Research Detail
| 2024/07/15 / Erste Group Research |
Bausparkasse Wuestenrot AG The Austrian Wuestenrot Group is a financial services group headquartered in Salzburg. The two main institutions are Bausparkasse Wuestenrot AG and Wuestenrot Versicherungs-AG. The group's total assets amounted to around EUR 11.2bn at the end of 2023. In 2023, the building society reported net profit of EUR 53.8mn (previous year: EUR 30.9mn). The main reasons for the increase in earnings were the strong net interest income (+16.2%) due to the rise in interest rates, the increase in investment income (insurance payout) and a stable cost trend. Bausparkasse Wuestenrot obtains most of its funding (64%) from customer deposits. The funding share from capital market instruments (covered bonds and senior preferreds) amounted to around 32% at the end of 2023. The mortgage covered bond program has the highest rating from Moody's and S&P. The issuer rating is reported as 'Baa1'/stable by Moody's and 'BBB+'/positive by S&P. The building society states that it intends to issue green bonds in the future. |
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General information
| Author | Erste Group Research |
| Date | 2024/07/15 |
| Language |  |
| 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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