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2023/09/19 / Erste Group Research


BAWAG Group AG serves around 2.1mn customers in the DACH/NL region, Western Europe and the USA. Several acquisitions in recent years have expanded activities to include Germany as another core market. In addition, the Group is active in selected developed markets.

BAWAG Group's pre-tax profit decreased by 28.9% year-on-year to EUR 426.8mn in the financial year 2022. The main reason for this was the write-off of the receivable from the City of Linz in the amount of EUR 254mn. In the first half of 2023, BAWAG increased its pre-tax profit by 33.7% to EUR 431.5mn.

As the main issuer of senior secured and unsecured issues, BAWAG P.S.K. is rated 'A1' (positive) by Moody's. The rating of the Bank's senior debt is also positive. As an issuer of capital-relevant transactions, BAWAG Group has a Moody's rating for its Additional Tier 1 ('Ba1') and Senior Subordinate ('Baa2') issues.

BAWAG P.S.K. issues Pfandbriefe that are secured by either a public or a mortgage cover pool. Both types of Pfandbriefe are rated 'Aaa' by Moody's.

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General information

AuthorErste Group Research
Product nameCredit News
Topic in focusCredits/ Corporate bonds
Economy in focusAustria
Currency in focusEuro
Sector in focus-


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