was invalid. As a result of the ruling, Bawag took a pre-tax write-off of Euro 254 mn, equal to Euro 190 mn impact after tax. Including this write-off, net profit for the financial year 2022 was Euro 318 mn with an RoTCE of 11.6%. CEO Anas Abuzaakouk commented on the financial results: “Despite headwinds building up, volatile capital markets and a slowdown in the second half of the year, 2022 was another record year for the Group in which we exceeded all our targets. On an adjusted basis (excluding the City of Linz legal case) we delivered Net Profit of € 509 million, EPS of € 5.81, a return on tangible common equity (RoTCE) 18.6%, and a cost-income ratio (CIR) 35.9%." The management will be proposing a dividend of Euro 3.70 per share, equal to Euro 305 mn, for approval at our AGM in March.
Bawag: weekly performance: 1.20%

(From the 21st Austria weekly https://www.boerse-social.com/21staustria (13/02/2023)

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