Bawag Group AG (OTCPK:BWAGF)

$ 78.55 1.92 (2.51%) Market Cap: 6.17 Bil Enterprise Value: 20.32 Bil PE Ratio: 8.57 PB Ratio: 1.40 GF Score: 73/100

Q3 2022 BAWAG Group AG Earnings Call Transcript

Oct 19, 2022 / 08:00AM GMT

Release Date Price: $42.86

Transcript

Operator

Good day, and thank you for standing by. Welcome to the BAWAG Group Q3 2022 Results Call. (Operator Instructions) Please be advised that today's conference is being recorded and a transcript thereof will be published on the company's website.

I would now like to hand the conference over to your speaker today, Anas Abuzaakouk, CEO. Please go ahead.

Anas Abuzaakouk

BAWAG Group AG - Chairman of the Management Board & CEO

Thank you, operator. Good morning, everyone. I hope everyone is keeping well. I'm joined this morning by Enver, our CFO. Before we start with the summary of the third quarter operating results on Slide 2, let me address the City of Linz legal case. In August, the Austria Supreme Court ruled that the swap contract entered between BAWAG and the City of Linz almost 15 years ago was invalid. As a result of the ruling, we took a pretax write-off of EUR 254 million equal to EUR 190 million impact after tax related to the City of Linz receivable on the balance sheet. As the write-off was fully absorbed in regulatory capital in prior years,

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