Results for the first nine months of 2003: Bank Austria Creditanstalt's profits up by 57 per cent
- Net income after taxes up from EUR 199 million to EUR 312 million.
- Strong capital base after IPO: Tier 1 capital ratio of 7.7 per cent.
- Return on equity significantly higher despite capital increase.
- New target: return on equity after taxes is to rise to over 13 per cent by 2006.
- Further significant cost reductions planned in Austria.
In the first nine months of 2003, Bank Austria Creditanstalt significantly improved its results compared with the same period in the previous year. Net income after taxes and minority interests rose by 56.5 per cent to EUR 312 million (first nine months of 2002: EUR 199 million). This means that after nine months of the current year, Bank Austria Creditanstalt's results already exceed the total figure for 2002. Increases were achieved in Austria and in Central and Eastern Europe: net income before taxes from business in Austria improved by 14 per cent, from EUR 295 million to EUR 337 million, and the return on equity (ROE) before taxes reached 15.2 per cent. In Central and Eastern Europe (CEE), net income before taxes increased by 11 per cent, from EUR 111 million to EUR 123 million; in this region, the ROE before taxes was 19.2 per cent.
Bank Austria Creditanstalt's CEO Karl Samstag: "We are very well positioned: In Austria, we are the market leader, with sound business operations improving their performance step by step. And we enjoy a strong position in the CEE growth region, where we can take advantage of excellent growth opportunities. Our objective for the next few years is to further expand our position and significantly enhance profits."
IR Release download (251 KB)
Interim Report at September 2003 (291 KB)