|2023/03/29 / Erste Group Research|
HYPO NOE Landesbank für Niederoesterreich und Wien AG
With total assets of around EUR 15bn, HYPO NOE is currently Austria's largest regional mortgage bank. Its business focus is on financing the public sector and real estate. The province of Lower Austria is the sole owner of the bank.
HYPO NOE reports on sustainability on an ongoing basis and is committed to international and national climate targets. The bank is currently rated by four sustainability agencies and is in the top ranks of the ratings. The bank has already issued three green senior preferred bonds in benchmark format.
In fiscal year 2022, the bank reported a 12.6% increase in profit after tax to EUR 47.1mn. This was due to rising net interest income and lower risk provisions. The valuation result also made a positive contribution to earnings.
S&P assigns HYPO NOE an issuer rating of 'A' with stable outlook. HYPO NOE is a major issuer in the Austrian covered bond market (among the top 3 in the public segment). Both the public and mortgage programs have an 'Aa1' rating from Moody's.
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|Author||Erste Group Research|
|Product name||Credit News|
|Topic in focus||Credits/ Corporate bonds|
|Economy in focus||Austria|
|Currency in focus||Euro|
|Sector in focus||-|
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