Bausparkasse Wuestenrot AG
Issuer Profile Covered Bonds , 15. Jul
The Austrian Wuestenrot Group is a financial services group headquartered in Salzburg. The two main institutions are Bausparkasse Wuestenrot AG and Wuestenrot Versicherungs-AG. The group's total assets amounted to around EUR 11.2bn at the end of 2023.
In 2023, the building society reported net profit of EUR 53.8mn (previous year: EUR 30.9mn). The main reasons for the increase in earnings were the strong net interest income (+16.2%) due to the rise in interest rates, the increase in investment income (insurance payout) and a stable cost trend.
Bausparkasse Wuestenrot obtains most of its funding (64%) from customer deposits. The funding share from capital market instruments (covered bonds and senior preferreds) amounted to around 32% at the end of 2023. The mortgage covered bond program has the highest rating from Moody's and S&P. The issuer rating is reported as 'Baa1'/stable by Moody's and 'BBB+'/positive by S&P. The building society states that it intends to issue green bonds in the future.
In 2023, the building society reported net profit of EUR 53.8mn (previous year: EUR 30.9mn). The main reasons for the increase in earnings were the strong net interest income (+16.2%) due to the rise in interest rates, the increase in investment income (insurance payout) and a stable cost trend.
Bausparkasse Wuestenrot obtains most of its funding (64%) from customer deposits. The funding share from capital market instruments (covered bonds and senior preferreds) amounted to around 32% at the end of 2023. The mortgage covered bond program has the highest rating from Moody's and S&P. The issuer rating is reported as 'Baa1'/stable by Moody's and 'BBB+'/positive by S&P. The building society states that it intends to issue green bonds in the future.