Results1 for the first six months of 2008:
Bank Austria with first-half profit of over EUR 1 billion
- Central Eastern Europe remains growth driver: profit before tax up by 36 per cent
- Net interest income and net fees and commissions grow by 16 per cent to a combined EUR 3.3 billion
- Net trading result shows better trend but lags far behind the excellent previous year and is still negative, which is fully reflected in the income statement
- Costs are under control, rising by 9 per cent; adjusted for consolidation effects2 related to recent acquisitions, costs matched the figure for the first half of 2007
Bank Austria, a member of UniCredit Group, achieved significantly better results in the second quarter of 2008, after a lower performance in the three preceding quarters, which were affected by the credit market crisis that has been smouldering for the past twelve months. Profit before tax for the second quarter was 14 per cent higher than in the same period of the previous year.
The significantly better development of business in the second quarter is also reflected in results for the first six months: while consolidated profit (after minority interests) for the first quarter of 2008 was 23 per cent lower than in the same period of the previous year, Bank Austrias consolidated profit for the first six months was EUR 1,062 million, nearly matching the previous year's level.
1 Income statement for the previous year adjusted for one-off effect resulting from “ASVG equivalent”. Explanation: As of 1 May 2007, the internal service agreement on the BA-CA pension equivalent (“ASVG equivalent”) was adjusted to changes in the legal framework. This led to the release of EUR 150 million from the related pension provision in the second quarter of 2007; the released amount was recognised in income.
2 Adjusted for consolidation-related cost effects resulting from the acquisition of the two banking subsidiaries ATF in Kazakhstan and Ukrsotsbank in Ukraine.
IR Release download (PDF; 59 KB)
Interim Report at 30 June 2008 (928 KB)