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21st Austria weekly - Warimpex, Bawag (29/04/2024)

05.05.2024

BAWAG: BAWAG Group reported a net profit of € 167 million, earnings per share of € 2.11, and a RoTCE of 23.7% for the first quarter 2024. The operating performance of our business was strong with pre-provision profits of € 257.6 million and a cost-income ratio of 32.9%. Core revenues increased by 7% to € 392.8 million in Q1 2024 versus the prior year. Anas Abuzaakouk, CEO, commented: “In the first quarter we delivered a strong set of results with net profit of € 167 million and an RoTCE of 24%. We generated a significant amount of capital during the quarter, increasing our CET1 ratio by 90 basis points to 15.6% and continuing to build up our excess capital of € 623 million, after deducting the first quarter dividend accrual of € 92 million. We have earmarked our excess capital for the acquisition of Knab bank, which we signed earlier this year, in addition to other M&A at an advanced stage. These strategic opportunities will be highly accretive to the Group in both earnings as well as allowing us to grow our Retail & SME franchise and overall footprint in the DACH/NL region. Today, I am more excited about our future growth opportunities than I have ever been.”
Bawag: weekly performance: -0.78%

Warimpex: The high interest rate levels and elevated construction costs posed a tremendous challenge for the entire real estate sector last year, and Warimpex was no exception to this trend. Nevertheless, the company generated a clearly positive operating result, with a 10 per cent increase in revenues to EUR 49.7 million. EBITDA improved by 31 per cent to EUR 21.6 million due to the increases in revenue and lower operating expenses. EBIT went from EUR 59.1 million in the previous year to minus EUR 16.8 million. This clearly reflects the negative result from depreciation, amortisation, and remeasurement of EUR 38.4 million. All in all, this led to a decline in the result for the period from EUR 42.9 million in the previous year to minus EUR 23.8 million. “The development of inflation and interest rates, the associated increase in the cost of project financing, and the yield trend for properties are once again key issues in the industry this year. With a stable financial base, our focus this year will be on making preparations for construction at the Darmstadt site and continuing ongoing construction and development activities. Based on the current budget figures, we anticipate positive results for our ongoing operational activities in 2024 overall,” says CEO Franz Jurkowitsch.
Warimpex: weekly performance: 0.26%

(From the 21st Austria weekly https://www.boerse-social.com/21staustria (29/04/2024)


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21st Austria weekly - Warimpex, Bawag (29/04/2024)


05.05.2024, 2632 Zeichen



BAWAG: BAWAG Group reported a net profit of € 167 million, earnings per share of € 2.11, and a RoTCE of 23.7% for the first quarter 2024. The operating performance of our business was strong with pre-provision profits of € 257.6 million and a cost-income ratio of 32.9%. Core revenues increased by 7% to € 392.8 million in Q1 2024 versus the prior year. Anas Abuzaakouk, CEO, commented: “In the first quarter we delivered a strong set of results with net profit of € 167 million and an RoTCE of 24%. We generated a significant amount of capital during the quarter, increasing our CET1 ratio by 90 basis points to 15.6% and continuing to build up our excess capital of € 623 million, after deducting the first quarter dividend accrual of € 92 million. We have earmarked our excess capital for the acquisition of Knab bank, which we signed earlier this year, in addition to other M&A at an advanced stage. These strategic opportunities will be highly accretive to the Group in both earnings as well as allowing us to grow our Retail & SME franchise and overall footprint in the DACH/NL region. Today, I am more excited about our future growth opportunities than I have ever been.”
Bawag: weekly performance: -0.78%

Warimpex: The high interest rate levels and elevated construction costs posed a tremendous challenge for the entire real estate sector last year, and Warimpex was no exception to this trend. Nevertheless, the company generated a clearly positive operating result, with a 10 per cent increase in revenues to EUR 49.7 million. EBITDA improved by 31 per cent to EUR 21.6 million due to the increases in revenue and lower operating expenses. EBIT went from EUR 59.1 million in the previous year to minus EUR 16.8 million. This clearly reflects the negative result from depreciation, amortisation, and remeasurement of EUR 38.4 million. All in all, this led to a decline in the result for the period from EUR 42.9 million in the previous year to minus EUR 23.8 million. “The development of inflation and interest rates, the associated increase in the cost of project financing, and the yield trend for properties are once again key issues in the industry this year. With a stable financial base, our focus this year will be on making preparations for construction at the Darmstadt site and continuing ongoing construction and development activities. Based on the current budget figures, we anticipate positive results for our ongoing operational activities in 2024 overall,” says CEO Franz Jurkowitsch.
Warimpex: weekly performance: 0.26%

(From the 21st Austria weekly https://www.boerse-social.com/21staustria (29/04/2024)



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