Bank Austria Creditanstalt's results for the first nine months of 2004
Profits boosted by strong performance of CEE operations
- BA-CA improves net income before taxes by 38 per cent to EUR 632 million
- Net income after taxes increases by 39 per cent to EUR 434 million
- Q3 the best quarter of the year
- BA-CA raises the target for net income before taxes for 2004 as a whole from EUR 750 million to EUR 800 million
- CEE operations make by far the largest contribution to overall profits of BA-CA
- Expansion in CEE continues: BA-CA acquires Hebros Bank in Bulgaria
In the first nine months of 2004, Bank Austria Creditanstalt (BA-CA) significantly improved its results compared with the same period of the previous year. Net income after taxes and minority interests rose by 39 per cent to EUR 434 million (Q1 to Q3 of 2003: EUR 312 million). Business with private customers in Austria and especially business in Central and Eastern Europe (CEE) contributed to the improved result. The CEE business segment more than doubled its results compared with the same period of the previous year; CEE accounted for 40 per cent of the bank's overall profits and thus made by far the largest contribution to BA-CA's results.
BA-CA's CEO Erich Hampel: "The result is an important step forward. We particularly benefit from our strong commitment in Central and Eastern Europe. Despite this result we should, however, not forget that there is still some work ahead of us in Austria. Our measures are beginning to show an impact, but we still have a long way to go to reach our goal."
The third quarter was the best quarter so far for BA-CA in the current financial year: net income after taxes and minority interests reached EUR 151 million, exceeding the profit figures for the preceding quarters of 2004 (first quarter: EUR 133 million, second quarter: EUR 150 million). BA-CA responds to the good result for the quarter by raising its target for net income before taxes for fiscal 2004 from EUR 750 million to EUR 800 million.
IR Release download (75 KB)
Interim Report at 30 September 2004 (398 KB)