|2023/03/31 / Erste Group Research|
VOLKSBANK WIEN AG
VOLKSBANK WIEN AG (VB Wien) is the central institution of the Association of Volksbanks (VB-Association) and, in its capacity as the central organisation, performs the management and steering functions as well as the association-wide risk and liquidity management. The Association consists of 8 regional Volksbanks and one specialised bank. Austria’s Volksbanks are members of a joint liability scheme.
VB Wien has posted consolidated net profit of EUR 72.9mn for 2022. Both net interest income and net commission income increased. Higher risk provisions and the early repayment of the outstanding government participation right to the Republic of Austria had a negative impact on earnings.
VB Wien (Long Term Deposit Rating) is currently rated 'A2'/'stable' by Moody's and 'BBB+'/'stable' by Fitch (via the VB-Association). The bank's senior instruments are currently rated 'A3' by Moody's with a positive outlook. Covered bonds represent the largest proportion of the bank's capital market funding, which have been assigned a rating of 'Aaa' by Moody's. In 2023, the bank established a Sustainability Bond Framework and had its green debut in march with a green senior preferred bond.
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|Author||Erste Group Research|
|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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