BAWAG Group 2Q 20 - 2Q weaker on higher risk costs
BAWAGs 2Q earnings came in 17% below our and consensus expectations on higher risk costs mainly driven by additional reserves on corporate exposures and other income, while operating result overall fared in line with estimates. Retail segment earnings was line with expectations with slightly lower NII compensated by better opex. F&C down 22% yoy and COR (78 bps) was in line with RCBe. Also the corporate segment bottom-line met expectations with higher COR offset by better core revenues and lower opex. Main bottom-line deviation to our estimates came from a weak corporate center result (COR, other income).Bank fuer Arbeit und Wirtschaft is engaged in financial services. Co. maintains four segments: Retail and Corporate Customers, Key Accounts, Financial Markets, and Real Estate and Leasing. The Retail and Corporate Customers provides accounts and cards, e-banking, payments, savings, private and pension investments, and financing and leasing services to small and medium-sized enterprises. The Key Accounts segment involves in documentary business, financing, international payments, and e-banking activities. The Financial Markets segment provides treasury and investment banking. The Real Estate and Leasing segment includes real estate projects financing and real estate leasing activities.
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