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Bawag Group AG on Tuesday reported higher second-quarter profit and revenue, while saying it is fully funded to complete its planned acquisition of Ireland’s Permanent TSB Group Holdings PLC. The Vienna-based lender posted second-quarter net profit of €255 million, up 21% from a year earlier, while first-half net profit rose 19% to €487.3 million. Core revenue increased 8.0% to €589.7 million in the second quarter from €546.8 million a year before. First-half core revenue also rose 8.0% to €1.17 billion from €1.08 billion. Chief Executive Anas Abuzaakouk said Bawag continued to benefit from investments made over recent years ‘as we build-out a pan-European and US banking group’. The lender said it generated sufficient capital during the first half to fully self-fund its planned acquisition of Permanent TSB. Its common equity tier one ratio stood at 17.4% at the end of June, above the roughly 17.0% level it said was required to fund the transaction. Bawag agreed a recommended all-cash offer for Permanent TSB in April. The acquisition has already received clearance from Ireland’s Competition & Consumer Protection Commission. Permanent TSB shareholders are due to vote on the proposed scheme of arrangement on July 30, with completion expected in the fourth quarter of 2026 or the first quarter of 2027, subject to High Court and remaining regulatory approvals. Bawag reaffirmed its 2026 guidance for net profit of more than €960 million. Shares in Bawag were down 0.1% at €174.30 in Vienna on Tuesday. Permanent TSB shares were 0.2% higher at €3.02 in London. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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