VIENNA: Austrian lender BAWAG PSK forecast more growth this year after net profit swelled 45 percent to 333 million euros ($367.4 million) in 2014, driven by its retail and small business segments and cost cuts.
"We expect another strong year in 2015, projecting a net profit of over 400 million euros with all key metrics improving," Chief Executive Byron Haynes said in a statement.
BAWAG, owned by US investor Cerberus Capital Management, easily passed health checks of big euro zone banks last year. Its fully loaded common equity tier 1 ratio rose to 12.1 percent of risk-weighted assets at the end 2014 from 9.4 percent a year earlier.
Haynes has declined to say whether Cerberus might now look to sell out, having acquired BAWAG PSK with other investors for 3.2 billion euros in 2007. US firm Golden Tree Asset Management also has a stake of nearly 40 percent in the bank.
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