Net interest income rose by 8 percent to 311.8 million euros, and net commission income increased by 6 percent to 81 million euros, as the major listed bank announced on Monday. The business outlook for the current year was confirmed. The financial institution’s operating expenses increased by 6 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 1.0 percent at the end of March 2024.
Additional purchases possible
At the beginning of February, BAWAG announced the takeover of the Dutch online bank Knab. Now BAWAG boss Anas Abuzaakouk is hinting at another acquisition. The surplus capital has been earmarked for the acquisition of Knab Bank, “as well as for further M&A that is at an advanced stage,” said Abuzaakouk in a press release.
BAWAG left the outlook for 2024 unchanged and confirmed its financial targets (without M&A effects): The target is a profit before taxes of over 920 million euros, a “return on tangible equity” of over 20 percent and a cost-income ratio (CIR ) of less than 34 percent.
