Results for the first nine months of 2007:
Bank Austria Creditanstalt Group achieves strong profit growth
- Profit after tax and minority interests up by 73 per cent to EUR 1.8 billion despite turbulence in financial markets
- Profitability improved: cost/income ratio declines from 57.3 per cent to 50.3 per cent
- CEE business continues to drive growth and contributes 47 per cent to the bank’s profit before tax
- Following turnaround in retail banking, results in Austria are further improving
Bank Austria Creditanstalt (BA-CA), a member of UniCredit Group, one of the leading European banking groups, achieved a significant improvement in its results in the first nine months of 2007 compared with the same period of the previous year, despite the turbulence in financial markets. Consolidated profit (profit after tax and minority interests) rose by 72.5 per cent to EUR 1.8 billion (pro-forma figure1 for the first nine months of 2006: EUR 1,015 million). Even in the particularly difficult market environment experienced in August and September, BA-CA’s consolidated profit for the third quarter of 2007 increased significantly, by 65.1 per cent to EUR 543 million compared with the previous year (third quarter of 2006: EUR 329 million).
The cost/income ratio improved from 57.3 per cent to 50.3 per cent. BA-CA considerably enhanced its operating performance compared with the previous year. Contributions to this improvement came from the Central Eastern Europe (CEE) business segment and from the business segments in Austria, with CEE and Austria each accounting for about one-half of the operating profit totalling EUR 2.4 billion.
IR Release download (PDF; 207 KB)
Interim Report at 30 September 2007