Plus 20 percent

BAWAG increased net profit to 166.9 million euros

BAWAG generated a fifth more profit in the first quarter of 2024. Net profit increased by 20 percent to 166.9 million euros compared to the same period last year. Net interest income rose by eight percent to EUR 311.8 million, while net commission income increased by six percent to EUR 81 million. 

The financial institution's operating expenses increased by six percent to 126.2 million euros. Risk costs amounted to 29.9 million euros, an increase of 9.3 million euros compared to the previous year.

The non-performing loan ratio (NPL ratio) was one percent at the end of March 2024.

Graphic: Bawag annual balance sheet (as of February 2024)

At the beginning of February, BAWAG announced the acquisition of the Dutch online bank Knab. BAWAG CEO Anas Abuzaakouk hinted at a further acquisition.