Research Detail
| 2024/04/29 / Erste Group Research |
HYPO NOE With total assets of around EUR 16bn, HYPO NOE is currently Austria's largest regional mortgage bank. Its business focus is on financing the public sector and real estate. The state of Lower Austria is the bank's sole owner. The bank reports on sustainability on an ongoing basis and is committed to international and national climate targets. HYPO NOE has been a green bond issuer since 2020 and has already issued four green senior preferred bonds. HYPO NOE reported a 40.0% increase in net profit after tax to EUR 66.0mn for the 2023 financial year. In addition to the significant increase in net interest income, the result included a positive one-off effect from the reversal of a legal risk provision (negative interest). Higher risk provisions in the real estate segment had a negative impact on earnings. The bank has no direct or indirect project commitments with the SIGNA Group or CRE exposures in the USA. S&P has given HYPO NOE an issuer rating of 'A' with a stable outlook. The bank is a major issuer on the Austrian covered bond market, particularly in the public sector segment. Both the public sector and mortgage programs are rated 'Aa1' by Moody's. |
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General information
| Author | Erste Group Research |
| Date | 2024/04/29 |
| 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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