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2020/05/26 / Erste Group Research

BAWAG Group AG

BAWAG Group AG serves a broad base of retail and corporate customers in Austria. In recent years the group expanded its operations into Germany as an additional core market by making several acquisitions. In addition the group is active in selected developed markets.

BAWAG Group posted a new record annual result in the 2019 financial year. Pre-tax profit climbed 5.5% to EUR 604mn, while net profit grew by 5.2% to EUR 459mn.

Due to the prevailing uncertainties related to COVID-19, the bank decided to withdraw its targets for 2020. In 1Q 2020 BAWAG Group set aside EUR25mn for an incremental general reserve in the Retail & SME segment due to the deteriorating economic environment.

BAWAG P.S.K. as the BAWAG Group’s main issuing company for covered and unsecured bonds is rated 'A2' (stable) by Moody's and 'A-' (RWN) by Fitch. As an issuer of securities affecting the bank's capitalization, BAWAG Group AG has a Moody's rating for its additional tier 1 ('Ba1') and senior subordinate debt securities ('Baa2').
BAWAG P.S.K. issues covered bonds which are collateralized by both public sector and mortgage cover pools. Moody's awards a rating of 'Aaa' to both types of covered bond programs.

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General information

AuthorErste Group Research
Date2020/05/26
Languageen
Product nameCredit News
Topic in focusCredits/ Corporate bonds
Economy in focusAustria
Currency in focusEuro
Sector in focus-
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