BAWAG Group - No major surprises at preliminary 4Q results reporting
Bottom-line and earnings quality overall in line: BAWAG's 4Q net profit of EUR 116 mn was in line with RCBe and consensus. NII came in slightly better than expected driven by strong volume growth in Retail, while F&C income fared weaker, not showing a seasonal pick-up in 4Q. Operating profit fared better than expected supported by stronger other income (mainly on bond sales), while opex have been impacted by EUR 5 mn one-off restructuring costs. COR fared a bit weaker on extra-provisioning of legacy mortgages in Austria.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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