Austria-based BAWAG Group has reported net profits of €255m for the second quarter of this year – an increase of 21% – supported by continued revenue growth and ongoing synergy gains.
It said its core revenues for the second quarter increased 8% to €1.17 billion year on year on the back of higher net interest income and fee income.
It also said its operating expenses fell 11% due to ongoing synergy and efficiency measures across the group.
The bank in April agreed to PTSB here as it aims to expand its pan-European banking operations, saying that Ireland represented an attractive market supported by strong macroeconomic fundamentals.
BAWAG said capital build in the first half of this year allows for fully self-funding of the transaction.
It said today it expects the PTSB deal to close in the fourth quarter of 2026 or the first quarter of 2027 – subject to shareholder, High Court and regulatory approvals.
Anas Abuzaakouk, the CEO of BAWAG Group, said the bank remains “incredibly excited” about the opportunity to acquire PTSB, which represents a pivotal step in its commitment to the Irish market.
“Post the announcement of the recommended all cash offer, we have been working hard to prepare ourselves and have spent significant amount of time with regulators, the PTSB Board, and other stakeholders to introduce ourselves, our business, and outlining our plans in Ireland,” the CEO said.
“We look forward to the next milestone with the PTSB shareholder vote scheduled at the end of the month and, subject to satisfaction of the remaining conditions, expect the closing of the transaction in the fourth quarter 2026 or first quarter 2027,” Anas Abuzaakouk added.