February 27, 2018 / 7:06 AM / 3 months ago

BAWAG PSK 2017 net profit down on incentive program, higher reserves

VIENNA, Feb 27 (Reuters) - Austrian bank BAWAG PSK said its 2017 profit fell 1.4 percent, partly due to costs for a long-term incentive program, higher restructuring reserves and expenses connected to the termination of its cooperation with Austrian Post.

BAWAG, backed by U.S. financial investor Cerberus, said its annual profit fell to 466.6 million euros ($575 million), but that still beat the average analyst forecast of 449.2 million euros, according to Thomson Reuters data.

Austria’s fourth-biggest bank said it planned to propose a dividend of 0.58 euros per share, or 58.3 million euros in total, for the fourth quarter after having paid 51.6 million euros in the third quarter. ($1 = 0.8114 euros) (Reporting by Kirsti Knolle Editing by Maria Sheahan)

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