BAWAG Group 3Q 20 - Weaker bottom-line, but solid capital generation
BAWAGs 3Q earnings came in 15% below our and 8% below consensus expectations on lower other income (financial instrument valuation/trading result) and somewhat higher risk costs while core earnings fared a bit stronger than expected. As flagged ahead of numbers 3Q has been impacted by a EUR 11.6 mn charge related to an increase of deposit insurance contribution caused by the Commerzialbank bankruptcy. Opex fared in line with expectations.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.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
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