BAWAG reports 16% increase in first quarter net profits
Austria-based BAWAG Group today said its net profit rose by 16% to €232m in the first quarter of 2026, supported by higher core revenue and lower costs.
Earlier this month the bank agreed to acquire Irish bank PTSB as it aims to expand its pan-European banking operations.
It said today that Ireland represents an attractive market supported by strong macroeconomic fundamentals.
"The proposed acquisition of PTSB would be transformative as we continue to build a pan-European and US banking group," CEO Anas Abuzaakouk said.
"Upon completion, BAWAG Group would exceed €100 billion in total assets, serve more than five million customers across seven countries, and offer a comprehensive suite of retail, SME, and corporate banking products," the CEO said.
"We are excited to welcome our new colleagues from PTSB and to shape our shared future together, with our best years ahead," he stated.
Sat Shah, the Deputy CEO of BAWAG, and PTSB CEO Eamonn Crowley
"The trust and confidence placed in us by the PTSB Board and the Minister for Finance of Ireland, as the bank's majority shareholder, is something we take very seriously and are keen to demonstrate our capabilities and contributions," he added.
The acquisition of PTSB is still subject to shareholder and regulatory approvals.
In its results statement, the bank said its Net Interest Income amounted to €480m in the first quarter of 2026, increasing by 8% compared to the first quarter of 2025, supported by acquisitions and a changing asset mix.
Its asset quality remained strong, with a non‑performing loan (NPL) ratio of 0.8%, unchanged year‑over‑year, th bank said.
It also today confirmed its 2026 net profit target of over €960m.
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